Track market-moving stories before they get noisy

A post on X made a short and alarming claim: Fidelity sold $197.09 million worth of Bitcoin.

Nothing in the available record confirms that a sale happened. Research into the claim points to a familiar culprit. On-chain transfers and ETF flow data were read as something they are not.

That distinction matters because Fidelity is not just another wallet on the blockchain. Through Fidelity Digital Assets, the firm provides institutional custody, and it also operates the Wise Origin Bitcoin Fund, better known by its ticker FBTC.

What the on-chain data actually shows The biggest movement tied to this episode came on September 29, 2026. On-chain trackers flagged 12 transfers totaling 3,568 BTC, worth approximately $297 million, leaving wallets linked to Strategy, Michael Saylor’s company.

Arkham Intelligence later clarified that those transfers were internal operations within Fidelity Custody, not sales. They were standard reallocations, consistent with Fidelity managing client deposits.

Strategy’s own activity around that time also undercuts the sell-off story. The company bought 1,665 BTC, worth approximately $142.7 million, between September 21 and September 27, 2026.

That purchase lifted Strategy’s total holdings to 847,666 BTC at an average cost of $75,437 per coin.

Advertisement

Where the $197 million figure may come from The ETF side of the ledger tells a separate story. US spot Bitcoin ETFs recorded $197.4 million in net inflows for the week ended July 11, 2026.

FBTC was among the funds that showed offsetting outflows during that same period. So the sector as a whole took in money, while some individual funds, including Fidelity’s, saw cash leave.

The $197.09 million figure in the X post and the $197.4 million inflow total are close neighbors. Whatever the origin of the claim, those two numbers describe very different things. One is money coming into ETFs, not coins leaving Fidelity’s balance sheet.

Then came early October 2026. FBTC posted $50.7 million in net outflows amid broader selling across Bitcoin ETFs.

Those outflows are attributed to investor redemptions. When ETF shareholders cash out, the fund shrinks because its clients want their money back, not because the fund manager decided to bail.

The research is direct on the core question: Fidelity has not executed a corporate-level sale of $197 million in Bitcoin.

Why custody keeps getting mistaken for selling Custodians hold assets on behalf of other people. Fidelity Digital Assets does this for institutional clients, which means large amounts of Bitcoin sit in wallets tied to Fidelity without belonging to Fidelity itself.

Public blockchains make every transfer visible. They do not, however, explain why a transfer happened or who asked for it.

In this case, the clarification from Arkham arrived after trackers had already flagged the Strategy-linked transfers. That gap between the raw data and the explanation is where rumors tend to take root.

Spot Bitcoin ETFs add another layer of confusion. Flow figures show how much money entered or left a fund, but those numbers reflect the choices of thousands of shareholders rather than a single decision made at headquarters.

What this means for investors The immediate takeaway is simple. There is no verified evidence that Fidelity, as a company, sold $197 million in Bitcoin.

What did happen is less dramatic. Strategy-linked coins were reshuffled inside Fidelity’s custody system, Strategy kept buying, and FBTC saw a mix of inflows and outflows driven by its own investors.

For anyone tracking institutional behavior, the more useful signal is the $50.7 million in FBTC outflows in early October. Those numbers reflect actual investor decisions amid broader ETF selling, which says something about how some holders were positioning at the time.

Strategy, sitting on 847,666 BTC, will keep drawing scrutiny every time its coins move through a custodian. A practical habit for traders: wait for attribution from an analytics firm such as Arkham, or from the companies involved, before reading a large transfer as a trade.

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

BTC price remains under pressure as fresh Bitcoin news points to another large movement of crypto linked to the U.S. government. Arkham data shows that government wallets have moved more than 12,260 BTC, worth roughly $1.1 billion. The transfers have raised fresh concerns about possible selling pressure across the market.

Bitcoin News: US Government Moves Over 12K BTC In the latest Bitcoin news, the latest US government activity has caught the attention of crypto market traders. Arkham data indicates that government-linked wallets have moved more than 12,260 BTC in total. At current valuations, the stash is worth about $1.1 billion.

Meanwhile, the development comes after another major transfer on October 7, 2026. On-chain data showed the government moved around $103 million in seized crypto assets that day, and the transaction involved 833.6 BTC worth nearly $71.56 million.

The same movement also included 40,285 BNB, while that portion was valued at approximately $31.63 million. According to Bitcoin news, the size of these transfers has intensified discussions about the government’s intentions.

Notably, large wallet movements often attract attention because they can precede changes in market liquidity. However, moving coins does not automatically mean that the assets have entered the open market.

Can This Impact BTC Price? According to Bitcoin news, traders are now assessing whether the latest transfers could eventually translate into selling activity. A direct sale could increase available supply and potentially add short-term pressure on BTC.

On the other hand, the BTC price has continued to stay in the red, falling around 2% in the last seven days to around $82.5k. Still, the Bitcoin news transfer itself does not confirm an immediate selloff.

Government-held crypto can move between wallets for custody, administrative, or liquidation-related reasons. Investors therefore need to distinguish wallet activity from confirmed exchange deposits or executed sales.

Despite that, investors should exercise due diligence, given the ongoing topsy-turvy scenario in the market. In addition, the ongoing Fed rate hike concerns, after the latest US FOMC, could further impact the sentiment of the broader financial sector, let alone the crypto market.

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

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

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

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

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

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

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

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

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

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

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

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

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

Moscow Exchange (MOEX), Russia’s largest stock exchange, plans to begin offering crypto trading on December 1 under the country’s new regulatory framework. Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and TRON (TRX) are expected to be the initial cryptocurrencies supported by the exchange

Moscow Exchange to Offer Crypto Trading Moscow Exchange is currently testing crypto trading with professional traders, said senior managing director for sales and business development Boris Blokhin on October 8. This is a test environment for digital currency trading, testing the functionality that will eventually be implemented in the production environment

“We will continue testing until launch. We plan to provide this cryptocurrency trading capability on December 1st, in line with the new legislation,” he added, according to TASS.

Moscow Exchange intends to use its existing trading organizer license and stock-market infrastructure for crypto assets, which the new regulations permit. “Therefore, everything is very simple – both for the participants and for us” as there is no additional inclusion in the exchange’s register is required.

The announcement follows the entry into force of Russia’s cryptocurrency market legislation in early September. The Bank of Russia has begun registering crypto exchange operators and crypto custodians such as Sberbank and VTB Bank.

As CoinGape reported, Sberbank plans to launch its first crypto products on December 1. The products will be offered via SberBank Online, SberInvestments and SberBusiness. These services are already available in the bank’s overall digital platform.

Under the framework, unqualified investors can buy only Bitcoin, Ethereum, and Tether (USDT), up to 300,000 rubles per year. Qualified investors can purchase all cryptocurrencies on the platform and over-the-counter markets, without a limit on the amount.

Moscow Exchange launched perpetual futures tied to Bitcoin, Ethereum, Solana, XRP, and TRON indices last month. The contracts are quoted in US dollars, settled in Russian rubles, and limited to qualified investors. This positions Russia’s Moscow Exchange to offer regulated crypto exposure alongside banks and other licensed intermediaries.

To understand how these state-backed initiatives compare with international providers, traders can look at our comprehensive review of the regulated crypto exchanges comparison currently operating in the market.

8h05 ▪ 4 min read ▪ by Ghiles A.

Summarize this article with:

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

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

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

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

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

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

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

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

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

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

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

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Ghiles A.

Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

$71.6 million worth of Bitcoin and $31.6 million worth of BNB were transferred from wallets linked to the US government. It has not been confirmed that these transactions were for sale purposes.

U.S. government-linked wallets tracked by blockchain analytics company Arkham have processed Bitcoin and BNB transfers totaling over $100 million. These transactions have fueled speculation that the assets may have been sold, although no sales have been confirmed.

According to the data, a total of 833,599 BTC from government-linked wallets was initially sent to two addresses not labeled by Arkham. At the time of the transfer, the Bitcoins were worth approximately $71.6 million. These addresses then transferred the BTC to wallets labeled as Coinbase Prime deposit addresses within a few hours.

Of the Bitcoins seized, 568.7 BTC comes from assets confiscated in the Potapenko and Turogin case. The remaining approximately 264.9 BTC is from seizures related to the Bitfinex attack.

40,285 BNB were transferred from a separate government wallet. The tokens, worth approximately $31.63 million, were first moved to an unlabeled address and then to a second unknown wallet. The BNBs were reportedly among the assets seized from Alameda Research.

Sending cryptocurrencies to a Coinbase Prime address can, in some cases, indicate preparation for sale. However, exchange-linked addresses can also be used for custody, wallet management, or inter-institutional transfers. Blockchain data alone does not prove that the asset has ultimately been sold.

The US government reportedly holds approximately $27.5 billion in seized cryptocurrency assets. These assets originated from legal seizures, not from market purchases funded by tax revenue.

The Bitcoins transferred to the government under the decree dated March 2025 are intended to be held in the Strategic Bitcoin Reserve. However, the legal status and sales authorization of assets in specific cases may vary. It would be incorrect to interpret the transfer as a definitive sale before an official announcement.

*This is not investment advice.

Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

Spiral is building Bitcoin payments into Mesh LLM, its peer-to-peer AI inference network. The goal is to let machines buy and sell AI compute from each other without touching traditional payment rails.

As of early October 2026, the payment feature is still under active development. Nothing has shipped yet, but the direction is clear: Spiral wants AI agents to have a wallet, not a corporate expense account.

How the Mesh LLM payment layer is supposed to work Mesh LLM is a decentralized network that pools idle GPU power from its users. That combined hardware runs open-source AI models collaboratively.

Mesh LLM can run distributed inference on large models exceeding 256GB, the kind of workload that would normally require serious dedicated hardware.

Advertisement

The payment integration runs through the Lightning Network, a layer built on top of Bitcoin for small, fast transactions. GPU contributors would get paid for the compute they lend to the network, and AI agents would be able to pay for inference directly, without an intermediary sitting between buyer and seller.

On October 3, 2026, the team publicly discussed its ongoing progress on Mesh LLM payments and flagged challenges around verifiable compute. If you pay a stranger’s GPU to run your model, how do you know it actually did the work?

From Bitcoin plumbing to AI infrastructure Spiral was initiated by Block in 2019 to fund and build open-source Bitcoin development. The Lightning Development Kit gives developers building blocks for adding Lightning payments to their own apps. The Mesh LLM payment work builds directly on that existing foundation.

Spiral has also moved into AI infrastructure through the Goose Development Kit, known as GDK, and through Agent Communication Protocol standards.

In September 2026, Lightning was integrated into the x402 payment standard, which is designed specifically for AI agent micropayments. Recent discussions around Mesh LLM have highlighted x402 as a potential route for handling those micropayments. That remains a possibility under discussion rather than a confirmed implementation detail.

What this means for AI agents, GPU owners and Bitcoin Coverage of the work has so far stayed mostly inside Bitcoin-focused and developer communities. There are no adoption numbers, transaction volumes or usage metrics to point to yet.

The verifiable compute problem is the single biggest thing to monitor. A payment system for anonymous GPU providers only works if buyers can trust they received what they paid for, and the team has openly said this is a challenge.

Other signals worth following include whether x402 ends up powering the micropayment flow and how Spiral ties Mesh LLM into its GDK and Agent Communication Protocol work.

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

Blockchain analytics platform Onchain Lens said that the U.S. government has moved around $565.87 million in seized crypto to Coinbase Prime over a few hours.

Most recently, the government moved 94.15 million Tether (USDT), which Onchain Lens described as coming from seized funds related to bankrupt crypto exchange FTX and its trading arm Alameda Research. 

This comes after a series of other transactions that added up to about $471.7 million.

HOT Stories

The first batch contained 3,974 Bitcoin (BTC), about $329.95 million worth. The blockchain analytics platform described it as related to the infamous Bitfinex hack. 

You Might Also Like

Another transaction contained 657.92 BTC, $54.55 million worth, 750.19 Wrapped Bitcoin (WBTC), $62.34 million worth, and 24.89 million USDT, $24.88 million worth. 

According to Onchain Lens, all of these coins also come from seized FTX/Alameda-related assets. 

Notably, some of the crypto went through newly minted addresses before eventually landing on Coinbase Prime. 

What are these seized assets?The biggest part of these transfers is Bitcoin related to the Bitfinex hack that happened in 2016. 

In August 2016, about 119,754 BTC were stolen from cryptocurrency exchange Bitfinex. U.S. authorities later recovered over 94,000 BTC after getting access to the private keys of hacker Ilya Lichtenstein. The seizure was worth around $3.6 billion in 2022. Later, Lichtenstein pleaded guilty to a money laundering conspiracy charge. 

Moving to Coinbase Prime doesn't necessarily mean the assets are about to be sold soon. In 2024, Coinbase Prime was picked by the U.S. Marshals Service to offer custody and advanced trading for its big-cap digital assets portfolio. Sometimes, government transfers to Coinbase Prime may be related to management and custody. 

The U.S. government didn't make public the intended purpose of these particular transactions.

Strike wants your Bitcoin to have a filing system.

On October 7, 2026, the Bitcoin-focused financial app founded by Jack Mallers launched Stacks. The feature lets users divide their Bitcoin holdings into up to five named buckets inside a single account.

It works like the old envelope method for household budgeting. Rent money goes in one envelope, vacation money in another, and nobody accidentally spends the mortgage on concert tickets. Strike’s version does the same thing, except every envelope holds Bitcoin.

How Stacks actually works Users can create as many as five stacks, each with its own name. The idea is goal-based saving, so one stack might be earmarked for a house down payment while another sits as a long-term reserve.

Moving Bitcoin between stacks costs nothing. Transfers between stacks and the main balance carry no fees and no limits.

There is one rule worth knowing. If you want to send Bitcoin outside of Strike, it has to travel back to the main balance first.

Each stack can also run its own recurring purchase plan, with no fee attached. This is dollar-cost averaging, usually shortened to DCA.

Advertisement

For the uninitiated, DCA means buying a fixed dollar amount on a regular schedule, regardless of price. Instead of trying to time the market, you buy a little every week or month and let the averages work themselves out.

Strike already offered recurring buys before this launch. Stacks extends that by letting users attach a distinct plan, with its own savings goal and cycle, to each bucket.

So the house fund could get a weekly buy while the retirement stack gets a monthly one. Each bucket runs on its own schedule.

Cash balances stay separate from all of this. The stacks hold Bitcoin, while USD sits in its own lane.

The feature is available for both personal and business accounts. Strike says it covers every jurisdiction where the company operates.

A second launch on the same day Stacks did not arrive alone. Strike paired the announcement with a new product called Bitcoin Interest on Cash.

That offering provides a 3.6% yield on USD balances, with the yield converted to Bitcoin. In other words, your dollars earn a return, and that return shows up as Bitcoin rather than more dollars.

Both launches live entirely inside Strike’s own ecosystem. No third-party protocols or tokens are involved.

The custody picture Stacks operates within Strike’s custodial setup. That means Strike holds the Bitcoin on users’ behalf, rather than users controlling their own private keys.

According to the company, the holdings stay in multi-signature cold storage. Multi-signature means several separate keys are required to authorize a transaction, so no single compromised key can move funds. Cold storage means those keys are kept offline, away from internet-connected systems that attackers typically target.

What this means for Strike and its users There are limits worth keeping in mind. Five stacks is a cap, so users with elaborate savings plans will need to consolidate goals.

The requirement to route outgoing Bitcoin through the main balance adds a step for anyone withdrawing to a personal wallet.

The research behind this launch frames it as likely positive for both retail and institutional users looking for Bitcoin management tools. The argument is that structured savings features could improve user retention and could draw in customers who want more organized strategies.

The business account angle deserves attention too. Companies holding Bitcoin often need to separate funds by purpose, such as operating reserves versus long-term treasury, and Stacks gives them a built-in way to do that.

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

5 hours ago

Ledger announced at Singapore’s TOKEN2049 conference the launch of its Crypto Loan feature, which allows eligible users to borrow USDC or USDT using cbBTC or WBTC as collateral, enabling them to access liquidity without selling their Bitcoin. The feature is powered by decentralized lending protocol Morpho via technical service provider Yield.xyz. Users can directly create and manage loans, monitor loan-to-value (LTV) ratios, add collateral, repay loans, or increase borrowing limits within the Ledger Wallet. Key operations still require physical confirmation via Ledger’s hardware devices, with private keys and final transaction authorization remaining fully under users’ control. Ledger also announced that its hardware devices will support direct connection to Morpho, eliminating the need for browser extensions or software wallets. The company noted that the Crypto Loan feature will be rolled out gradually to eligible users. This move further advances Ledger’s expansion from a hardware wallet provider into the financial services sector. Previously, Coinbase launched a Bitcoin-backed fixed-rate loan built on Morpho, while JPMorgan is also exploring using Bitcoin and Ethereum as loan collateral.

Scan the QR code

Download APP

A credit union founded by postal workers in 1930 is now custodying real Bitcoin for its members. St. Cloud Financial Credit Union CEO Jed Meyer explains how its patent-pending hybrid custody model gives each member individual Bitcoin ownership in a multisig vault. He also covers how the credit union has grown to more than 20 BTC under custody without even trying.

Chapters:
00:00 St. Cloud Financial Credit Union’s Path to Bitcoin
01:08 Stablecoins, Dollars, and Bitcoin as New Money Networks
02:26 Bitcoin ETF vs. Credit Union Custody: The Hybrid Custody Model
03:18 Bringing Main Street Into Bitcoin With Direct Buy and Sell
04:45 Minnesota Custody Law, NCUA Exams, and the CLARITY Act
07:32 20+ Bitcoin in Member Vaults and Lightning Plans
09:38 What It Takes for a Credit Union to Own Bitcoin
10:57 The Cloud Dollar Stablecoin and the Cooperative Ownership Model
12:59 How Credit Unions Decide Which Digital Assets to Offer
14:10 Educating Skeptics and Why Credit Unions Must Own Their Rails

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.

Michael Saylor, executive chairman of Strategy (NASDAQ: MSTR), has outlined a three-tier framework in which Bitcoin and instruments built around it can address distinct investor preferences.

In a recent post, he argued that the cryptocurrency itself suits those who want straightforward ownership of the asset, while Strategy’s common equity and a preferred security can serve people seeking either magnified market participation or steadier dollar-denominated cash flow.

The comparison he circulated places 30-day historical price volatility near 94 percent for Strategy’s common shares, roughly 39 percent for Bitcoin, and about 9 percent for the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC.

Those figures, drawn from market data through early October, position the preferred issue below the realized swings of every stock in the so-called Magnificent Seven group over the same window.

Large-cap technology names in that set ranged from the low 20s percent for Apple up toward the mid-40s for Meta, according to the same snapshot.

Strategy’s common stock sat well above Bitcoin and far above the preferred line.Saylor has framed the arrangement as layers resting on a single foundation.

He describes Bitcoin as digital capital, Strategy’s common stock as digital equity that carries amplified exposure to that capital plus any growth in the firm’s credit business, and STRC as digital credit aimed at income with compressed price movement.

Under this view, investors who simply want to hold the underlying asset can buy Bitcoin or a spot fund.

Those willing to accept larger swings in exchange for leverage on Bitcoin’s path, and on the expansion of related products, can hold the common shares.

Those prioritizing periodic dollar distributions and narrower short-term price ranges can look at the preferred stock.

STRC is structured as a perpetual preferred whose dividend rate adjusts monthly in an effort to keep the shares trading near a $100 par level.

Bitcoin can serve very different investors. $BTC offers direct ownership, $MSTR amplified exposure, and $STRC income with less 30-day price volatility than every Mag 7 stock. Digital Capital is the foundation for Digital Equity and Digital Credit. pic.twitter.com/Jvenbigni4

— Michael Saylor (@saylor) October 4, 2026

The design is intended to shift more of Bitcoin’s price variability toward the common equity, while the preferred claim sits higher in the capital structure and is supported by dollar liquidity reserves and active balance-sheet management.

Saylor has separately noted that the preferred’s recent 30-day volatility reading of 9 percent also came in just under the SPDR S&P 500 ETF Trust, which he presented as a milestone for the digital credit concept.

On the broader chart he shared, the preferred ranked above only a broad bond-market ETF and below gold, real-estate, and Nasdaq-100 trackers as well as Bitcoin and Strategy common stock.

The distinction matters because amplification cuts both ways.

Common shareholders capture more of the upside when Bitcoin rises and absorb more of the downside when it falls; the preferred is engineered to dampen that transmission for income-focused holders, though it remains exposed to credit, liquidity, and dividend-adjustment risks tied to the same treasury.

Strategy continues to adjust the mix by issuing or repurchasing the preferred and by adding to its Bitcoin holdings, treating the cryptocurrency as the capital base for both the equity and the credit instruments. Whether the volatility gap persists will depend on market conditions, the size of the preferred program, and how effectively the variable dividend and reserve policies keep the shares near par.

For now, Saylor’s framing offers investors a menu: direct Bitcoin ownership, leveraged equity exposure through Strategy common stock, or an income-oriented preferred whose recent price swings have been markedly smaller than those of either.

While Bitcoin is less volatile than it used to be, an analyst says a treasury company amplifies whatever swings remain in the asset.

Bitcoin treasury companies can give investors greater exposure to the cryptocurrency’s gains, but the amplification works in both directions, according to The Smarter Web Company CEO Andrew Webley.

In a recent interview with BTC advocate Stephen Livera, Webley also warned that unlike Bitcoin itself, these companies depend on management teams whose capital allocation decisions can materially affect shareholder returns.

Bitcoin Exposure Comes With Added Volatility Webley identified two risks investors need to understand, the first being volatility. Bitcoin is less volatile than it used to be, the CEO conceded, but it still swings more than many assets investors hold, and a treasury company “amplifies that volatility,” and investors cheer that on the way up and mostly dislike it on the way down.

“People don’t like it when I say it, but you can’t have it both ways,” Webley remarked. “You can’t have performance and no volatility.”

The second risk is management execution, which decides whether these companies work or not. According to Webley, executives have numerous decisions to make, particularly around capital structure, and choices that might allow a firm to grow faster could come at the expense of shareholders.

“Bitcoin has no management,” he stated. “A Bitcoin treasury company, the management could really, really mess it up.”

That leaves treasury-stock investors with a choice that Bitcoin holders do not face in the same form: accepting Bitcoin’s volatility while also trusting a management team to make the right financing and accumulation decisions.

Strategy and Strive Show the Trade-Off The scale of the current treasury operations helps explain why those decisions matter. As CryptoPotato reported yesterday, Strategy bought another 334 BTC for $28.7 million, taking its holdings to 848,000 BTC. The company has spent almost $64 billion accumulating Bitcoin at an average price of $75,441.

On the same day, Strive bought 2,000 BTC for $169 million at an average price of $84,422, bringing its holdings to 29,462 BTC. The company’s CEO Matt Cole argued that his firm can generate greater returns than their bigger rival through a higher amplification ratio, with Strive’s ratio at 51.4%, compared with roughly 25% for Strategy. Cole also projected that Bitcoin could reach $400,000 to $500,000 by late 2029.

You may also like: Altcoins Are Rallying, But Analyst Says Alt Season Has Yet to Begin Peter Schiff Predicts Bitcoin Will Drop If Tech Stocks Pull Back Strive CEO Says ASST Can Outrun Strategy in the Next Bitcoin Bull Market At the time of writing, the OG cryptocurrency’s price was still some way from that target. It was rejected at $87,000 on Monday morning after a weak US jobs report had pushed it above that level on Friday for the first time in ten days, but it fell below $84,000 within hours, leaving nearly $600 million in liquidations.

The latest CoinGecko reading has it within touching distance of $86,000, down half a percent in 24 hours but up nearly 7% across 30 days. However, it is still about 32% below its $126,000 all-time high.

Tags:

[PRESS RELEASE – Hong Kong, Hong Kong, October 6th, 2026]

ASICID Inc. has released its IDMINER Series, a new lineup of cryptocurrency mining systems designed for Bitcoin, Litecoin, and Dogecoin mining.

The series includes the IDMINER HomeRack, IDMINER 2 and IDMINER 1, with configurations ranging from 1,150 TH/s to 9,600 TH/s of Bitcoin hashrate and from 350 GH/s to 3,200 GH/s of Litecoin and Dogecoin hashrate.

The three models are designed for different mining setups, from individual and home miners to professional and larger-scale operators.

IDMINER Series Specifications

IDMINER HomeRack

Bitcoin hashrate: 9,600 TH/s Litecoin/Dogecoin hashrate: 3,200 GH/s Power configuration: 4 × 1,300W Estimated monthly mining revenue: up to $25,590* IDMINER 2

Bitcoin hashrate: 2,400 TH/s Litecoin/Dogecoin hashrate: 800 GH/s Power consumption: 1,300W Estimated monthly mining revenue: up to $6,390* IDMINER 1

Bitcoin hashrate: 1,150 TH/s Litecoin/Dogecoin hashrate: 350 GH/s Power consumption: 700W Estimated monthly mining revenue: up to $2,790* *The revenue figures are estimates based on network conditions, cryptocurrency prices, and mining difficulty at the time of publication.

Designed for Simpler Deployment

The IDMINER systems are delivered pre-configured and tested before shipment. Users can connect the miner to power, connect via WiFi or Ethernet, enter their preferred mining pool information, and begin mining.

The systems support major mining pools and also provide access to ASICID’s Zero-Fee Mining Pool option.

Other features include thermal management and hardware testing before shipment.

Built for Bitcoin, Litecoin and Dogecoin Mining

ASICID develops and manufactures its mining hardware through an integrated production process that includes research and development, hardware engineering, assembly, thermal testing, and quality assurance.

The company is headquartered in Hong Kong with additional operations in the United States and serves individual miners, professional mining businesses, and institutional operators.

With the IDMINER Series, ASICID is targeting miners looking for high-hashrate hardware with straightforward deployment and power requirements suited to ongoing mining operations.

For more information about the IDMINER Series, users can visit www.asicid.com.

In brief Zcash and Monero were the two best performers among the largest coins over 24 hours, while Bitcoin gained just 0.59% and Ethereum 0.34%. Zcash still trades about 19% below its late-September high of $1,698, and Grayscale's Zcash ETF saw $30.25 million in outflows on Sept. 30. Macro is holding everything still: the Fed hiked to 3.75%-4.00% on Sept. 16, then September payrolls came in at 29,000 against 84,000 expected. After weeks of Bitcoin turning heads and climbing the charts, the top of the crypto market is now barely moving. Bitcoin trades at $86,264.06, up 0.59% over 24 hours. Ethereum sits at $2,714.39, up just 0.34%.

The whole market is worth just north of $3 trillion, essentially flat for the day, according to CoinGecko data. The rest of the 12 largest coins are drifting in roughly the same way. Solana gained 1.4% and XRP 1.07%, while BNB lost 0.41% and Tron 0.22%.

Myriad: How high will Bitcoin go? Click to make your prediction.Most traditional coins are flat, and then there’s privacy coins.

Zcash, perhaps the best known privacy coin, has been on a tear over the last year, and today is up 3%, recovering from a pullback off its recent peak near $1,600. Monero, meanwhile, is up 2.14% at $562.32 over the last 24 hours, making the privacy coins the standout performers on the day.

The daily charts tell the two coins apart. Zcash is up 2.62% on Binance since the day's candle opened, so its move is still running. Monero is riding a spike that began yesterday and kept running during the last 24 hours..

The overall flat tape for the crypto market has a reason. The Federal Reserve raised rates to 3.75%-4.00% on Sept. 16, its first hike since July 2023. Then the September jobs report landed with just 29,000 new jobs against the 84,000 economists expected, and unemployment ticked up to 4.2%.

That weak print cut the odds of an October hike to about 22% right after the report, according to CME FedWatch. The likelihood that interest rates do not increase again is a good sign for risk assets, so the September rate hike combined with odds of another hike sinking is essentially a wash—hence, a flat market.

Bitcoin, though, continues to show bullish momentum. Yesterday, it flashed a second golden cross, with its 100-day exponential moving average crossing above the 200-day. It is still sitting below resistance at $87,354. But even the most sustained bull runs need time to breathe.

Now, here’s the caveat on Zcash. A green day is not a trend reversal. ZEC still sits about 19% below its late-September high of $1,698, and one day of buying does not close that gap.

Zcash slid to $1,333.50 intraday on October first as Grayscale's Zcash ETF lost $30.25 million. Even after that outflow, the fund has taken in about $268 million in net inflows since it launched on Aug. 25.

Zoom out, and Zcash is its own story. The coin has gained about 2,500% over the previous 12 months, and it still not showing signs of a serious trend reversal.

The latest leg was a 253% climb from a $480.72 base to the $1,698 high in late September. It came with two big events: Grayscale's Zcash ETF launched on Aug. 25, and coinholders voted 98.9% on Sept. 17 to keep Bitcoin-style halvings (and keep the coin's inflation in check).

A cooldown is not out of character for this coin. ZEC dropped 38% when the Ironwood counterfeiting scare hit earlier this year, then recovered past $1,600. Against that, the current slide of about 19% from the September high is mild.

Monero is in a similar spot. XMR trades about 11% below its September high of $632.86. Its market cap is $10.57 billion, less than half of Zcash's $23.18 billion.

Based on the daily charts, both privacy coins are in consolidation, not breakout. On Zcash's daily chart, price is at $1,372.69, stuck just under the resistance zone at $1,403.89, measured from the $451.75 low to the $1,698 high. Today's high of $1,385 did not reach it. The 38.2% level at $1,221.93 sits below as the next marker.

A faster gauge disagrees on Monero, which is deep in overbought territory, but is showing a more constrained movement, trading sideways since late September.

Here are the levels to watch in the near term: Bitcoin needs to clear $87,354, Zcash faces $1,403.89 overhead, and Monero needs to keep holding above $558.69.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Table of contents

Japanese bitcoin treasury firm Metaplanet added a net 1,000 Bitcoin in the third quarter, bringing its holdings to 44,000 BTC worth about $3.8 billion as of September 30, according to the company’s disclosures reported by CoinDesk. The Tokyo-listed firm has become one of Asia’s most aggressive public bitcoin accumulators since it began buying the asset in April 2024, and the latest gain came through a sale and repurchase designed to demonstrate liquidity rather than simple accumulation. The move extends a buying streak that has made the firm one of the region’s most closely watched bitcoin treasuries.

The Sale-and-Repurchase Behind the Quarter Metaplanet sold 10,000 BTC for roughly $789.2 million at an average of $78,925 per coin, then bought 11,000 BTC for $948.7 million at an average of $86,246. The firm temporarily held the proceeds in cash to show it could cover interest-bearing debt, though those obligations were not repaid, before repurchasing at higher prices. Executives framed the move as proof the company can access liquidity quickly while keeping its long-term bitcoin exposure, a point lenders scrutinize on crypto treasury balance sheets. Its total position now carries a cost basis of about $4.33 billion, or $98,454 per coin.

A New Income Strategy The company also introduced a Net Interest Income Strategy targeting investments principally in preferred securities issued by bitcoin treasury companies, with plans to allocate about 10% to 15% of total assets to the effort. The program is intended to generate returns above Metaplanet’s funding costs, helping service existing obligations while supporting further bitcoin purchases, and runs alongside a bitcoin options operation that has generated revenue for eight consecutive quarters. Its options-based Bitcoin income business produced roughly $5.4 million in Q3 revenue, down 51% from the prior quarter and 65% year over year, while nine-month revenue reached about $35.2 million. The third-quarter sale exceeded the size of the company’s entire debt, underscoring the scale of the liquidity demonstration. “Our objective has been to build the leading Bitcoin financial company in Asia,” CEO Simon Gerovich said.

The quarter strengthens Metaplanet’s position among Asia’s largest corporate bitcoin holders, following a path that Strategy and other public treasury firms have pursued with income-generating strategies alongside their holdings. Shares closed 2% higher on Monday at 297 yen ($1.88).

AUTHOR

A freelance writer with a passion for crypto, delivering insightful and accurate content on blockchain and fintech. With a knack for translating complex concepts into accessible content, Eric produces well-researched articles, blog posts, and thought leadership pieces that cover the latest trends and developments in the digital finance space. His writing is aimed at educating and engaging both newcomers and industry experts, offering fresh insights into the world of cryptocurrencies, decentralized finance (DeFi), and blockchain innovations. Eric’s dedication to quality and accuracy makes him a trusted voice in the fintech and crypto communities

Bitcoin (BTC USD) fell about -0.5% to about $85,800 after sellers rejected a move above $87,000 for the third time since September 23. The setback came as Strategy bought 334 BTC and Strive added 2,000.

This creates a clear contrast: corporate accumulation continues, but Bitcoin’s price has not yet turned that demand into a confirmed breakout.

Strive acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462.

61.5% of capital raised came from SATA, with warrants generating $56.7M.

Today’s 8-K also highlights key metrics and KPIs through 3Q26.$ASST $SATA pic.twitter.com/HS4ADPQ8mJ

— Matt Cole (@ColeMacro) October 5, 2026

Those purchases matter as evidence that both companies are still directing capital toward Bitcoin. They do not guarantee that enough buyers will step in at $87,000 to absorb the sellers waiting there.

The immediate test is technical; the larger question is whether corporate buying can persist without adding financing and shareholder risks.

Why Does Bitcoin Keep Rejecting $87K Even Amid Continued Corporate Buying? $BTC is hovering around the $86,000 level.

Until Bitcoin breaks above $87,000, every upside rally will be capped. pic.twitter.com/Uh2B84nHCs

— Ted (@TedPillows) October 6, 2026

BTC USD hit resistance just above $87,000 on October 5 and traded around $86,000 on the morning of October 6. This level has capped rallies multiple times since September 23, indicating a significant resistance zone. Notably, Bitcoin has formed higher local lows, suggesting that buyers are stepping in, but it hasn’t generated enough momentum to break through the resistance.

FxPro analyst Alex Kuptsikevich noted that Bitcoin is nearing the apex of a triangle pattern, which could lead to increased volatility, although it doesn’t predict the direction of the breakout. Meanwhile, the overall crypto market dipped to approximately $2.93 trillion, just below a resistance level identified at $2.95 trillion.

While the Nasdaq 100 hit a record and the S&P 500 neared an all-time high, Bitcoin faced pressure as interest rates climbed slightly. Other major cryptocurrencies also struggled, with Ethereum, XRP, Solana, and Dogecoin falling 1-2%, while ADA gained 11%. The market reflects a mix of constructive short-term signals and ongoing resistance, so traders need confirmation through price action.

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

Corporate BTC USD Buying is Real, but Here is Why Funding Matters

(SOURCE: CoinGecko)

Strategy and Strive recently acquired 2,334 BTC USD, signaling corporate demand but not necessarily indicating that market selling has ceased. Strategy’s purchase of 334 BTC brought its total to 848,000 BTC, funded by approximately $28.7M from Class A common stock sales. This financing model highlights that increasing Bitcoin holdings may dilute existing shareholders.

Strive’s purchase of 2,000 BTC raised its holdings from 27,462 to 29,462 BTC, reported at around $169M, primarily funded through its Variable Rate Series A Perpetual Preferred Stock (SATA). This structure prioritizes investor dividends and adds complexity to Strive’s Bitcoin strategy.

Additionally, Strive has a $500M facility for possible SATA repurchases, which could affect future financing costs. The different funding approaches affect dilution and cash reserves. Consequently, buying shares in a Bitcoin treasury company carries different risks than holding BTC directly, as share prices can be influenced by financing decisions and corporate structure.

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

DISCOVER: 15+ Upcoming Coinbase Listings to Watch in 2026

Follow 99Bitcoins on X For the Latest Market Updates and Subscribe on YouTube For Daily Expert Market Analysis.

#Bitcoin News Today

Why you can trust 99Bitcoins

10+ Years

Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.

90hr+

Weekly Research

100k+

Monthly readers

50+

Expert contributors

2000+

Crypto Projects Reviewed

Follow 99Bitcoins on your Google News Feed

Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!

Subscribe now

Alex Ioannou

On-Chain Journalist

Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More

Free Bitcoin Crash Course Enjoyed by over 100,000 students. One email a day, 7 days in a row. Short and educational, guaranteed!

After El Salvador's Extended Fund Facility was evaluated for the second and third time, the executive board of the International Monetary Fund approved an immediate payment of about $138 million to the country on October 1.

The verdict released 101.96 million Special Drawing Rights (equal to approximately $137.93 million (using the IMF exchange rate of SDR 1 = $1.352830) under a 40-month plan, about a $1.4 billion scheme that was approved in February 2025.

Payment was accompanied by a waiver. El Salvador broke a continuous performance condition that limited the government sector's ability to voluntarily accumulate Bitcoin.

With its "strong corrective measures and renewed commitments," the IMF offered financial aid. But there are nuances to the reality.

The Donation Loophole

The Bitcoin reserve of El Salvador has grown substantially since the initiative began with the International Monetary Fund.

In February 2025, when the EFF was adopted, the country's Bitcoin holdings were between 5,968 and 6,070 BTC. That amount has increased by more than 1,700 BTC by the end of September 2026, reaching 7,760 to 7,792 BTC. Depending on the exact snapshot used, the current valuation of the reserve ranges from $598 million to $660 million.

Public sector voluntary Bitcoin accumulation is consistently limited to zero in the initial program documents. Assets seized by law enforcement were expressly not included in that definition; however, purchases and mining operations were plainly covered.

In its defense, El Salvador stresses that the new coins did not come from the government but rather from private donations. The claim was supported by the statement published by the IMF staff on September 3, which confirmed that no funds from the government were used.

"No further Bitcoin accumulation is envisaged beyond the documented donations," the board stated in October, adding a new restriction and formalizing the waiver already in place.

This is not meant to be taken as a recommendation in any way. It is a small adjustment in terms of technology.

The IMF has acknowledged the significant transparency gap caused by the categorization of donations.

But this issue of the categorization of the people who donate Bitcoin to a country's government has not been resolved.

These concerns have not been addressed, and the International Monetary Fund has shown its concern by requesting more information about Bitcoin assets held by the public sector.

The Chivo Retreat

Although the Bitcoin waiver is receiving a lot of attention, the real change is the gradual dismantling of El Salvador's cryptocurrency framework by the government.

With the introduction of Bitcoin as legal tender in 2021, the government digital wallet Chivo underwent a major privatization push.

According to the International Monetary Fund, a private operator is now in charge, with the government having a minority interest and the responsibility of safeguarding client assets.

"Residual public-sector exposure should be fully unwound," stated Dan Katz, the First Deputy Managing Director of the IMF, who voiced his acceptance of the transfer.

This is a change from the original plan.

At the time of its inception, Chivo was touted as the go-to platform for Bitcoin transactions in El Salvador.

At first glance, nothing was amiss.

The failure of Salvadorans to use Bitcoin for their everyday transactions was acknowledged by President Nayib Bukele in 2024.

Not only did regulatory demands contribute to the wallet's demise, but there was also a mismatch between the product and the market.

But the state's departure was accelerated by the structural requirements set by the IMF.

Separating state-sector stablecoin operations from private-sector ones, the government has stated categorically that it does not intend to develop or operate any stablecoin wallet.

Macroeconomic Foundation

There is a more basic reason why the IMF is willing to ignore the Bitcoin breach: El Salvador's macroeconomic performance has been strong enough to handle the variance.

In 2025, real GDP growth accelerated to 3.9% from 2.6% the previous year.

Due to factors such as falling remittance growth and the effect of rising oil costs on demand, Fitch Ratings predicts that growth would decelerate to 3% in 2026.

Nonetheless, there is hope for improvements due to private investment momentum and continuing public infrastructure projects.

This year, El Salvador's Central Reserve Bank expects growth to surpass the 2.5% average seen over the prior thirty years, with a range of 3% to 3.5%.

The effort to reduce government spending has advanced.

With a primary surplus of $706 million (1.9% of GDP) in 2025 - a significant improvement from a primary balance of 0% of GDP in 2024 - the non-financial public sector was able to meet the IMF target and show improvement.

In contrast to primary expenditure, which fell by 1.8 percentage points, revenue rose by 0.8 percentage points of GDP due to strong growth and improved tax collection.

From 4.6% in 2024 to 2.9% in 2025, the entire NFPS deficit fell short of the "B" median of 3.1% of GDP.

According to Fitch, the trend of consolidation is expected to persist and reach around 2.4% by 2026.

The national debt remains elevated.

The International Monetary Fund predicts that El Salvador's general government gross debt would surpass the median among "B" countries at 84.5% of GDP by 2026.

The National Flood Insurance Program's debt is expected to decrease from around 90.2% of GDP in 2025 to 87.4% of GDP by 2026 and even further to 85.2% in 2027, according to Fitch.

Interest payments made up 18.1% of revenue in 2025, which was much more than the median of 13.7% for "B" categories.

As pension bond grace periods expire in 2027, this number is projected to rise even further.

Deferred Reforms

The Bitcoin waiver solves a short-term problem, but it does nothing to address the long-overdue structural changes.

Reforming pensions is of paramount importance.

The actuarial assessment that was issued in December 2025 showed that from 2024 to 2070, there would be a system deficit of 59% of GDP in present value terms.

The private sector would contribute 45.4% of this deficit.

It is expected that the Solidarity Guaranty Account, which is in charge of providing minimum pensions, will reach its limit by the year 2029.

By February 10, 2026, the administration has promised to unveil a plan for reform.

There was no proposal before the Legislative Assembly on that date.

By the end of December 2025, the federal government owed pension fund managers a total of $11.24 billion.

Midway through 2026, lawmakers are expected to introduce civil service reform, which aims to simplify the public salary bill and reduce about 1.5% of GDP by 2027.

That was still being thought about in September 2026.

Aligning public sector compensation with qualifications and productivity while preventing needless expansion in employment is the goal of the approach, which is being supported technically by the World Bank.

The political ramifications of these changes are substantial.

With over 90% support and 54 of the 60 parliamentary seats under President Bukele's control, El Salvador is well-positioned for the 2027 election cycle.

Constitutional changes in 2025 extend presidential tenure to six years and make it possible to serve a third consecutive term.

There may be less opportunity for politically contentious changes this year due to the election cycle, according to Fitch.

Energy Wildcard

Energy prices are a short-term financial worry that the markets might not be giving enough attention to.

El Salvador imports a lot of energy, specifically petroleum products, which account for about 6.4% of its GDP. As of April 2026, the price of premium gasoline has risen 21% and surpassed $4 per gallon.

In 2022, the government enacted subsidies and temporary tax relief of 1.1% of GDP in response to a comparable spike in prices.

The government has not announced any plans for similar steps in 2026, but Fitch warns that continuing pressures on energy prices would force a reaction.

The fiscal momentum is starting to lose steam.

The primary surplus for the first quarter of 2026 was $185 million, falling short of the IMF projection of $300 million and 0.3% of GDP.

Although tax income growth remained stable at 9%, current spending increased at a faster rate, reaching 11.4%.

An additional payment equal to half of the monthly income for workers earning up to $1,500, known as "Quincena 25," is the main reason for this increase in spending.

Fitch predicts that in the second half of 2026, with elections approaching and the likelihood of a prolonged oil shock, compliance with IMF targets may become more difficult to achieve.

What the Waiver Actually Means

The IMF has made it clear that they do not support sovereign entities' stockpiling of Bitcoin through the Bitcoin waiver.

El Salvador's macroeconomic policy is usually moving in the predicted direction, and the Bitcoin incident was small enough to be considered inconsequential.

This modification takes both of those factors into consideration. There is still a lot of focus on the donation route.

The accumulation limits will be put back in place if private donors' future contributions to the reserve cannot be clearly identified.

Although it has not specified the verification procedure to be used, the IMF has stated that it will thoroughly investigate the sources of new coins.

According to Bukele, the waiver ensures that the Bitcoin brand remains politically significant, even when the government's engagement in cryptocurrencies becomes less viable.

Chivo was privatized and there was no plan for a digital currency that is backed by the government.

As seen on-chain, the reserve is still there, but it is no longer used as currency but rather as a symbol.

What this means for other countries thinking about using Bitcoin is anybody's guess.

When program-wide success is strong, the IMF has demonstrated flexibility about minor infractions.

Nevertheless, it has also resulted in structural compromises that reduce the role of the state in crypto infrastructure.

No precedent for sovereign entities to freely amass Bitcoin has been established by the waiver. For planned withdrawal, it is a major precedent-setter.

Circle has added Aave as a lending option inside its Bitcoin-backed borrowing service for Circle Mint clients, according to The Defiant. The move extends a product that has so far run on Morpho alone.

How the service works Circle formally launched the product, called Digital Asset-Backed Borrowing (DABB), on September 21, 2026. It targets eligible institutional clients who want liquidity but don’t want to part with their Bitcoin.

The mechanics run in three steps. A client deposits native Bitcoin with Circle, which mints a token called cirBTC on a 1:1 basis. Each cirBTC is backed by Bitcoin held in reserve at Circle National Trust.

That token then serves as collateral in third-party on-chain lending markets. Against it, the client borrows USDC, Circle’s dollar stablecoin.

Circle is not the lender in this arrangement. Borrowing rates and available liquidity are set by the third-party protocols. Positions sit in smart wallets that customers control, and those positions follow each protocol’s own liquidation procedures.

Advertisement

The service is not available to everyone. Customers based in New York are excluded, which limits the pool to institutions eligible under Circle Mint LLC.

From Morpho-only to a second venue DABB debuted with Morpho on Arc, Circle’s EVM-compatible Layer 1 blockchain. The product’s launch landed alongside the early operational rollout of Arc itself.

Aave was part of the plan from the start, but it wasn’t ready on day one. As of early October 2026, the Aave integration was still not functional. Its arrival now gives Mint clients a second place to post cirBTC and borrow USDC.

The early numbers Morpho’s cirBTC market gives a sense of initial appetite. Shortly after launch, market data showed nearly $18.86 million borrowed against a liquidity pool of $157.85 million.

The market set its liquidation loan-to-value threshold at 86%. Once a loan reaches 86% of the value of the Bitcoin backing it, the position becomes eligible for liquidation.

By October 2, 2026, Morpho deposits on Arc had surpassed $500 million. The cirBTC/USDC borrowing market accounted for a large majority of Morpho’s early activity on the chain.

What this means Adding Aave matters for competition between lending protocols. Morpho had the cirBTC market to itself, and that market drove most of its early Arc activity. A second venue means borrowers and lenders can now split between two protocols.

Circle is effectively the custodian and token issuer, while the lending outcomes depend on code and rules it does not control. An 86% liquidation threshold on Morpho leaves limited room in a sharp drawdown, and borrowers using Aave will need to learn that protocol’s parameters separately.

The New York exclusion caps the near-term reach, as some of the largest US financial institutions are based there and cannot use the service in its current form.

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

Major US banks are showing heightened interest in Bitcoin exposure, according to Shan Aggarwal, Chief Business Officer at Coinbase. Aggarwal reported that recent regulatory changes by the Securities and Exchange Commission (SEC) could make it easier for financial advisors to custody Bitcoin on behalf of their clients, opening new avenues for institutional participation.

SEC rules and advisor opportunityThe SEC’s clarification of advisor rules is seen as a catalyst for traditional wealth managers to begin offering Bitcoin services to clients. Aggarwal explained that these changes would not only make it more straightforward for advisors to include Bitcoin in client portfolios but would also significantly broaden overall market access.

Coinbase, a leading US-based cryptocurrency exchange, currently serves as the custodian for the majority of Bitcoin Exchange-Traded Funds (ETFs) available in the market. The company continues to focus on enabling secure, regulated access for institutional clients seeking crypto exposure.

Growing institutional demandAggarwal stated that large financial institutions such as BlackRock and JPMorgan are actively seeking robust Bitcoin infrastructure solutions. He emphasized the growing demand from banks and asset managers for reliable custody and trading services as they expand their cryptocurrency offerings.

He pointed out that, as regulatory clarity improves, asset managers and advisors are expected to allocate larger portions of client assets to Bitcoin, supported by infrastructures provided by firms like Coinbase.

He believes the advisor rule is set to “expand the pie for Bitcoin access,” as Coinbase delivers the critical infrastructure needed for institutions and clients.

As traditional banks deepen their involvement in digital assets, the demand for compliant and secure frameworks is becoming a priority for the industry.

Product expansion and stablecoin focusCoinbase has recently been exploring new opportunities in the fast-growing stablecoin sector. Aggarwal said the company sees a “trillion-dollar opportunity” in the use of stablecoins for payments and settlement. Partnerships with financial giants like Citi aim to bring stablecoin payment options to merchants and businesses worldwide.

The company is also introducing consumer-oriented products, such as the Coinbase One Card, designed to encourage everyday spending with crypto rewards, and expanding into collectibles and routine Bitcoin incentives.

In addition to Bitcoin ETFs and stablecoins, Coinbase continues to assist clients with advanced blockchain tools, including integrating the Bitcoin Lightning Network to facilitate fast and affordable transactions.

Looking forward, Aggarwal suggested that AI-driven financial agents may use both Bitcoin and stablecoins for automated payments and settlements in the evolving digital economy.

Mini dictionary: Coinbase is a publicly traded cryptocurrency exchange headquartered in the United States, known for its regulatory compliance and custody solutions targeting both retail and institutional crypto investors.

Broader adoption outlookAggarwal predicted that the next wave of Bitcoin adoption is likely to be driven by integration with mainstream financial services, use in everyday transactions, and continued development of digital asset products for both individual and institutional investors.

He acknowledged that regulatory developments will remain a decisive factor for future adoption, as the industry seeks consistent and clear policies allowing more participants to enter the market securely.

Large banks are “increasing BTC exposure” as the regulatory landscape evolves, with Coinbase positioning itself as the infrastructure backbone for the growing institutional segment.

As more traditional finance actors enter the digital asset space, the role of secure custodians like Coinbase is expected to become even more significant in shaping the industry’s infrastructure.

The world’s largest digital asset manager, Grayscale Investments, is convinced that attempting to time the Bitcoin (BTC) market is quite often a fruitless endeavour.

In a recent publication titled “BTC’s Hidden Risk: The “Out-of-Market” Opportunity,” the company noted that multi-year returns are highly dependent on a short window of high performance days.

Timing Bitcoin is a losing game: GrayscaleCiting Blockchain media company ME Group, Grayscale says Bitcoin gave about a 225% return on investment (ROI) in the past 3 years, as compared to the less volatile Nasdaq, which gave 109%.

Source: Bitbo

However, most of the returns came from just a few days. Removing the top 5 days caused returns to fall to 95%, removing the top 10 days made returns dwindle to 27%, and removing the top 15 days led to an 11% loss.

Bitcoin $BTC 3-year return: 225%
Nasdaq 3-year return: 109%

Remove BTC's 5 best trading days, and that return falls to 95%. Those days can't be predicted, which is why consistent long-term exposure matters for an asset like Bitcoin.

Read more on The Stack:… pic.twitter.com/ee84IzwV1b

— Grayscale (@Grayscale) October 5, 2026 Quarterly returns and current price analysis Coinpedia previously covered how Q4 is one of the best quarters in the history of Bitcoin, while also noting that some of these quarters closed in loss positions. 

Many traders now anticipate a bullish Q4, but Bitcoin is facing clustered resistance between $84,000-$87,000, with more hoops to jump at the $88,000-$89,000 range. 

At press time, BTC was trading at $85,821, after slightly pulling back from the $86K hurdle.

The parting shot Grayscale concludes by saying long-term investment is the best strategy for assets like Bitcoin, which can experience massive price swings in either direction.

Additionally, while the most profitable days are few and unpredictable, missing out on them vastly and negatively impacts yields. This last remark further builds on the long-term strategy that Grayscale advises.

Story Ends Here

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

Read the Next News

Morgan Stanley, one of the largest multinational investment banks based in the United States, is rapidly advancing toward a key milestone in the Bitcoin ETF space. The firm’s spot Bitcoin ETF, named MSBT, has accumulated approximately 10,519 BTC as of this week, according to updated figures from blockchain analytics provider Arkham.

Rapid growth in Bitcoin exposureDespite recent volatility in the broader cryptocurrency market, Morgan Stanley has continued to make regular Bitcoin purchases through its ETF. The bank’s strategic approach appears unaffected by unstable conditions, leading to consistent growth since the ETF’s launch.

Data released by Arkham shows that the fund’s holdings now stand at a value of about $903.86 million, distributed across a series of wallets connected to the ETF. This milestone has been achieved in just under five months following the fund’s introduction to the market.

Morgan Stanley’s steady acquisition of Bitcoin through its ETF has brought it within reach of the $1 billion benchmark, requiring less than $100 million more in Bitcoin to hit this target.

Industry analysts expect Morgan Stanley to surpass the $1 billion mark before the end of this month if the current accumulation rate continues. The bank’s persistent expansion of its digital asset exposure reflects growing institutional interest in Bitcoin and related investment products.

ETF launch and trackingMorgan Stanley’s Bitcoin ETF, MSBT, began trading on NYSE Arca in April. This move marked the bank’s direct entry into the competitive US spot Bitcoin ETF sector, allowing investors to gain exposure to Bitcoin’s price fluctuations without direct ownership of the asset.

Arkham was able to publicly identify the on-chain addresses linked to MSBT within just one week of the fund’s debut, enabling transparent tracking of the ETF’s Bitcoin reserves. Since then, observers have monitored its wallet balances to gauge the pace of institutional accumulation.

The rapid growth in Morgan Stanley’s Bitcoin ETF has drawn attention from both the crypto industry and traditional finance sectors, as the fund approaches a significant threshold in record time.

Achieving nearly $1 billion in Bitcoin holdings within five months signals increasing institutional confidence in regulated cryptocurrency investment vehicles.

Mini dictionary: Arkham, a blockchain analytics firm specialized in on-chain data, provides tools for monitoring and analyzing cryptocurrency transactions and holdings across public blockchains.

ETFLaunch dateCurrent BTC holdingsHoldings valueMilestone targetMSBT (Morgan Stanley Bitcoin ETF)April 202410,519 BTC$903.86 million$1 billion

18h05 ▪ 5 min read ▪ by Luc Jose A.

Summarize this article with:

The 50, 100, and 200-day moving averages of bitcoin are about to regain a fully bullish alignment for the first time since June 2025. However, the signal is not yet confirmed and its history shows that it can precede both a strong rise and a quickly interrupted move.

In Brief Bitcoin is nearing a bullish alignment of its 50-, 100-, and 200-day moving averages. The 100-day moving average still needs to cross above the 200-day average to confirm the signal. This setup differs from the classic “golden cross.” Historical precedents show widely varying performances after this signal. The 50-day moving average, near $79,500, remains a key level to defend. The bitcoin bullish signal is still to be confirmed The average bitcoin price over 50 days is already above its 100 and 200-day averages. Now a last crossover is missing: the 100-day average needs to surpass the 200-day to produce the expected alignment.

The three indicators move around very close levels, which may allow the signal to form quickly. Here is the configuration observed on October 5 :

50-day moving average: about 79495 dollars ; 100-day moving average: about 79493 dollars ; 200-day moving average: about 79539 dollars ; Bitcoin price: near 86000 dollars ; The last comparable alignment: June 24, 2025. The 100-day average therefore remains about 46 dollars below the 200-day average. Maintaining the price above recent levels should gradually raise this intermediate average, but a correction could delay or prevent the crossover.

Vikram Subburaj, CEO of the Indian exchange Giottus, explains :

This crossover would restore the order: 50 days above 100 days, then 100 days above 200 days, for the first time since the previous alignment on June 24, 2025.

This bitcoin signal differs from the golden cross This configuration should not be confused with the classic “golden cross”. The latter forms when the 50-day moving average directly crosses the 200-day average. Bitcoin already produced this signal at the beginning of September.

The movement currently expected concerns the crossover of the 100 and 200-day averages. This would complete a structure in which the most recent average prices are all above older trends.

Technical analysts generally interpret this order as confirmation of a positive momentum over several horizons. Short-term, medium-term, and long-term buyers then benefit from a progressively higher average price.

However, this signal is inherently delayed. Moving averages are based on past prices. They validate a trend already underway rather than precisely announcing its starting point.

The BTC indeed rose by more than 40% in the third quarter, rising from its June lows to about 87000 dollars. “The latest signal confirms that the recovery has held,” says Vikram Subburaj. It alone does not allow assessment of the remaining potential.

Past alignments have produced opposite results Some historical episodes reinforce the bullish scenario. On October 27, 2020, bitcoin was worth about 13,600 dollars when its three moving averages took this configuration. The signal remained active until May 2021, during which time the price went over 64,000 dollars.

Another alignment formed in early November 2023. It held until May 2024, while bitcoin rose from about 35,000 to 73,000 dollars.

More recent precedents call for caution though. The June 2025 alignment lasted 97 days, but the price rose only from about 106,000 to 112,000 dollars. The June 2024 alignment held only twenty days before a nearly 10% drop.

“The crossover strengthens the hypothesis of a trend, but it does not guarantee its continuation,” warns the Giottus CEO. According to him, price behavior after confirmation will reveal whether the structure becomes sustainable or remains a short episode.

Bitcoin must especially defend its 50-day average The real test will be around the 50-day moving average, near 79500 dollars. Bitcoin still trades well above it, but this gap can shrink quickly during a correction.

A bounce on this average would show that buyers continue to defend the recent trend. A lasting break would weaken the signal, even if the three-indicator alignment were meanwhile confirmed.

In the shorter term, the price still struggles to sustainably break through the 87,000 dollar area. The rise slowed as the US dollar index strengthened, which generally puts pressure on assets priced in dollars.

The market will also watch the Federal Reserve minutes on October 7, then US inflation on October 14. These events can affect bond yields and interrupt an otherwise favorable technical configuration. The future crossover would thus confirm the strength of the recovery underway for three months. It would constitute neither a guarantee of increase nor an autonomous buy signal.

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Bitcoin treasury Strategy is back in the black after the rising price of the leading cryptocurrency gave the firm paper gains of $21 billion last quarter, its founder and chairman Michael Saylor has said. 

The Nasdaq-listed company last week also spent $28.7 million on 334 bitcoins last week, according to a Monday filing. The firm’s stock (MSTR) jumped earlier trading hours in New York before dipping slightly; it was recently priced nearly 2% higher. 

Bitcoin’s price shot up over 40% in the third quarter of this year, having its best three months in years. 

Strategy reports a $21 billion gain on digital assets in Q3 2026. Last week, we acquired 334 $BTC and repurchased $176M of $STRC. As of 10/4/26, we hold 848,000 BTC and $5.7B of USD Assets. $MSTR https://t.co/jvwiJahdMm

— Michael Saylor (@saylor) October 5, 2026 The price of the leading digital asset recently stood at nearly $85,655, unmoved over a 24-hour period but up over 8% over a 30-day period.  

Strategy added that it repurchased $176 million of its STRC preferred shares. As the world’s biggest corporate holder of bitcoin, it has 848,000 BTC, valued at around $72.6 billion at today’s prices. 

The company’s stock has taken a hit since the price of bitcoin plunged at the end of 2025 and the first half of this year. 

Investors buy Strategy’s shares to get heightened exposure to the cryptocurrency. They can also get paid a yield via its digital credit products. 

Strategy — formerly MicroStrategy — slowed down with its bitcoin buys after announcing a program under which it may sell BTC from time to time to generate up to $1.25 billion in proceeds for the USD reserve, additionally fund preferred stock dividends and interest expenses or fund repurchases. 

The company even this year had to resort to selling bitcoin. It has since defended the bitcoin sales, with Strategy CEO Phong Le telling investors that the company now has a “bullet-proof balance sheet.” 

In the company’s quarterly earnings in July, Strategy posted a $8.22 billion loss. But Le reassured investors that the firm’s current paper loss was nothing to worry about.

Mathew Di Salvo

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

Bitcoin (BTC) is coming off its best third quarter since 2017, but extending the rally may prove more difficult as Treasury yields above 5% offer investors an increasingly attractive alternative to risk assets, according to Delphi Digital. 

In its latest weekly newsletter, Delphi highlighted Bitcoin’s 43% gain in the third quarter, followed by a third straight weekly advance last week. However, “the grind higher is happening against real resistance,” Delphi wrote, pointing to the Federal Reserve’s September rate hike and surging Treasury yields, which have reached multi-decade highs.

“When a government bond pays over 5% risk-free, every risky asset has to work harder to deserve the money,” Delphi wrote.

Bitcoin has so far managed to overcome the hurdle, helped in part by growing interest in the so-called debasement trade, or the view that persistent government borrowing and currency expansion will erode the dollar’s purchasing power. 

According to Vanessa Grellet, managing partner at crypto-focused venture firm Arche Capital, “the debasement trade doesn’t require low interest rates,” given investors’ growing focus on federal deficits and the government’s rising interest bill.

Against this backdrop, Bitcoin’s price briefly topped $87,000 last week before correcting lower. It has gained more than 35% since mid-August, shortly after the US Treasury announced plans to double its long-dated debt buybacks to support market liquidity, targeting 10- and 20-year notes. Some investors viewed the move as an effort to ease strains in the bond market and contain borrowing costs. Those buybacks have since tripled in size.

Source: Weak jobs data changes rate outlook, for nowThe interest rate backdrop facing Bitcoin could become less restrictive after weaker-than-expected jobs data sharply reduced the odds of another Fed rate hike in October. The US economy added just 29,000 jobs in September, well below forecasts of 80,000, according to the Bureau of Labor Statistics’ latest nonfarm payrolls report.

The disappointing print added to signs that the labor market is cooling, giving the Fed more room to wait before raising rates again.

Even before the latest payrolls data, Fed officials had signaled they were in no hurry to act. Although policymakers penciled in one additional rate increase this year in their September projections, some officials have since urged patience.

New York Federal Reserve Bank President John Williams, a voting member of the Federal Open Market Committee this year, said the central bank does not need to rush into another hike. 

“With the policy action we took at our September meeting, there is no need for urgency,” Williams said in a speech last week. 

CME Group’s FedWatch Tool now puts the odds of an October increase at around 24%, down from more than 75% a week earlier.

This article is produced in accordance with Cointelegraph's Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research.