Track market-moving stories before they get noisy

CRCL Stock faces fresh economic uncertainty ahead of Thursday’s U.S. jobless claims report, with cryptocurrency prices showing early stability. 

Bitcoin price traded near $83,000 on Wednesday, while Ethereum hovered around $2,450 and XRP held near $1.34. The employment release could reshape interest rate expectations before the Federal Reserve announces its next policy decision.

U.S. Jobless Claims Report-Oct 22
The Labor Department’s next weekly jobless claims report arrives Thursday, October 22, ahead of next week’s Federal Reserve meeting. The previous release showed 199,000 initial claims for the week ending October 10, up 1,000 from the revised preceding week. That reading provides a comparison point as markets assess whether layoffs are increasing.

An unexpected increase in claims could strengthen concerns about slower hiring and rising unemployment. It might also give rise to monetary policy easing expectations if inflation data and other indicators of employment conditions continue to evolve favorably. However, if it suddenly and significantly deteriorates, it might dampen appetite for volatile stocks and put pressure on CRCL Stock.

Crypto Stability and Fed Policy Shape CRCL Stock Outlook
Circle Internet Group, the USDC issuer, earns reserve income that responds to changes in interest rates. Consequently, lower rates could improve market sentiment while reducing the yields available on Circle’s reserve assets. Circle’s first-quarter results showed that lower reserve yields partly offset the income benefit from higher average USDC circulation.

The Federal Reserve meets October 27–28, placing the upcoming claims and PMI reports immediately before its next decision. Policymakers announce their decision on October 28 at 2:00 p.m. Eastern, followed by a 2:30 p.m. press conference. Further guidance about employment and inflation could influence rate expectations and the near-term direction of CRCL Stock.

Fedwatch data
Friday’s S&P Global manufacturing and services PMI reports will offer another assessment of business activity and price pressures. 

CRCL Stock Prediction: Will CRCL Reach $90?
The supplied trading range places initial resistance at $86, with $87 and $88 marking the next potential hurdles. A sustained breakout above those levels could strengthen the case for a move toward the psychological $90 mark. A move from $86 to $90 would represent a gain of approximately 4.7%.

CRCL stock
However, buyers would need to maintain that breakout as markets respond to Thursday’s employment data and Friday’s PMI releases. Holding above former resistance would offer stronger evidence of buying demand than an isolated intraday price spike. A quick reversal below $86 would weaken the bullish case and raise the prospect of another support test.

On the downside, $81 provides the first reference level if buying momentum weakens after the employment report. A decline below that level could expose $80, followed by the recent $79 low. A sustained break beneath $79 could open a path toward $75, extending the downside scenario beyond the recent range.

Crypto market liquidity crunch: Binance's stablecoin reserves hit their lowest level of the year.

According to crypto analyst Darkfost's data, centralized exchange (CEX) stablecoin reserves have been declining recently, with Binance's stablecoin reserves hitting their lowest level this year. Data shows Binance's stablecoin market capitalization has been on a downward trend since June, dropping approximately 4.7% over the past 90 days. Darkfost also pointed out that the decline in stablecoin reserves is not unique to Binance. This stablecoin outflow dynamic will continue to exert pressure on the market, and the lack of inflowing liquidity is exacerbating the current market weakness. To reverse the situation, the market needs to see capital flowing back into CEXs, which is a sign of demand recovery.

10 minutes ago

Zcash developers confirm the NU7 upgrade will roll out in November, cutting the block time to 25 seconds.

Zcash developers have reached consensus on the NU7 upgrade, set to activate at block height 3,543,405 (estimated around November 5). The upgrade will reduce block time from 75 seconds to 25 seconds, tripling transaction confirmation speed. Additionally, 60% of fees collected per block will be removed from circulation, with plans to return these funds to miners starting February 2031, while the original block reward halving schedule remains unchanged in the interim. Furthermore, Zcash’s original privacy protocol Sprout will be permanently shut down after the upgrade; funds not transferred in time will become inaccessible. The proposal was put forward by developer Sean Bowe and approved by the Zcash Improvement Proposal (ZIP) editing team, but it still needs to be formally merged into deployment specifications and integrated into node software before it can officially take effect.

10 minutes ago

US pre-market trading: All three major indices rise, SpaceX surges nearly 9% pre-market, and AI stocks rebound sharply.

Before U.S. stock market opens, all three major index futures rose, with the Nasdaq 100 futures up around 0.80%. In terms of individual stocks, according to BIT (bit.com) market data, boosted by strong quarterly results, SpaceX gained nearly 9% to $161.08. Additionally, driven by merger rumors, Tesla rose 2.67% to $383.68. AI-related stocks mostly advanced before the market open: Nvidia was up 1.8%, AMD up 2.5%, Intel up 2.9%, SanDisk up 2.9%, Western Digital up 2.1%, and Seagate Technology up 2.4%. Meanwhile, optical communications and Neocloud-related stocks saw notable gains: Credo (CRDO) jumped over 5.2%, Lumentum (LITE) rose around 3.98%, and CoreWeave (CRWV) gained around 2.95%. For crypto-related stocks, BNB Standard (BNC) surged over 7.8%, and Strategy (MSTR) added around 1.99%.

10 minutes ago

Sources: Bank of Japan will decide at next week's meeting whether inflation has reached the 2% target.

According to Kyodo News, a source familiar with the matter revealed on Wednesday that the Bank of Japan (BOJ) will assess whether the underlying inflation rate has hit its 2% target at next week’s policy meeting. A confirmation would mark a symbolic turning point for the BOJ, signaling an end to its long-standing monetary policy stance aimed at combating deflation. The BOJ first set the 2% inflation target in January 2013. Despite implementing aggressive monetary easing programs, the central bank has repeatedly pushed back its timeline for achieving the goal. If the target is ultimately met, it will come nearly 14 years after the target was first introduced.

10 minutes ago

How important are Russian users to major CEXs, per data comparisons?

MEXC announced yesterday it would halt services for users in Russia and Belarus, triggering a roughly 15% drop in its native platform token MX and sparking widespread debate in the crypto community. According to TradingBeats data, among major crypto exchanges, Russia is the top traffic source for Bybit, HTX, and MEXC, accounting for 23.94%, 13.76%, and 10.53% respectively. On Binance, the largest exchange by trading volume, Russian traffic ranks only third from the bottom, at 1.54%. U.S.-based compliant exchanges Coinbase and Kraken have the lowest share of Russian traffic, at just 0.24% and 0.16% respectively.

10 minutes ago

Saturn participated in Strive SATS' preferred stock IPO using its own funds.

DeFi digital credit protocol Saturn co-founder Ellis Osborn tweeted that Saturn has used its own funds to participate in the SATS preferred stock IPO of Bitcoin treasury company Strive, adding that this participation will not impact USDat, sUSDat, Saturn’s existing products or holders. Osborn noted that Saturn will in the future explore offering similar tools to its global investors.
Earlier reports stated that Strive issued SATS, a fixed-rate cumulative perpetual preferred stock with a 15% annual yield, which pays dividends on every business day. Its liquidation priority ranks below Strive’s floating-rate preferred stock SATA and above common stock ASST. Strive priced the SATS offering at $90 per share, issuing 7 million shares to raise approximately $630 million, with the deal closing on October 20.

10 minutes ago

Germany's Sparkasse network has started crypto trading in its banking app via DekaBank, covering Bitcoin, Ether, XRP, Solana and Polygon's POL, with a staggered bank-by-bank rollout.

Germany's Sparkasse banking network has begun rolling out crypto trading inside its banking app, bringing Bitcoin ($BTC), Ether ($ETH, @ethereum), XRP ($XRP, @XRP), Solana ($SOL, @solana) and Polygon's POL token ($POL, @0xPolygon) to customers of Europe's largest banking group by assets.

The service went live on October 19, 2026, but access is not yet nationwide. Each local savings bank must switch it on individually, so only customers of participating institutions can use it for now.

How the Sparkasse crypto service worksThe product is called "Krypto, powered by Deka" and is run by DekaBank, the securities house of the Sparkassen group. According to Bloomberg, the rollout will be gradual over the coming months, and each Sparkasse decides on its own whether to offer it. DekaBank handles trade execution and custody. Customers open a separate crypto account with DekaBank inside the app's investing section, and a securities account is not required.

The fee is reported at €0.99 per order. DekaBank's announcement does not detail other costs such as spreads, according to fund research outlet e-fundresearch. Reporting also says the service is aimed at adult, self-directed investors and that no investment advice is given.

Sparkassen-Finanzgruppe is described as the largest financial services group in Germany and Europe by assets. Crypto assets held through the service are not covered by statutory deposit insurance, BeInCrypto notes.

Rollout pace and regulatory backdropOnly a handful of banks were live at launch. More than 230 institutions have reportedly expressed interest, and 30 to 40 additional banks are expected to join each month. Joachim Schmalzl of the German Savings Banks Association (DSGV) said it is for each savings bank to decide when to start, according to dpa. The association is aiming for a large share of interested banks to be connected in the first half of 2027.

The move marks a reversal for the group. Bloomberg reports that the Sparkassen long rejected crypto offerings and that its bodies recommended against crypto trading about four years ago because of the risks. The shift was justified by customer demand and a changed regulatory framework.

DekaBank received its licence under the EU's Markets in Crypto-Assets rules (MiCA) from Germany's BaFin in 2025, which lets it bundle trading, custody and customer support in one place, according to Bloomberg and e-fundresearch.

Sources:

Bloomberg via Yahoo Finance: Deka startet Bitcoin-Handel nach Sparkassen-Richtungsschwenke-fundresearch: DekaBank startet Kryptohandel fuer Sparkassen-Kunden

Memecoin investor Murad has said the crypto bull cycle has yet to begin, with Bitcoin trading near $82,000 after U.S. spot Bitcoin exchange-traded funds recorded $526.7 million in daily inflows.

Summary

Murad said crypto’s bull cycle has not begun, without giving a timeline or price target.
Bitcoin ETFs drew $526.7 million on Oct. 19, reducing October’s net outflows to $88 million.
Glassnode’s preceding weekly data showed continued selling despite stronger demand for bullish futures exposure.
Binance’s historical study found four of five rebounds following shallow drawdowns later broke their previous lows.

Murad’s Oct. 20 X post declared that the market’s main advance remained ahead, without setting a price target or giving a timeline.

“The Crypto Bull Cycle hasn’t even begun yet.”

The post had drawn approximately 66,000 views, 1,500 likes, 240 reposts and 329 replies when captured. His statement offered no supporting market data or definition of what would mark the beginning of a bull cycle.

After retreating from nearly $83,000, Bitcoin was down 1.2% over 24 hours at $81,730.70 earlier on Oct. 20, as crypto.news reported on Oct. 20.

The same technical assessment identified $82,587 and $83,457 as recovery levels on the 4-hour chart, with potential support at $81,144 and $80,000.

Crypto bull cycle claim meets a rebound in ETF buying
Farside Investors’ daily table showed $526.7 million in net inflows into U.S. spot Bitcoin ETFs on Oct. 19, following $228.4 million in net withdrawals across the preceding five trading sessions.

BlackRock’s IBIT accounted for $665.2 million in subscriptions. Fidelity’s FBTC lost $83.6 million, while Grayscale’s GBTC recorded $54.9 million in withdrawals. The remaining funds listed in the table recorded no net flows that day.

Calculations from Farside’s published daily totals put October’s cumulative net withdrawals at $614.7 million through Oct. 16. Monday’s inflow reduced that shortfall to $88 million through Oct. 19.

The single session therefore more than offset the previous week’s withdrawals, although the month remained negative. IBIT’s subscriptions exceeded the combined net inflow because redemptions at FBTC and GBTC absorbed part of the money entering the fund group.

Farside’s Oct. 20 row still contained missing fund entries when checked. Its displayed zero did not represent a completed trading session with no inflows or outflows.

Bitcoin positioning still showed selling pressure
Glassnode’s Oct. 19 Market Pulse reported that selling had eased during the week to Oct. 18, while spot and ETF demand remained weak. Its measurement period preceded the Oct. 19 ETF inflow.

Across the derivatives indicators, futures open interest slipped from $36.5 billion to $36.4 billion. Long-side funding payments rose from $1.1 million to $1.6 million, which the analytics firm described as renewed willingness to pay for bullish exposure.

Perpetual futures cumulative volume delta improved from negative $891.1 million to negative $562.7 million, according to Glassnode. Aggressive sellers still outweighed buyers despite the smaller negative reading.

Spot cumulative volume delta moved in the opposite direction, falling from negative $67 million to negative $83.6 million. Glassnode characterized the change as continued aggressive selling on centralized exchanges.

On-chain fees and transfer volume each fell roughly 10%, while active addresses remained stable. Options positioning showed continued demand for downside protection, with 25-delta skew rising and implied volatility moving above realized volatility.

Earlier Bitcoin rebounds have produced mixed outcomes
Historical research offers a separate counterpoint to claims that a recovery confirms a new cycle.

Binance Research examined seven episodes between 2011 and 2023 when Bitcoin closed at least 40% above its cycle low while remaining at least 25% below its previous record, according to Oct. 5 coverage of its historical Bitcoin rebound study.

Five signals followed drawdowns of 30% to 38%. Four subsequently broke their previous cycle lows within 43 days, while the July 2021 case held.

The two successful signals followed deeper declines of 75.5% in April 2019 and 67.1% in January 2023. Both eventually reached new highs without first breaking their cycle lows.

Binance cautioned that seven cases were too few to form a reliable forecasting model. Its researchers called the findings a “base rate rather than a forecast.”

Analysts have offered competing cycle readings
Fidelity had warned in September that Bitcoin’s August rally could represent either a lasting recovery or a temporary advance during a continuing bear market, according to coverage of its fourth-quarter crypto market outlook.

The firm said July might already have produced the low, while leaving open the possibility of another decline in November or later.

A bullish interpretation appeared in September coverage of CryptoQuant founder Ki Young Ju’s Bitcoin bull cycle forecast. He expected a full-cycle gain of three to five times, arguing that institutional ownership and a larger market could reduce the extremes seen in earlier cycles.

Fidelity Digital Assets says perpetual preferred stock has financed purchases of 135,979 Bitcoin, making the funding model used by treasury companies another source of demand for the cryptocurrency.

Summary

Preferred-stock issuance financed 135,979 BTC in purchases through Oct. 5, Fidelity said. The funding model depends on Bitcoin’s gains exceeding the cost of dividend payments. Preferred shareholders face issuer, liquidity and interest-rate risks alongside Bitcoin exposure. An Oct. 20 report by research analyst Zack Wainwright said the purchases represented more than 0.5% of Bitcoin’s maximum supply as of Oct. 5. The report names Strategy and draws on filings from Strive.

Companies issue dividend-paying preferred shares and use the proceeds to buy Bitcoin. Fidelity links the approach to an investment thesis that Bitcoin’s limited supply could help preserve purchasing power as fiat currencies lose value.

The report also makes the model’s central assumption explicit.

“For issuers, the strategy only works if the appreciation of the underlying asset outpaces the cost of yield.”

Preferred issuance financed more than 95,000 BTC in purchases between March and May, raising over $7 billion. Fidelity compared that demand with the 888,185 BTC accumulated by spot Bitcoin exchange-traded products in their first year.

Preferred shareholders face a different set of risks from investors holding Bitcoin directly. Fidelity’s separate investor guidance explains that preferred securities combine characteristics of stocks and debt, with terms that vary by offering.

Perpetual securities have no scheduled maturity, while some preferred offerings allow issuers to suspend or defer payments. Holders generally rank ahead of common shareholders but below bondholders if the company fails.

Fidelity’s guidance also identifies inflation risk for preferred shareholders because rising prices can reduce the purchasing power of future dividend payments. Higher market interest rates typically push existing preferred-security prices lower, and limited trading liquidity can force investors to sell below face value.

The Bitcoin report consequently ties the preferred-stock model’s success to both the cryptocurrency’s long-term performance and the financial condition of the companies issuing the shares.

Wall Street has found a new way to buy Bitcoin, and it looks a lot like something your grandparents owned. According to a report from Fidelity Digital Assets, perpetual preferred stocks issued by Bitcoin treasury companies have financed the purchase of 135,979 BTC in just over a year.

That figure, measured as of October 5, 2026, represents more than 0.5% of Bitcoin’s total supply.

The report, published October 20, 2026, frames these instruments as a real source of demand for Bitcoin. It also positions them as a bridge to the much larger world of fixed-income investors.

The numbers behind the preferred stock push
Think of a perpetual preferred stock as a bond that never matures. Investors hand over cash, the company pays them a steady dividend, and there is no date when the principal comes back.

For Bitcoin treasury companies, that structure is useful. They raise money from income-focused investors and use it to buy more Bitcoin, without issuing new common shares or taking on traditional debt.

The pace picked up sharply in 2026. Between March and May, issuers raised more than $7 billion through these offerings, according to Fidelity.

That capital went toward more than 95,000 BTC during those three months alone.

April was the peak. Fidelity’s data shows nearly 30,000 BTC were purchased in one week that month.

How it stacks up against spot ETPs
Fidelity was careful not to oversell the comparison with spot Bitcoin exchange-traded products. Those funds launched in January 2024 and gathered 888,185 BTC in their first year.

Fidelity’s argument is about who these products reach, not raw volume. The firm sees perpetual preferred equity as a way to tap the broader fixed-income market, which it estimates at around $150 trillion.

Fidelity also asserts that these vehicles can offer yields that surpass many traditional cash equivalents.

Where this trend came from
The model traces back to Strategy, which launched its first perpetual preferred stock product in July 2025. That issuance opened the door for others, including Strive, which Fidelity names alongside Strategy as a pioneer of the structure.

Fidelity has been building this thesis for a while. In commentary from September 2026, the firm highlighted the potential of preferred equity as a form of Bitcoin-backed digital credit, pointing to its appeal for fixed-income investors.

What this means for Bitcoin demand
Money raised through perpetual preferreds goes directly into Bitcoin purchases, so every successful offering translates into buying pressure on the open market.

Still, the model carries risks worth watching. Perpetual preferred stocks come with ongoing dividend obligations, and those payments do not stop just because Bitcoin’s price falls.

Issuers are effectively promising fixed income backed by a volatile asset. If Bitcoin enters a prolonged downturn, the market will test whether that promise holds up and whether investors keep lining up for new issuances.

For investors, the key metrics to track are the volume of new preferred issuance and how much of it converts into Bitcoin purchases. The yields these products offer relative to cash equivalents will also signal whether fixed-income buyers stay interested.

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

Arkansas wanted to keep certain foreign-controlled companies out of its Bitcoin mining industry. For now, the federal courts are keeping that plan on the shelf.

The state’s restrictions on foreign ownership of digital asset mining operations remain blocked. The US Court of Appeals for the Eighth Circuit is deciding whether that block should stay in place.

What the Arkansas law does
The fight centers on two state laws: Act 636 from 2023 and Act 174 from 2024. Together, they bar businesses controlled by foreign parties tied to countries on the US International Traffic in Arms Regulations list from holding interests in local digital asset mining enterprises.

Act 174 took effect in May 2024. It specifically prohibits foreign-party-controlled businesses from acquiring interests in digital asset mining operations.

The challenge came from Jones Eagle LLC, a company run by Qimin “Jimmy” Chen. Chen is a naturalized US citizen who was born in China. His company argues the Arkansas laws are preempted by federal law covering foreign affairs and foreign investment.

How the case got here
Jones Eagle won the early rounds. Federal District Judge Kristine G. Baker issued a temporary restraining order in November 2024. She followed it with a preliminary injunction in December 2024.

The court found the plaintiffs were likely to succeed on their claims against the restrictions. It also pointed to the risk of irreparable harm tied to investigations targeting foreign-owned entities.

The injunction was later expanded in April 2025. Arkansas officials then took the matter up to the Eighth Circuit, asking the appeals court to vacate the lower court’s order.

The Eighth Circuit heard arguments on January 14-15, 2026, and again on October 20, 2026. Following that second session, the court has been weighing the state’s request. It has not issued a final determination on the injunction.

Arkansas argues the laws are about land use, a classic area of state authority, and that the laws align with federal national security policy rather than contradicting it.

A broader fight over mining in Arkansas
Foreign ownership is not the only front. Jones Eagle has also been caught up in disputes over local noise rules. Shortly after a federal injunction was secured against local noise ordinances, Jones Eagle faced a $280,000 penalty order.

What this means for miners and states
The most direct stakes fall on mining companies with foreign ties. If the Eighth Circuit leaves the injunction in place, operators like Jones Eagle can keep running while the underlying case proceeds.

If the appeals court sides with Arkansas, the state could begin enforcing its restrictions. Other states considering similar measures would have a roadmap, and potentially a precedent, to point to.

The legal arguments will likely turn on characterization. Arkansas says it is regulating land. Jones Eagle says the state is conducting foreign policy. Whichever description the Eighth Circuit accepts will probably decide the outcome.

What to watch next is the Eighth Circuit’s decision on the state’s request to vacate the injunction. That ruling will not end the case, since the preliminary injunction is a placeholder rather than a verdict. It will, however, determine whether Arkansas’s restrictions stay frozen while the litigation continues.

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

David Pan****_ _writes about how digital-asset treasury companies are offering even higher yields to attract investors and sustain their crypto-buying strategies._ _

Different paradigm
The Bitcoin treasury trade is proving hard to kill. The latest sign: Companies stockpiling the cryptocurrency are finding ways to keep the money flowing by tapping into investors’ appetite for steady income, even as cracks emerge in the financing model that helped fuel the boom.

The latest pitch rests on preferred shares that offer payouts resembling those of the riskiest junk bonds, while packaged as alternatives to far safer cash investments.

Strive Inc., which has been buying Bitcoin lately at a faster pace than Michael Saylor’s Strategy Inc., closed an offering of $630 million in preferred shares on Tuesday. The amount raised was around 25% higher than the initial size of the deal.

As with most securities, the increased demand appears to be a matter of price. The preferred stock was issued at an annual yield of 15% and offered at a discount, resulting in an effective yield of almost 17%.

That’s more than triple what you earn on a top-rated one-year US Treasury note, and comparable to distressed debt returns. Last week, CoreWeave Inc. shook capital markets when its bond yields surged to 15% — a level that is practically unheard of in the primary market for traditional securities.

“It is a different paradigm,” said Himanshu Sahay, co-founder of Arch Lending.

The success of the Strive transaction underscores the enduring appetite for income, especially among the retail cohort. For companies accumulating Bitcoin, which generates no income of its own, that demand offers a way to keep raising capital despite growing strains on the model.

“Yes, our new product SATS carries a 15% dividend, but the headline yield is the wrong place to start,” said Jeff Walton, Strive’s chief risk officer. “Any credit investor looking at a preferred should ask two questions: what sits ahead of it in the capital structure, and how is the dividend funded?”

Walton noted that Strive has no outstanding debt, and has as an 18-month dividend reserve as well as about $3 billion in Bitcoin on its balance sheet.

Strategy (@Strategy) on X
While Strategy holds around $70 billion of the cryptocurrency, the borrow-to-buy-Bitcoin model that Saylor pioneered has faltered.

Strategy hasn’t sold any of its 12% STRC preferred shares since the price collapsed in June, making it potentially uneconomic to issue more. On Monday, the biggest corporate holder of Bitcoin increased the size of its preferred buyback by 50% to $3 billion, with the goal of meeting its stated objective of making the securities its primary funding source. In the meantime, it continues to sell common stock to buy Bitcoin, diluting existing shareholders.

Strategy did not respond to requests for comment.

The Strive preferred came with another enticement: daily dividends, a feature that could appeal to retail investors seeking a steady stream of income.

Seeking a way to jumpstart demand for STRC, Strategy has asked shareholders to approve a measure at the end of the month that would allow dividend payments on the securities to be made daily.

In a way, the push to offer daily payments on “digital credit” taps into the same demand that spurred a surge in income-generating ETFs over the past few years. Investors have flocked to them for their steady cash flows, while also embracing the convenience of packaged complex trades that are easy to access via one wrapper.

Saylor came under criticism in the past for STRC being marketed as comparable to money market securities, but with junk-bond level returns. Whether switching to daily payments revives that pushback or restarts his stalled infinite-money glitch remains to be seen.

With investors demanding higher compensation across markets, that may come sooner rather than later.

“Investors worry about return of capital, as well as return on capital,” said Helen Thomas, chief executive officer of BlondeMoney. “Liquidity and reliability matter. Innovative products by their nature have a shorter time period to be stress tested. Some vehicles may not survive.”

Charting it out

Raising capital for new investment funds remains difficult. Investors allocated about $3.9 billion to five new crypto-focused venture funds in the second quarter, the fewest new funds raised since the last quarter of 2019, according to Galaxy Research.

Counting it out

That’s how long Brendan Tonks, a 44-year-old plumber in South Sydney, said it took to send money to his family in the Philippines after switching to stablecoins, compared with his previous experience of three days while using Western Union a couple of years ago. He said his first transfer this new way also cost only a small fraction of what he had paid through the traditional service.

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

Private Jets, Investor Pressure Push Polymarket CEO to Grow Up
Four-Minute Transfers Upend How Money Moves Around the World
Crypto Vaults Channels Billions of Dollars Into Risky Lending (FT)
JPMorgan Asset Sees Bitcoin Beating Stocks, But With a Catch
Companies Are Balking at ‘Tokenized’ Stocks (WSJ)
Odd Lots Newsletter: Maybe We Were Wrong About Blockchain

What we’re watching on Bloomberg TV
Adam Back, co-founder & CEO Blockstream, joins Scarlet Fu and James Seyffart on “Bloomberg Crypto.” The Liquid Network, a Bitcoin-linked blockchain started by Blockstream in 2018, was hit by a $320 million hack that drained about 4,000 Bitcoin. The hackers, who claimed to be so-called white hats exposing security flaws in the network, later returned some of the Bitcoin.

More from Bloomberg

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CFO Briefing for Nina Trentmann’s weekly newsletter on what finance leaders need to know
Going Private for coverage of private markets and the forces moving capital away from the public eye
Money Stuff for Bloomberg Opinion’s Matt Levine’s newsletter on all things Wall Street and finance

Explore all Bloomberg newsletters.

In brief
J.P. Morgan Asset Management projected a 10% compound annual return for Bitcoin over 10 to 15 years, its first long-term forecast for the asset.
That tops its forecasts for U.S. large-cap stocks (7.5%) and gold (5.5%), but comes with 55% annualized volatility.
The firm left Bitcoin out of its main portfolio models, citing volatility and unstable correlations, and called the currency debasement bull case “wide of the mark.”
Bitcoin just earned a spot in one of Wall Street’s most closely watched return forecasts, and it landed at the top of the table.

J.P. Morgan Asset Management projected a 10% compound annual return for Bitcoin over the next 10 to 15 years in its 2027 Long-Term Capital Market Assumptions, released Monday.

Myriad: How high will Bitcoin go? Click to make your prediction.It’s the 31st annual edition of the report and the first to include Bitcoin. The forecast tops the firm’s projections for U.S. large-cap stocks at 7.5%, gold at 5.5% and a classic 60/40 stock-bond portfolio at 7%.

The catch is volatility. The report pegs Bitcoin’s annualized volatility at 55%, compared with about 17% for gold. That’s why Bitcoin’s arithmetic average return, a simple average of yearly gains, comes in at 20.9%, more than double the compound figure investors would actually keep after big price swings.

The firm stopped short of adding Bitcoin to the models it uses to map how assets move together. “For the first time, we put a range on bitcoin returns, though we do not yet include bitcoin in our main covariance matrices,” the report says. Instead, JPMorgan built a separate, smaller matrix comparing Bitcoin with a subset of assets, citing the cryptocurrency’s volatility and unstable correlations as obstacles to widespread portfolio inclusion.

JPMorgan also pushed back on a popular bull case, calling the idea that currency debasement will spark a rush into crypto “wide of the mark.”

Bitwise Chief Investment Officer Matt Hougan welcomed the forecast, if not every input. “First they ignore you, then they laugh at you, then they fight at you, then they add you to their Long-Term Capital Markets Assumptions paper and predict you’ll be the best-performing asset of the next decade,” he wrote on X.

First they ignore you, then they laugh at you, then they fight at you, then they add you to their Long-Term Capital Markets Assumptions paper and predict you'll be the best-performing asset of the next decade. pic.twitter.com/TuOuH51l3c

— Matt Hougan (@Matt_Hougan) October 20, 2026

Hougan argued that JPMorgan’s 55% volatility assumption is too high, which in turn makes its return forecast too conservative. Bitwise, which manages crypto index funds and ETFs, has a stake in that view.

The forecast comes as JPMorgan deepens its own blockchain bets. The bank is bringing JPM Coin, a token representing dollar deposits, to Ethereum, and has joined BlackRock, Goldman Sachs and the DTCC in tokenized stock efforts.

The timing is notable. U.S. spot Bitcoin ETFs drew $526.7 million on Monday, their best day since Sept. 22, with BlackRock’s IBIT taking in $665.2 million. That trimmed October’s net outflows to about $88 million.

Bitcoin hovered around $82,000, while the 10-year Treasury yield held above 5%, a competing return with far less volatility. JPMorgan’s own global bond forecasts are their highest in two decades.

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Bitcoin [BTC] could outperform several conventional investments over the next 10–15 years, according to J.P. Morgan Asset Management’s forecast.

The firm projected a 10% annual compounded return, exceeding its estimates for U.S. large-cap stocks, gold, and U.S. REITs.

However, that projected advantage came with substantially higher volatility.

Meanwhile, Bitcoin investment funds reportedly maintained holdings above 1 million BTC, keeping a substantial pool of supply within investment products.

For investors, the question was whether Bitcoin’s projected return justified the rougher ride.

How did JPMorgan’s Bitcoin forecast compare? J.P. Morgan Asset Management’s 2027 Long-Term Capital Market Assumptions projected Bitcoin’s annual compounded return at 10%.

Its corresponding forecasts were 7.5% for U.S. large-cap stocks, 5.5% for gold, and 8.2% for U.S. real estate investment trusts.

The report also estimated Bitcoin’s arithmetic annual return at 20.9%, alongside annualized volatility of 55%.

These return measures describe different things. The arithmetic figure averages annual returns, while the compounded figure reflects growth across the investment period.

Large price swings can create a substantial gap between those measures. Investors would therefore need to weigh Bitcoin’s projected outperformance against its expected fluctuations.

Source: X Bitwise CIO Matt Hougan also highlighted the projections, drawing attention to Bitcoin’s expected return advantage.

What did Bitcoin fund holdings show? According to the supplied Santiment data, Bitcoin holdings across investment funds reportedly stayed above 1 million BTC for several months. That suggested investment products continued to hold a substantial share of Bitcoin’s supply.

Source: Santiment However, stable holdings alone did not establish fresh inflows or identify how much demand came from institutional investors.

The data showed a sustained fund presence. Whether those holdings would expand remained a separate question.

What could this mean for Bitcoin investors? J.P. Morgan’s projections offered another benchmark for assessing Bitcoin’s long-term investment case.

Alongside sustained fund holdings, the forecast could encourage investors to evaluate Bitcoin as a portfolio asset.

Still, a 10–15-year return assumption offers limited guidance on Bitcoin’s next price move.

The projected 55% annualized volatility implied considerable uncertainty around that long-term path. Severe drawdowns could occur even if the compounded return forecast ultimately proved accurate.

Bitcoin could lead the return comparison while testing investors’ willingness to stay invested through the declines.

Final Summary JPMorgan projected 10% annual compounded Bitcoin returns over 10–15 years, ahead of stocks, gold, and U.S. REITs. Its 55% volatility assumption highlighted the potential fluctuations, while stable fund holdings did not establish fresh institutional buying.

Coinbase received another major Bitcoin deposit on Tuesday, with 500 BTC transferred from wallets linked to convicted Irish drug trafficker Clifton Collins. This latest batch, valued at approximately $41 million, marks the fifth substantial transfer of Collins’s Bitcoin holdings in 2026.

Fifth transfer from legacy Bitcoin stashThe moved coins trace back to a legacy wallet initialized on January 23, 2016, which had remained inactive for over a decade. Blockchain analytics firm Arkham connected the latest transaction to Collins and identified it as the fifth such movement from his holdings this year.

Arkham recorded that the first 500 BTC from Collins’s wallets were sent to Coinbase Custody in March, when Bitcoin traded around $35 million per batch. Subsequent transfers followed: $38 million worth on May 19, another similar-sized move on July 2, and a $39.5 million transfer on August 28. With Tuesday’s transfer, a total of 2,500 BTC has left Collins’s addresses since January.

Irish police seized the assets in March but have not confirmed conducting this week’s transfer. Arkham analysts suggested law enforcement likely orchestrated the move, though no agency officially acknowledged responsibility.

DateAmount (BTC)DestinationUSD Value (at time)March 2026500Coinbase Custody$35 millionMay 19, 2026500New address$38 millionJuly 2, 2026500Coinbase CustodyNot specifiedAug 28, 2026500Same as July batch$39.5 millionOct 20, 2026500Coinbase$41 millionAfter the most recent batch, just under 3,500 BTC valued at nearly $288 million remain in Collins’s addresses.

Background: The fate of Clifton Collins’s BitcoinClifton Collins, an Irish national convicted of drug trafficking, reportedly used proceeds from cannabis operations in 2011 and 2012 to acquire roughly 6,000 BTC, spreading them across 12 separate wallets containing 500 BTC each.

Collins stored the wallets’ seed phrases on a single sheet of A4 paper, hidden inside a fishing rod case. In 2017, following his arrest, the landlord disposed of his belongings—including the fishing rod case. The keys are believed to have ended up in a County Galway landfill, leading to long-standing assumptions that the coins were irretrievable.

Despite the presumed loss, law enforcement gained access to at least one wallet earlier this year. The Irish Criminal Assets Bureau reported working with Europol to take control of a cryptocurrency wallet containing 500 BTC deemed criminal proceeds, though the exact method of gaining access remains undisclosed.

The Irish Garda did not specify how investigators gained entry to the wallet, leaving questions about the possibility of defective key generation software and whether the same vulnerability could be used to recover additional wallets.

Coinbase Custody, a secure crypto storage service often used by government agencies to hold seized assets, has received several of the batches linked to Collins’s holdings.

Mini dictionary: Arkham is a blockchain intelligence platform that provides tools and data for tracing crypto transactions and identifying wallet owners, often assisting law enforcement and market analysts with on-chain investigations.

Old Bitcoin wallets reawaken in OctoberCollins’s case is part of a larger pattern of dormant Bitcoin wallets becoming active in October. So far this month, 24 long-inactive wallets have transferred a combined 1,756.815 BTC, amounting to more than $145 million.

One of these wallets, originating in September 2013, moved 411.45 BTC worth around $33.4 million. This wallet is named in the ongoing “Noah Doe” suit in New York, which aims to have idle Bitcoin wallets—potentially containing nearly 3.8 million BTC—declared abandoned property. However, plaintiffs do not possess the necessary private keys to access these funds.

Efforts are underway in US courts to address the status of inactive crypto wallets, but without private keys, the assets remain beyond reach despite their immense value.

34 minutes ago

U.S. envoy Steve Witkoff met Russian President Vladimir Putin on Wednesday. Prior to this, U.S. and Ukrainian delegations held talks in Oslo, Norway, which the U.S. described as "highly constructive." Ukraine put forward a new peace plan concept, and all parties made progress on approaches to engage with Russia. Meanwhile, U.S. President Donald Trump again urged Kyiv to end the war by reaching an agreement, noting that Moscow wants to resolve the conflict as soon as possible. After meeting with Zelensky, U.S. envoy Witkoff will submit the peace plan to Russian President Putin. According to BIT (bit.com) market data, U.S. stocks closed on Tuesday: the Dow Jones Industrial Average rose 1.06%, the S&P 500 fell 0.29%, and the Nasdaq Composite fell 0.02%. SK Hynix (SKHY.O) dropped 2%, General Motors (GM.N) fell 6.8%, Western Digital (WDC.O) gained 3%, and Apple (AAPL.O) declined 1%. According to HTX market data, Bitcoin remains range-bound, currently trading at $82,992, with a 24-hour gain of 1.03%.

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Bitcoin has pulled back to $82,428 after climbing toward $83,000, while XRP continues to lag behind at $1.32. With the Federal Reserve’s October 28 interest rate decision approaching, investors are trying to determine whether the recent crypto market rebound can last. Rising tensions in the Middle East and volatility in oil prices are also drawing attention.

Can Bitcoin continue its recovery? Why is XRP underperforming, and are current prices offering a buying opportunity? The answers may depend on upcoming economic data and developments that could shape the market over the next several days. Meanwhile, as major cryptocurrencies search for direction, MemeToro $MT, an AI-powered meme coin launchpad built on BNB Chain, is attracting attention as its presale enters Stage 9 at $0.00649 per token.

Key developments in the crypto marketBitcoin: Trading at $82,428, approximately 34.6% below its all-time high of $126,080.XRP: Trading at $1.32. A 13-week streak of inflows into US XRP ETFs has ended, while Ripple‘s next escrow release is approaching on November 1.Fed and global developments: The Federal Reserve will announce its interest rate decision on October 28. Meanwhile, tensions involving Iran continue, with Brent crude closing at $108.79 per barrel.MemeToro presale: The $MT token is priced at $0.00649 in Stage 9. Its token contract has undergone three security audits, and a free testnet allows users to explore the platform before committing funds.Why is Bitcoin recovering? Three key developmentsBitcoin has started to recover after suffering substantial losses during the first half of October. According to Caleb & Brown and Bitcoin.com, Bitcoin fell below $83,000 on October 8 and dropped as low as $80,117 on October 15. After touching $80,595 on Sunday, the cryptocurrency rebounded and tested $83,000 again. Earlier in October, Bitcoin had traded as high as $87,300.

Three developments have supported the latest recovery: encouraging economic data from China, lower oil prices, and renewed inflows into Bitcoin ETFs.

According to an October 19 report from CoinDesk, China’s economy grew 4.5% in the third quarter, above the previous 4.3% reading. Retail sales also increased 1.1%, exceeding expectations of 0.5%. Nasdaq futures rose more than 1% following the positive economic data.

Lower oil prices also helped ease inflation concerns. Persistent inflation remains one of the main obstacles preventing the Federal Reserve from cutting interest rates.

However, the most notable development came from the ETF market. According to figures reported by KuCoin News, US spot Bitcoin ETFs recorded $526.7 million in net inflows on October 19. BlackRock’s IBIT fund alone attracted $665.2 million. Bitcoin.com reported that the same funds had experienced approximately $228.6 million in net outflows the previous week.

Despite these positive developments, it is still too early to conclude that Bitcoin has entered a sustained uptrend. Glassnode noted on October 19 that spot market and ETF demand had previously been insufficient to support a stronger recovery. Bitcoin initially failed to hold above $83,000, retreating to approximately $82,069 before the latest ETF figures were released.

How could oil prices and tensions with Iran affect the market?Fresh statements on October 20 suggest that geopolitical developments and oil prices will remain important factors for financial markets in the coming days.

Brent crude futures settled at $108.79 per barrel, down $0.76, or 0.69%. Although the daily decline offered some relief from inflation concerns, tensions involving Iran continue to create uncertainty in the oil market.

US Secretary of State Marco Rubio described Iran’s actions against commercial shipping as unprecedented since World War II. Rubio also said reaching an agreement with Iran would be extremely difficult because hardliners remain in control of the country.

President Donald Trump said he would make the final decision on how to proceed regarding Iran. He also declined to reveal the details of a conversation between Defense Secretary Pete Hegseth and Israeli Prime Minister Benjamin Netanyahu.

Trump’s comments on the war in Ukraine, meanwhile, suggested that diplomatic efforts remain underway. He said Ukraine should bring the war to an end and that Washington wanted President Volodymyr Zelenskyy to reach an agreement. Trump also claimed Russia was interested in ending the conflict following the latest discussions.

On the economy, Trump struck a more optimistic tone, saying the United States would see stronger growth this year and that his administration would take a firm approach to the budget. Meanwhile, CBC reported that a trade agreement between the United States and Canada was not expected before the midterm elections.

The impact of these developments on Bitcoin remains uncertain. However, another increase in oil prices could revive inflation concerns, potentially influencing cryptocurrency markets through expectations surrounding Federal Reserve policy.

Bitcoin price prediction: Which levels matter?With Bitcoin currently trading around $82,428, the $83,000 level stands out as the first major resistance that buyers need to overcome.

A sustained move above that level could bring the $84,400–$85,000 range into focus. The next significant target would be the early-October high near $87,300.

On the downside, the $80,000–$82,000 range remains important. According to KuCoin News, QCP Capital considers this area a potential buying zone. The 50-day moving average, which FXStreet places near $80,625, also falls within this range.

If Bitcoin loses this support area, the price could retreat toward $78,500–$80,000.

To revisit its all-time high of $126,080, Bitcoin would need to rise approximately 53% from its current price. Whether that happens will depend largely on sustained ETF demand and broader macroeconomic conditions.

Why is XRP lagging behind Bitcoin?While Bitcoin has retested $83,000, XRP has struggled to recover at the same pace. Currently trading at $1.32, XRP remains approximately 63.8% below its all-time high of $3.65.

According to crypto.news and XRP Insights, XRP lost approximately 7% during the seven days leading up to October 19. Several factors have contributed to its weaker performance relative to Bitcoin, including declining ETF demand, increasing circulating supply, and an approaching token unlock.

XRP ETFs end a 13-week inflow streakAccording to SoSoValue data cited by crypto.news and Coin-Turk, US spot XRP ETFs recorded approximately $1.84 million in net outflows during the week ending October 16.

The outflows ended a 13-week streak of consecutive inflows.

Although the amount was relatively small, the development attracted attention because ETFs have been an important source of demand for XRP. The funds hold approximately $1.47 billion in assets and have attracted close to $1.8 billion in cumulative net inflows since their launch.

Ripple’s November 1 escrow release approachesAnother factor weighing on XRP is the upcoming release of tokens from Ripple’s escrow accounts.

According to XRP Insights, Ripple held 31.40 billion XRP in escrow as of October 17. At 00:00 UTC on Sunday, November 1, up to 1 billion XRP could become eligible for release.

However, not all released tokens necessarily enter circulation. FinanceFeeds reported that approximately 70% of XRP released over the previous 12 months was subsequently locked back into escrow. Therefore, the 1 billion XRP figure does not mean that the same amount will automatically enter the market.

Nevertheless, investors are closely watching the date because of the potential increase in available supply.

Longer-term supply data also raises questions. According to an October 16 CoinDesk report citing Nansen, XRP’s circulating supply has increased 63% since 2017, while its total market capitalization has declined approximately 3%.

Figures provided by Oliver Carding of Tesseract Group show that XRP has lost approximately 59% of its value since August 2025. Over the same period, Bitcoin declined 32% and Ethereum fell 44%.

XRP balances on exchanges are risingAccording to CryptoQuant data reported by crypto.news, XRP balances on exchanges reached 11.81 billion tokens on October 17. That figure ranks among the highest 1% of readings recorded over the past year.

An increase in exchange balances may indicate that more XRP is readily available for sale, although it does not necessarily mean that holders intend to sell.

Activity in the derivatives market has also declined. Open interest in XRP on Binance fell approximately 16%, from $538.1 million on October 4 to $453 million on October 17. Meanwhile, the Relative Strength Index (RSI) stands around 38–39.

Ripple’s business expansion does not always translate directly into additional demand for XRP. On October 15, Ripple Prime began offering perpetual futures contracts linked to more than 100 reference assets. However, as CryptoTicker pointed out, these products use RLUSD as collateral, while XRP serves neither as collateral nor as a settlement asset.

Although RLUSD supply has reached approximately $2.43 billion, growth in the stablecoin does not necessarily require users to purchase XRP.

XRP price prediction: Why is $1.25 critical?With XRP currently trading at $1.32, the first important support level is $1.28, which also corresponds to its 200-day moving average.

The next support stands at $1.25. According to crypto.news, analyst Ali Martinez considers this level crucial and warns that a breakdown could send XRP back toward $1.

On the upside, initial resistance lies between $1.34 and $1.38. TradingNews and FXStreet identify $1.50, where XRP encountered selling pressure in early October, as the next major obstacle.

Martinez believes that a sustained close above $1.56 could open the way toward $2.

For XRP to revisit its all-time high of $3.65, it would need to rise approximately 177% from its current price.

Compared with Bitcoin, XRP faces a longer recovery. Renewed Bitcoin ETF inflows and the cryptocurrency’s deeper liquidity currently give it an advantage. XRP, meanwhile, retains its role within the payments ecosystem but needs fresh catalysts to support a stronger price recovery.

What should crypto investors watch in the coming days?The Federal Reserve meeting on October 27–28 is likely to be one of the most important upcoming events for the cryptocurrency market.

In a Reuters survey, 94 out of 100 economists expected the Fed to leave its policy rate unchanged at 3.75%–4.00%. According to KuCoin News and Caleb & Brown, CME FedWatch data places the probability of a rate increase at approximately 15%.

Inflation reaching 3.7% in September, combined with the US 10-year Treasury yield remaining above 5%, suggests that pressure on the Fed has not disappeared. Persistently high inflation could revive discussions about a possible rate increase in December.

The Fed decision will be followed by US PCE inflation data on October 29. Coinpedia identifies this release as another potentially important factor for interest rate expectations.

Three additional dates stand out in November.

November 1: Ripple’s next escrow window opens, potentially allowing another XRP token release.

November 3: The United States holds its midterm elections. According to Caleb & Brown, the CLARITY Act, which aims to establish a regulatory framework for cryptocurrency markets, stalled following a 49–50 Senate vote on September 15. Congress subsequently went into recess until after the elections.

November 11: MSCI is expected to publish a list related to proposed rules that could result in companies such as Strategy being removed from certain indexes.

Ahead of the Fed decision, Bitcoin’s ability to break above $83,000 and XRP’s ability to defend the $1.28–$1.25 support area will be important indicators of the market’s near-term direction.

MemeToro: AI-powered meme coin launchpad reaches Stage 9As major cryptocurrencies such as Bitcoin and XRP struggle to establish a clear direction, early-stage projects are also attracting investor interest. One of them is MemeToro $MT, an AI-powered platform being developed on BNB Chain.

MemeToro is more than a standalone meme coin. It is designed as a platform where users can create new meme coin projects and raise funding for them. Its native token, $MT, is being offered through a staged presale, which has now reached Stage 9 at $0.00649 per token.

How does MemeToro work?MemeToro is developing a system that combines artificial intelligence with smart contracts.

Its AI monitors news and current trends on X to generate new meme coin concepts. It then explains the reasoning behind each idea and prepares a structured file defining the project’s launch conditions.

Those conditions are enforced through a smart contract called FairLaunchEscrow. As a result, the AI does not directly control user funds. Transactions are executed according to predetermined rules.

The project’s source code is publicly available under an MIT license at https://github.com/MemeToro/memetoro. The GitHub repository includes the AI component, launch file format, escrow contract, and automated tests.

The MemeToro team describes the current software as an early minimum viable product (MVP). The complete platform remains under development, with infrastructure work reportedly being carried out in collaboration with Web3 security company Coinsult.

$MT token price and supply distributionThe Stage 9 presale price is set at $0.00649 per $MT token. Each stage has a separate fundraising target, and once that target is reached, the next stage begins at a higher price.

The total supply is capped at 1.2 billion $MT tokens. According to the distribution published at https://memetoro.com/tokenomics, the allocation is as follows:

Public sale: 852 million $MT (71%)Exchange reserves: 120 million $MT (10%)Marketing partner: 90.72 million $MT (7.56%)MemeToro trading: 60 million $MT (5%)Rewards: 53.28 million $MT (4.44%)Team: 24 million $MT (2%)Tokens allocated to the marketing partner are subject to a 24-month vesting schedule. Tokens purchased during the presale, however, are not locked, meaning buyers gain access to their tokens after purchase.

$MT operates on BNB Smart Chain. Its contract address is 0x44412181b7eb66bff974c0a9a9e908e5bba8cfff and can be verified through a blockchain explorer.

Participants can join the presale using a cryptocurrency wallet or by paying with a card.

What is the status of MemeToro’s security audits?The $MT token contract has undergone three separate security audits conducted by Coinsult, SolidProof, and BlockSAFU.

However, because Coinsult is also involved in developing the platform’s infrastructure, investors should examine the contents of all three reports rather than relying solely on the number of audits.

According to the project’s own GitHub documentation, the launch contracts, including FairLaunchEscrow, have not yet undergone independent security audits. The team plans to complete these reviews before the system enters full production.

The MemeToro team operates under pseudonyms, and the founders’ real identities have not been disclosed. Publicly available source code, independent audits, and published contract terms are therefore particularly important when evaluating the project.

Users can test the platform without spending real moneyOne of MemeToro’s notable features is its test environment, which allows users to explore the platform without risking real funds.

The environment runs on the BNB testnet and uses tBNB tokens, which have no monetary value. Users can practice depositing and withdrawing funds through a process similar to the one intended for the live platform.

To get started, users switch their wallets to the BNB Smart Chain testnet, obtain free tBNB from a faucet, and open the relevant fundraising round at https://memetoro.com/memecoin. They can then repeat the deposit and withdrawal process as often as they wish.

This feature allows users unfamiliar with cryptocurrency presales to understand how the platform works before committing real money.

Why is MemeToro attracting attention?Meme coins continue to be one of the most closely followed segments of the cryptocurrency market. MemeToro aims to combine that interest with artificial intelligence, open-source development, and predefined smart contract rules.

Among the project’s highlighted features are the allocation of 71% of the total token supply to the public sale, a team allocation limited to 2%, no lockup period for presale tokens, support for more than 16 languages, and card payment options.

The availability of a working testnet also allows users to examine the platform in advance. However, the fact that the main platform remains under development and certain smart contracts have not yet undergone independent audits represents risks that prospective participants should consider.

How to participate in MemeToro’s Stage 9 presaleAnyone interested in participating should first visit the official website at https://memetoro.com/ and carefully verify the website address.

Participants can then connect a wallet on BNB Smart Chain or choose to pay by card. Before making a payment, they should compare the token contract address with the official address and review the Stage 9 price of $0.00649 along with the presale terms.

After purchasing, users can add the contract address to their wallets to display their $MT tokens. Participants are also responsible for complying with applicable laws in their jurisdictions.

Because each presale stage has a different price, the $0.00649 rate will remain available only while Stage 9 is open.

Is now a good time to buy cryptocurrency?The recent crypto market rebound does not mean that every asset is recovering at the same pace.

Bitcoin is attempting to overcome resistance at $83,000, while XRP continues to trade near important support levels. Renewed inflows into Bitcoin ETFs are encouraging, but it remains unclear whether they will develop into sustained demand.

The Federal Reserve’s October 28 decision, upcoming US inflation data, and tensions involving Iran could also change the market’s direction in the short term.

Some analysts consider the $80,000–$82,000 range a potential buying zone for Bitcoin, while others want to see stronger ETF inflows before expecting further gains.

For investors looking to buy during market declines, spreading purchases over time, avoiding borrowed funds, and limiting investments to amounts they can afford to lose may help manage risk.

Bitcoin, XRP, and MemeToro also represent very different opportunities. Bitcoin’s high liquidity allows it to play a leading role in setting the broader market’s direction. XRP is influenced by developments in its payments ecosystem and changes in token supply. MemeToro, meanwhile, is an early-stage project with publicly available source code and a staged token sale, but its platform remains under development.

Whether current prices represent a buying opportunity therefore depends not only on how far an asset has fallen, but also on an investor’s time horizon and willingness to take risks.

In the near term, a break above $83,000 will be important for Bitcoin, while XRP needs to defend the $1.25–$1.28 support zone. If neither cryptocurrency makes a decisive move before the Fed meeting, it could indicate that the market is waiting for further economic developments before choosing its next direction.

Where to learn more about MemeToro ($MT)Official website: https://memetoro.com/

GitHub: https://github.com/MemeToro/memetoro

Tokenomics: https://memetoro.com/tokenomics

X: https://x.com/memetoro_mt

Telegram: https://t.me/memetoro_mt

YouTube: https://www.youtube.com/watch?v=gY0jgWy_DtA

The next eight days in crypto have a deadline. On October 28 the Federal Reserve announces its rate decision, and Bitcoin, Ethereum and Ripple coin are all trading with that date in mind. This outlook for BTC, ETH and Ripple coin skips the long recap and works as a week-ahead playbook: where each coin stands on October 20, what would be a good sign and a bad sign before the Fed, and where MemeToro $MT, an open-source AI meme coin launchpad on BNB Chain whose $MT presale is at Stage 9 for $0.00649, fits as the fourth name on the board.

Key Points

Bitcoin trades near $82,600 to $83,000, about 58% of the $2.86 trillion crypto market (CoinGecko). Ethereum is $2,446 and Ripple coin $1.33. The Fed is expected to hold at 3.75% to 4.00% on October 28, and all 100 economists in a Reuters survey expect a hike in December, according to Bitcoin Sistemi. Bitcoin ETFs took in $526.7 million on October 19, while Ethereum ETFs lost $103.3 million, according to Bitcoin Sistemi. MemeToro’s $MT presale is at Stage 9, $0.00649. The Setup Before the Fed

The Fed raised rates by a quarter point in September, the first increase since 2023. In a Reuters survey of economists on October 16 to 20, 94 of 100 expect a hold at 3.75% to 4.00% on October 28, and all 100 expect another increase at the December 8 to 9 meeting. September inflation was 3.7% from a year earlier, according to Bitcoin Sistemi. For crypto, that sets a simple test: a hold with a calm message keeps the range, while a signal of faster tightening tends to pressure risk assets.

Bitcoin (BTC): Steady, With Institutions on Its Side

Where it stands. Bitcoin is near $82,600 to $83,000, up about 1% in 24 hours, with a market value of about $1.66 trillion, according to CoinGecko.

What helped this week. Bitcoin ETFs took in $526.7 million on October 19, and Switzerland’s financial regulator FINMA approved the country’s first exchange-traded retail fund that holds Bitcoin directly, according to Bitcoin Sistemi.

If-then for the week:

If ETF inflows continue and the Fed message is calm, Bitcoin can hold its current range, and a round number such as $85,000 becomes the next reference point.

If inflows fade or the Fed sounds hawkish, round numbers like $80,000 become the area to watch on the downside.

Ethereum (ETH): The Name Under Pressure

Where it stands. Ethereum is $2,446, up 2.4% on the day but below $2,500 after a recent sell-off, according to CoinGecko.

What worries traders. Ethereum spot ETFs lost $103.3 million on October 19, the fourth straight day of outflows, and about $362.8 million from October 14 to 19. Bitmine bought another 12,535 ETH and now holds 6,041,481 ETH, about 4.9% of supply. If ETH holds the $2,350 to $2,370 support zone and ETF outflows stop, it can try $2,600, and then $2,700.

If it loses that zone, analysts cited by Bitcoin Sistemi see $2,300 as the next downside target.

Ripple Coin: Pulled Back, With Mixed Signals

Where it stands. Ripple coin is $1.33, up 2.3% in 24 hours, but about 22% below a local high near $1.70, according to CoinGecko and Bitcoin Sistemi.

What the data says. Binance XRP withdrawals fell to $49.7 million a day, the lowest since October 2021, while Binance received 1.669 billion XRP in deposits over 30 days, a seven-month high, according to CryptoQuant data cited by Bitcoin Sistemi. Large deposits on exchanges can signal selling, although the article notes some inflows may support derivatives or internal strategies. On the other side, US spot XRP ETFs have drawn $1.8 billion in net inflows, and Germany’s Sparkassen network began rolling out Ripple coin trading on October 19. If exchange inflows slow and ETF demand continues, XRP can stabilize.

If large deposits turn into selling, the recent pullback area near $1.30 is the level to watch.

The Fourth Name on the Board: MemeToro $MT

In a week when the three majors wait for the same event, MemeToro $MT is a name whose calendar is its own. Its $MT presale runs in stages, each with a funding target, and Stage 9 is priced at $0.00649 per token. The next stage opens at a higher price, so progress is set by the project’s own milestones as well as the market’s mood. That is the argument supporters make for keeping an early-stage name on the watchlist beside Bitcoin, Ethereum and Ripple coin.

What it is. An open-source AI meme coin launchpad on BNB Chain. An AI agent scans news and conversation on X, drafts a coin concept and writes down its reasoning. The terms of each launch are saved in a launch manifest, and the FairLaunchEscrow contract applies them. The AI does not hold funds.

What you can verify.

The code is public at https://github.com/MemeToro/memetoro under an MIT license, and the team calls it an early MVP.

Coinsult, SolidProof and BlockSAFU have each audited the $MT token contract.

Of 1.2 billion $MT, 71% (852 million) is for the public sale and 2% (24 million) for the team. See https://memetoro.com/tokenomics.

A public BNB testnet round with tBNB, a test token without value, lets you practice at https://memetoro.com/memecoin.

What is still ahead? The FairLaunchEscrow launch contracts have not yet been independently audited, the team is pseudonymous, and the roadmap lists token creation and liquidity, a public funding page and a formal manifest schema.

A Simple Plan for the Week

Note the Fed date, October 28, and decide your plan before it, not during it. Check live prices for BTC, ETH and Ripple coin on the day. If you want to look at MemeToro, read the site, the code and the audits, and practice on the testnet. If you take part, connect a BNB Smart Chain wallet or pay by card, check the contract 0x44412181b7eb66bff974c0a9a9e908e5bba8cfff and the Stage 9 price, and check the rules where you live. Do the checks, run the testnet, then decide at https://memetoro.com/ with a clear head.

Frequently Asked Questions

What is the Bitcoin outlook now?

Bitcoin is near $82,600 to $83,000 with ETF inflows, and the main event is the Fed on October 28.

What is the Ethereum outlook?

It is under pressure from four straight days of ETF outflows. Analysts watch $2,350 to $2,370 as support and $2,600 to $2,700 as resistance.

What is the XRP outlook (Ripple coin)?

Ripple coin is $1.33, about 22% below a local high. Exchange data is mixed, while US spot ETFs have drawn $1.8 billion.

When is the next Fed decision?

October 28, with the meeting on October 27 and 28. A hold is expected, and a hike in December.

Will crypto go up after the Fed?

No one knows. A calm hold may keep ranges, and a hawkish tone could pressure risk assets.

What is MemeToro?

A BNB Chain launchpad where an AI agent drafts meme coin concepts under published launch rules. $MT, its token, is in a staged presale.

How much is MemeToro at Stage 9?

$0.00649 per $MT while Stage 9 runs. The next stage opens higher once this one fills.

Is the MemeToro presale legit?

You can verify the contract, the code, the tokenomics and three token audits by Coinsult, SolidProof and BlockSAFU. The team is pseudonymous and the launch contracts are not yet audited, so do your own checks.

How do I buy MemeToro?

Visit https://memetoro.com/, connect a BNB Smart Chain wallet or pay by card, check the contract and stage price, and confirm.

Official MemeToro Channels

Website: https://memetoro.com/

GitHub: https://github.com/MemeToro/memetoro

Tokenomics: https://memetoro.com/tokenomics

Testnet launchpad: https://memetoro.com/memecoin

X: https://x.com/memetoro_mt

Telegram: https://t.me/memetoro_mt

YouTube: https://www.youtube.com/watch?v=gY0jgWy_DtA

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

Bitcoin at $82,000, ETH, XRP, Dogecoin Jump 3% on Growing ETF Flows

TRON’s Justin Sun Turns Bearish on Bitcoin Over AI and Quantum Risks

In brief Zcash rose 8.5% in 24 hours to $1,215.85, the best performer among the largest tokens. Total crypto market cap climbed 1.68% to $2.78 trillion, while the Fear & Greed Index sits at a neutral 51. Oil near $110 a barrel and Treasury yields above 5% remain the main threat to the rebound. Crypto markets bounced on Tuesday, and Zcash led the rebound. The privacy coin rose 8.5% in 24 hours to $1,215.85, lifting its market capitalization to $20.57 billion.

Bitcoin gained 1.57% to $83,195, and Ethereum climbed 2.90% to $2,463.35. Nearly every major crypto asset that isn’t a stablecoin finished the day higher.

Myriad: How high will Bitcoin go? Click to make your prediction.The broader market followed. Total crypto market capitalization rose 1.68% to $2.78 trillion, and the CMC20 index, which tracks the 20 largest cryptocurrencies, gained 1.45% to $169.87 per unit, meaning the samller caps played a more relevant role in today’s surge. This was also expected after days of heavy losses, especially among the coins with the largest market capitalizations and most trading volume.

The bounce followed a rebound in tech. Chip and AI stocks recovered on Monday from last week's selloff, with the Nasdaq Composite gaining about 1.1%, and crypto has often moved in step with technology shares. Bitcoin also found buyers near $80,000 to $81,000

Money from traditional investors helped. Bitcoin and other crypto exchange-traded funds, which let investors hold the assets through a regular brokerage account, recorded net inflows of $526.7 million,. Monday's inflows were the biggest in a month.

Bitcoin ETF flows. Image: DecryptTreasury yields remain the main pressure point, with the 10-year note above 5%. A yield is the annual return investors demand for lending to the U.S. government. When it climbs, safe bonds compete with riskier assets like crypto and stocks for the same money.

The macro backdrop is still tense. Brent crude oil trades near $110 a barrel, and expensive oil feeds inflation by raising the cost of fuel, shipping and goods. Higher inflation raises the odds that the Federal Reserve keeps rates high or even raises them again, which pushes bond yields up. Higher yields pull money out of risk assets, so crypto tends to fall when oil spikes and rise when it cools.

Zcash outran everyone for several reasons. It had dropped about 25% over the past month, so the bounce partly reflects an oversold market in which traders who had borrowed to bet on higher prices were already forced out through liquidations. Liquidations happen when an exchange automatically closes a borrowed-money position after losses reach a set limit, which adds selling pressure. With that selling spent, the price had room to snap back.

Zcash price data. Image: Investing.comZcash also has its own set of potential catalysts. Developers are due to decide on the NU7 network upgrade today, and traders often buy ahead of such events. Privacy coins have also been strong lately. Competing privacy coin Monero is up 15.29% over seven days to $609.87.

Zcash is a high-beta asset, meaning it moves harder than the market in both directions. It’s up 8.5% today compared to Bitcoin's 1.57% gain. It is up only 1.17% over the last seven days, so the day's jump has not yet erased the month's decline.

Crypto market sentiment at the moment is broadly neutral. The Fear & Greed Index, a 0-to-100 gauge of market mood where lower readings mean fear and higher readings mean greed, reads 51. The CoinMarketCap Altcoin Season Index stands at 60. A reading of 75 or higher signals altcoin season, 25 or below signals Bitcoin season, and 60 sits in between, so neither camp has control.

The next test is policy. The Federal Reserve meets on October 27 and 28, and traders will watch whether it signals further rate hikes.

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COMP also led both benchmarks over seven and 28 days, while Compound’s total value locked remained below its late-September level.

COMP also led both benchmarks over seven and 28 days, while Compound’s total value locked remained below its late-September level.

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Why Crypto Exchanges are Paying to Keep You Trading

Bitcoin holds near $82,000 as Ethereum lags and Solana, Aerodrome and Ondo edge higher. October 20 analysis tracks key support, resistance, and daily signals.

Asset
Aggregate USD price
Rolling 24-hour change
Aggregate 24-hour volume

Bitcoin (BTC)
$82,013
−0.48%
$25.37 billion

Ethereum (ETH)
$2,410.99
−0.43%
$9.21 billion

Solana (SOL)
$105.17
+0.08%
$2.56 billion

Aerodrome Finance (AERO)
$0.808417
+1.20%
$44.09 million

Ondo (ONDO)
$0.441386
+1.58%
$100.25 million

Bitcoin’s MACD Improves Without a Bullish Crossover
Bitcoin closed October 19 at $81,843.70, down 0.19%, after reaching $83,100. The session traded above the $82,538–$82,826 resistance area identified in Monday’s report but failed to hold above it at the close. That was an intraday move through resistance, not a confirmed daily breakout.

BTC/USD daily MACD (12,26,9) remains below its signal despite a less-negative histogram, while the latest session fails to close above $83,100.
Daily MACD, using 12- and 26-period exponential averages with a nine-period signal EMA, remained bearish. Its line fell to −10.68 against a 393.08 signal.

The histogram improved to −403.76 from −456.84, indicating a narrowing gap between the lines rather than a bullish crossover. The MACD line also crossed below zero on the completed candle.

The latest completed four-hour histogram was positive at 73.83, showing stronger short-term momentum than the daily reading.

CoinGecko’s quote was nevertheless 0.50% below Monday’s $82,428 report snapshot, a separate comparison from its rolling 24-hour change.

A daily close above $83,100 would strengthen a recovery toward $84,049–$84,250, the cluster of October 12–14 highs.

Losing $81,648 on a daily close would weaken the latest rebound and expose $80,568. A close below the October 15 low at $79,709 would invalidate that recovery structure.

Ethereum’s RSI Remains Below Neutral
Ethereum closed at $2,405.43, slipping 0.09% after a $2,382.78–$2,443.70 session. The daily chart remains below the October 16 high at $2,490.84 and the earlier $2,527–$2,535 resistance area, leaving the broader October pullback intact.

ETH/USD daily RSI (14, Wilder) holds at 37.87 as Ethereum trades below $2,443.70 resistance and above the October 15 low at $2,313.42.
The 14-day RSI, calculated with Wilder smoothing, eased to 37.87 from 38.03. It remained below the neutral 50 line without reaching the conventional 30 oversold threshold.

This points to weak momentum, not a standalone signal that a rebound is due. Four-hour RSI was firmer at 47.54 but also below neutral.

Ethereum’s aggregate quote was 0.60% below the $2,425.66 snapshot in the October 17 edition.

The earlier downside reference at $2,313.42 remains intact, although subsequent sessions have not produced a sustained recovery.

A daily close above $2,443.70 would improve the immediate structure and bring $2,490.84 into focus. Clearing that second level would strengthen the case for a test of $2,527–$2,535.

Conversely, a close below $2,382.78 would expose $2,354.01 and $2,326.25. Losing $2,313.42 on a daily close would invalidate the developing base.

Solana Rebounds Beneath Two Falling Averages
Solana gained 0.89% on its completed daily candle to close at $104.95. That extended the recovery from Sunday’s $100.34 low, but the close remained below the 50-day exponential moving average at $106.75 and the 20-day EMA at $108.96.

SOL/USD daily candles recover from $100.34 but remain below declining 20-day and 50-day EMAs at $108.96 and $106.75.
Both averages declined from the previous session. The faster 20-day average remained above the 50-day average, so the chart did not produce a new bearish crossover.

The relevant signal is simpler: price remains beneath two falling trend references.

Four-hour price action was less weak. The latest completed close stood above its 20-period EMA at $104.28 but below the 50-period EMA at $106.01.

This supports a short-term rebound interpretation without overturning the daily trend.

A daily close above Monday’s $106.08 high would put the 50-day EMA in reach. A subsequent close above $108.91–$108.96, where the October 13 high meets the 20-day EMA, would materially improve the recovery toward $111.92–$113.27.

Failure to hold $103.43 would weaken that scenario and bring $101.00 into view. A daily close below $100.34 would invalidate the latest rebound.

Aerodrome Loses Support Despite Its 24-Hour Gain
Aerodrome’s positive rolling return contrasts with a weaker completed daily chart. It closed October 19 at $0.7957, down 0.39%, following Sunday’s close below $0.8300. The October 16 report had identified that level as the invalidation point for the earlier recovery.

AERO Price Analysis 2026 10 20
The latest aggregate quote was 12.08% below that report’s $0.919539 snapshot. This is a multi-day comparison, not the coin’s current 24-hour performance.

Daily Bollinger Bands, using a 20-day simple moving average and two population standard deviations, placed the midpoint at $0.8516 and the lower band at $0.7481.

Price remained below the midpoint but inside the bands. The reading shows a weakened recovery, not an automatic buy signal near the lower band.

Monday’s $0.7636 low nearly matched the October 2 low at $0.7635, establishing a visible support test.

A daily close above $0.8090 would be an initial improvement; reclaiming $0.8516–$0.8574 would recover the band midpoint and Sunday’s high, strengthening a move toward $0.9045.

A close below $0.7635 would invalidate the support hold and expose the lower-band reference near $0.7481, which will change with subsequent closes.

Ondo Tests the First Retracement of Its Latest Decline
Ondo closed at $0.43493, up 0.10%, after recovering from Sunday’s $0.41049 low. The rebound remained small relative to the decline from the October 12 swing high at $0.53150.

AERO/USD daily Bollinger Bands show price below the $0.8516 midpoint after losing $0.8300 support, with repeated lows near $0.7635.
Fibonacci levels measure an upward retracement of that specific October 12–18 downswing.

The 23.6% level is $0.43905, 38.2% is $0.45672, the 50% midpoint is $0.47100 and 61.8% is $0.48527. Monday’s completed close remained below the first level.

The live October 20 Kraken candle subsequently reached $0.44373 and last traded at $0.44139 in the captured response.

That put price above 23.6% intraday, but it did not confirm a daily close above the retracement.

A daily close above $0.44496, Sunday’s high, would strengthen the rebound toward $0.45672.

Clearing that level would improve the approach to $0.47100 and the October 16 high at $0.47649. A daily close below $0.42764 would weaken the immediate recovery, with $0.42200 and $0.41049 next.

A new low below $0.41049 would invalidate these retracement anchors and require recalculation.

The Swiss regulator cleared a retail exchange-traded fund that holds bitcoin directly, without naming the fund or its issuer, and warned that the investment remains highly risky.

Swiss regulator FINMA approves the country's first retail bitcoin ETF

Posted October 20, 2026 at 9:21 am ET.

Switzerland’s financial markets regulator has approved the country’s first exchange-traded fund that holds bitcoin directly, and it is open to retail investors. The Swiss Financial Market Supervisory Authority (FINMA) announced the decision on Oct. 20, saying it had seen growing interest in crypto investments, especially bitcoin.

FINMA did not name the fund, its issuer, where it will list, or when trading will begin. The regulator said other fund providers have also filed or announced plans to file for bitcoin ETFs of their own.

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An Exemption for Bitcoin Under Swiss law, the product is classed as an “other fund for alternative investments” carrying a specific risk. To approve it, FINMA granted an exemption from the risk diversification rules that would normally apply to such a fund. The regulator pointed to bitcoin’s lengthy trading record and its heavy volume relative to other cryptocurrencies as the basis for that exception.

The approval comes with conditions. Supervised institutions must take steps to reduce operational and custody risks in line with guidance FINMA issued on Jan. 12, 2026. Point-of-sale conduct rules under Switzerland’s Financial Services Act (FinSA) also apply, which FINMA said should give buyers more protection than they would have when buying cryptocurrencies directly. The fund’s documents are expected to spell out its risks clearly.

A Warning Attached FINMA paired the approval with a caution. Bitcoin investments “remain highly risky,” it said in the release, even when held through an approved ETF, and because of crypto’s volatility “the capital invested may lose a significant amount of its value.” The regulator told investors to weigh that, particularly when deciding how much to put in.

For firms offering crypto-based financial instruments, FinSA’s conduct rules “must be strictly adhered to,” FINMA said in the same statement, including clear warnings about volatility and the chance of losses, along with careful suitability assessments.

The decision builds on an earlier step. In 2021, FINMA authorized a fund that invests mainly in a basket of cryptocurrencies, but that product was limited to qualified investors. The new approval is the first to bring a fund holding bitcoin directly to Swiss retail buyers.

Related Listen: MSBT Is Cheapest But IBIT Likely Still Can’t Be Beat for This Reason

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.

Switzerland’s financial regulator has approved the country’s first spot Bitcoin exchange-traded fund for retail investors, allowing a Swiss investment fund to hold the cryptocurrency directly under the country’s collective investment rules.

Summary

FINMA has approved Switzerland’s first retail investment fund that invests directly in Bitcoin. The regulator granted an exception to diversification requirements because of Bitcoin’s trading history and liquidity. Existing Swiss cryptocurrency ETPs are debt securities, while the new ETF operates under investment fund law. FINMA requires safeguards covering custody, operational risks, disclosures and investor suitability. The regulator has not identified the approved fund or disclosed a trading date, while other providers pursue applications. In its October 20 announcement, the Swiss Financial Market Supervisory Authority (FINMA) said the ETF belongs to the category of “other funds for alternative investments” with particular risks. Other providers have submitted or announced applications, but FINMA did not identify the newly approved fund or its manager in the public notice.

The approval applies to a retail fund structure, not to Switzerland’s first exchange-traded Bitcoin investment product. Crypto-linked securities have traded on the SIX Swiss Exchange for years, although the exchange classifies its existing exchange-traded products, or ETPs, as debt securities rather than collective investment schemes.

FINMA grants Bitcoin ETF an exception to diversification rules FINMA permitted the fund to concentrate its investments in Bitcoin despite the risk-spreading rules normally applied to investment funds. The regulator cited Bitcoin’s comparatively long trading history and particularly high trading volume among cryptocurrencies as grounds for the exception.

JUST IN: Switzerland approves its first spot Bitcoin ETF for retail investors

Regulator FINMA granted an exception to fund diversification rules, allowing direct $BTC exposure under Swiss investment fund law, with safeguards for custody, operational risks and investor… pic.twitter.com/OhLPNg3FKX

— crypto.news (@cryptodotnews) October 20, 2026 The decision does not mean the regulator considers Bitcoin a low-risk asset. FINMA stressed that even investors using an authorized ETF can lose a substantial amount of their capital because of large price swings. The approval changes the regulated investment vehicle available to retail customers without eliminating exposure to the underlying cryptocurrency’s volatility.

The regulator said supervised institutions must reduce operational and custody risks, referring to supervisory guidance published on January 12, 2026. The requirements concern the safekeeping of crypto assets and the systems used by institutions handling them. Fund documents must clearly explain the risks without suggesting that the ETF’s regulated status protects investors against market losses.

At the point of sale, financial institutions must comply with the Swiss Financial Services Act, including appropriate risk warnings and assessments of whether a product is appropriate or suitable for a customer. FINMA specifically drew attention to disclosures about volatility and potential losses when crypto-linked investments are offered to the public.

Existing Swiss crypto ETPs operate under different rules The SIX Swiss Exchange distinguishes ETPs from ETFs in its official product guidance. ETPs are collateralized, non-interest-paying bearer debt securities, while ETFs operate as collective investment schemes. SIX says ETPs are not subject to FINMA approval under Switzerland’s Collective Investment Schemes Act in the same way as investment funds.

The exchange’s crypto ETP market dates back to 2018, when it began listing collateralized investment products linked to digital currencies. Subsequent listings have offered exposure to Bitcoin and several other tokens through securities accounts, well before the latest retail-fund approval.

In September 2025, Bitwise listed five cryptocurrency ETPs on SIX, including products tracking Bitcoin, an Ethereum staking strategy, Solana, XRP and a digital asset index. The listings expanded an existing market; they were not approvals of Swiss retail Bitcoin investment funds.

More recently, 21shares listed a Venice Token ETP on SIX on October 20, while its separate Lighter ETP began trading on Deutsche Börse Xetra in Germany. Those products remain ETPs and should not be confused with the newly authorized Bitcoin ETF.

For ETP issuers, SIX describes listing requirements and collateral arrangements under its exchange rules. A Swiss investment fund has a separate legal structure and investor-protection obligations under the country’s fund legislation.

Switzerland previously authorized a crypto fund for qualified investors FINMA had already approved a Swiss cryptocurrency fund in September 2021. Named the Crypto Market Index Fund, it invested primarily in a basket of digital assets but restricted distribution to qualified investors rather than the general retail market.

The earlier authorization required sufficiently liquid, established cryptocurrencies and the use of counterparties operating in jurisdictions that belong to the Financial Action Task Force and apply related anti-money-laundering requirements. FINMA imposed risk-management and reporting conditions on institutions responsible for the fund’s management and custody.

The distinction between qualified investors and retail customers remains central to the October decision. In 2025, the Swiss-based Crypto Market Index Fund sought permission to expand its marketing into the United Kingdom, targeting professional and institutional investors.

The new approval, meanwhile, concerns a Bitcoin-focused fund intended for retail access. FINMA did not publish a product ticker, issuer name, management fee, custodian, initial assets or planned exchange debut, leaving the fund’s commercial details unconfirmed.

Custody safeguards and suitability checks remain mandatory FINMA’s January 2026 supervisory guidance addressed risks arising when supervised financial institutions hold cryptocurrencies. Its October announcement directs supervised service providers to take measures against custody and operational problems, with risks clearly explained in investment documents.

Financial institutions distributing the approved product must follow the Financial Services Act’s conduct rules. FINMA singled out appropriateness and suitability assessments, along with warnings about the possibility of substantial losses.

Additional applications are pending or planned, according to the regulator, although it did not specify how many issuers had applied or identify prospective launches.

1 hours ago

The Astana International Financial Centre (AIFC) Court in Kazakhstan has, at the request of financial regulators, issued an injunction against six centralized crypto exchanges (CEXs) including Coinbase, BingX, Bitcoin.com and WEEX, banning these platforms from providing or promoting unlicensed digital asset services and distributing related mobile applications within the financial centre. The injunction only applies to the AIFC and its users, not a nationwide trading ban across Kazakhstan. The AIFC operates under an independent legal framework and regulatory body, requiring crypto firms to obtain appropriate licenses to offer services within its jurisdiction. The court order also covers app store operators like Apple and Google, but no separate injunction has been issued to the two companies for now, with regulators required to first consult them. LBank, which was previously part of the legal proceedings, was removed from the case on September 18 after it blocked service access within Kazakhstan. The Astana Financial Services Authority (AFSA) noted that the relevant law enforcement actions started in 2025, with warnings initially sent to more than 20 crypto platforms.

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Mt. Gox grants an additional year to its endless reimbursement process. Nobuaki Kobayashi, administrator in charge of rehabilitating the former crypto exchange, postponed the deadline from October 31, 2026 to October 31, 2027, with the court’s authorization. This is the fourth consecutive annual extension since 2023. A significant portion of creditors has already been paid. Many are still waiting.

In brief Crypto: Mt. Gox postpones its reimbursements again to 2027 This is the fourth consecutive annual postponement since 2023. Many creditors remain unpaid due to incomplete procedures or processing issues. Mt. Gox postpones crypto reimbursements again The new deadline concerns the three main categories provided for in the rehabilitation plan: basic reimbursement, early lump-sum reimbursement, and interim reimbursement. All are pushed to October 31, 2027, Japan time. This scenario is becoming almost annual. The first October 2023 deadline had been moved to 2024. Then to 2025, 2026, and now 2027.

Last year, Mt. Gox had already postponed the reimbursement of its creditors to October 31, 2026. Nobuaki Kobayashi, however, specifies that the crypto reimbursements are “largely completed” for creditors who correctly completed the required procedures and encountered no particular issues.

Not everyone is in that case. Some creditors still have not completed the necessary steps. Others encountered various problems during the processing of their file. The trustee thus considers it necessary to retain sufficient time to pay the cryptos still owed. The court authorized this new extension.

More than 19,500 creditors had already received their bitcoins Reimbursements actually started in 2024, ten years after the collapse of the Mt. Gox crypto platform. In July of that year, the former platform had started returning bitcoins and Bitcoin Cash to its creditors, notably via crypto exchanges designated to receive and then distribute the assets.

The last detailed accounting published by the administrator dates back to March 27, 2025. At that date, more than 19,500 creditors had received their reimbursements in BTC and BCH. Payments had been made during several waves in July and August 2024, then between January and March 2025.

Other files still needed information corrections, account verifications, or procedures with the platforms responsible for distributing the cryptos.

On-chain data still shows a significant reserve. Blockchain trackers currently estimate Mt. Gox-linked crypto wallets at about 34,000 BTC. This number should be distinguished from the amount still actually owed to creditors: not all bitcoins held in these addresses correspond necessarily to immediate sales or distributions. Mt. Gox had even moved more than 10,000 BTC in November 2025, without the funds being immediately sent to the market.

The Bitcoin schedule loses another sensitive deadline Mt. Gox holds a special place in crypto history. The platform once handled a major share of worldwide BTC exchanges. Indeed, it collapsed in 2014 after the disappearance of about 850,000 bitcoins. Nearly 200,000 BTC were later recovered.

The long legal proceedings that followed explain why some creditors still await part of their funds more than twelve years after the bankruptcy.

For the crypto market, the postponement also shifts a regularly watched deadline. Each major Mt. Gox distribution raises questions about potential selling pressure: holders recovering bitcoins bought over a decade ago might decide to sell part of them.

This scenario is not automatic, however. The reimbursements already made since 2024 did not alone cause the sometimes feared wave of sales. And the new deadline does not mean that all remaining payments will be made on October 31, 2027. Files can continue to be settled gradually before that date. For the last creditors, the Mt. Gox procedure now enters a new year.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

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.