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New York Attorney General Letitia James is pursuing over a billion dollars from the operators of a fraudulent cryptocurrency scheme that infiltrated prayer groups and immigrant communities with false promises of easy riches.

Attorney General James filed a motion seeking $1.3 billion in damages and disgorgement from the founders of NovaTech, Cynthia and Eddie Petions, following a default judgment in August after they fled the US.

In June 2024, New York Attorney General Letitia James sued cryptocurrency trading firm NovaTechFX and cryptocurrency mining company AWS Mining Pty Ltd., accusing them of targeting immigrant communities, particularly Haitian New Yorkers, with fraudulent promises of high investment returns. According to the lawsuit, the companies promoted their schemes through prayer groups, social media and WhatsApp group chats while operating illegal pyramid schemes.

AWS Mining, its promoters and the Petions promised investors 15% to 20% monthly gains, 200% returns on investments within 15 months and bonuses for signing up new investors. However, the company generated insufficient returns, if any, to fund its promised monthly profits and recruitment bonuses. The operation ultimately collapsed in 2019, leaving investors with millions of dollars in losses.

Following the collapse of AWS Mining, the Petions launched NovaTech and recruited investors by promising high returns and lucrative referral bonuses. They targeted minority and religious communities, particularly Haitians, using prayer groups, WhatsApp groups chats, Haitian Creole advertisements and religious messages designed to appeal to their faith.

The Petions misrepresented NovaTech as a registered hedge fund broker licensed to trade cryptocurrency in the US. They also advertised weekly trading profits of around 2% to 4%, offered recruitment bonuses and assured investors they could withdraw their funds and profits at any time.

Over $1 billion in crypto was deposited with NovaTech between 2019 and 2023, yet less than $26 million was actually traded before the platform ultimately collapsed in May of 2023, leaving tens of thousands of investors without access to their digital assets.

Four top promoters of AWS Mining contracts and NovaTech’s trading packages, Frantz Ciceron, James Corbett, Ricardo Roy, Sr. and Martin Zizi, have already agreed to pay nearly $6 million in settlements and face permanent bans from securities, commodities, and crypto businesses.

Attorney General Letitia James is condemning the scheme.

“NovaTech and AWS Mining scammed thousands of vulnerable New Yorkers by telling them they were making a safe investment when in reality, they were victims of a pyramid scheme. These scammers targeted immigrant and religious communities with the promise of a better life but instead robbed them of their life savings. My office remains committed to cracking down on unregistered cryptocurrency dealers, and we will always stand up for New Yorkers who have been targeted by these merciless scams.”

The motion follows an August 2025 default order holding the defendants jointly and severally liable for Martin Act violations and illegal chain distribution schemes.

Generated Image: Midjourney

Summary

The U.S. is quickly evacuating personnel across the Middle East on threat of Iranian attacks, the WSJ reported.Crypto prices are in broad decline on Saturday, with bitcoin slipping to its weakest level in more than one month.The U.S. is quickly evacuating personnel from embassies and military bases throughout the Middle East as intelligence suggests Iran is prepping attacks against Americans, the WSJ reported Saturday morning.

“Iran has substantially increased efforts to target U.S. personnel,” wrote Jay Clayton, the director of national intelligence, in a Friday memo to Secretary of State Marco Rubio. “The lethal plotting efforts by the Iranians against U.S. citizens have reached advanced stages in both the Middle East and certain other countries.”

These evacuations appear to go well beyond reports from earlier this week that the U.S. was ordering some diplomatic staff in Saudi Arabia to vacate.

President Trump, meanwhile, has threatened a re-escalation in the war against Iran after the midterms in early November. “We may do another little ‘Epic Fury,’” Trump said at a rally in Florida on Friday.

Crypto prices are sinking to multi-week lows, with bitcoin now down by 2.2% over the past 24 hours to $79,700. Ether, XRP, and solana are down in the 3%-4% range.

Bitcoin price slipped below $80,000 on Saturday, dropping 1.91% over 24 hours to $79,994.97 during the initial decline. 

The retreat coincided with heavy liquidations, ETF withdrawals and growing uncertainty over US monetary policy and Iran. Losses spread across major tokens as the broader cryptocurrency market also declined during weekend trading.

Bitcoin Price Crash Deepens as Leveraged Long Liquidations Surge Cryptocurrency long liquidations reached $219 million within one hour as Bitcoin slipped below a psychological threshold. The decline marked Bitcoin’s first move beneath $80,000 since October 15. 

Forced closures intensified selling pressure as falling prices left traders unable to maintain sufficient collateral. Over $200 million in longs liquidated in just 15 minutes.

BREAKING: Bitcoin crashes below $80,000, Ethereum falls below $2350.

Over $200 million in longs liquidated in just 15 minutes. https://t.co/EdzaVu4HJH

— Bull Theory (@BullTheoryio) October 24, 2026

The Fear and Greed Index stood at 42, placing broader market sentiment within neutral territory.

Spot Bitcoin ETF Outflows Add to Selling Pressure US spot Bitcoin ETFs registered approximately $635.6 million in net withdrawals on October 22, reversing the previous session’s positive flows. BlackRock’s IBIT accounted for $254.1 million, while Fidelity’s FBTC lost $217.5 million during the session. Withdrawals continued Friday, with another $137.9 million leaving Bitcoin ETFs before weekend trading.

Spot Bitcoin ETFs Recorded $635M in Net Outflows on October 22

On October 22 (ET), spot Bitcoin ETFs recorded total net outflows of $635M, led by BlackRock’s IBIT with $254M. Spot Ethereum ETFs recorded total net outflows of $111M, led by BlackRock’s ETHA with $75.45M. https://t.co/Vj2TzNyR03

— Wu Blockchain (@WuBlockchain) October 23, 2026

US spot Ethereum ETFs also experienced substantial withdrawals, totaling approximately $110.6 million on the same date. BlackRock’s ETHA led those losses with roughly $75.5 million, reflecting reduced exposure through Ethereum investment products. 

Fed Meeting and US Midterm Elections Fuel Bitcoin Uncertainty The Federal Reserve will meet October 27–28, placing monetary policy firmly on the market’s immediate calendar. September personal consumption expenditures inflation data follows on October 29, adding another scheduled event after the interest rate decision.

Fedwatch data The November 3 US midterm elections add another approaching event for cryptocurrency markets and financial investors. Congressional control could affect the direction of legislation, including proposals concerning digital assets and financial market oversight. However, the approaching vote alone does not establish why Bitcoin declined during this particular trading session.

Iran Strike Fears Weigh on Bitcoin and Broader Crypto Markets Geopolitical concerns also intensified after President Donald Trump raised the possibility of further military action against Iran. His October 23 remarks introduced another source of uncertainty without providing details about timing or operational plans. Potential escalation adds uncertainty surrounding energy supplies, inflation and demand for assets considered sensitive to financial risk.

Ethereum fell below $2,300, while XRP traded near $1.25 and Solana broke beneath $100 during the selloff. Dogecoin and Cardano also weakened as losses extended across major cryptocurrencies. The broader market initially declined 2.19% to $2.68 trillion, underscoring the selloff’s reach beyond Bitcoin and leveraged derivatives.

4 hours ago

According to HTX market data, as Bitcoin pulled back below $80,000, altcoins saw sharp declines. The following tokens recorded notable 24-hour drops: Q is priced at $0.080162, down 34.35%; PHA at $0.0499, down 24.38%; CT at $0.1619, down 22.22%; SOPH at $0.001458, down 17.95%; FARTCOIN at $0.122, down 16.78%; "4" at $0.011367, down 14.99%; WLD at $0.462, down 12.80%; and PONS at $0.2239, down 12.30%.

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The expected recovery in Bitcoin did not materialize, and sales today pushed the price below a critical threshold. BTC fell below $80,000 for the first time since October 15th, returning to the area it tested nine days ago.

According to the data, the lowest level recorded during the day was approximately $79,165. At the time of writing, Bitcoin was trading at around $79,650 according to CoinGlass data, with a loss of nearly 2.5% in the last 24 hours.

Iran Tensions Back on the Agenda
One of the key headlines accompanying today’s sales was news that military tensions between the US and Iran could escalate again.

Bloomberg reported today that Donald Trump is preparing to increase military pressure on Iran following the elections in the US and Israel. The report highlighted Trump’s messages suggesting that attacks could resume after the US midterm elections on November 3rd.

From a market perspective, concern is not limited to the military dimension of a potential conflict. Risks in energy supply affect oil prices, and more expensive oil impacts inflation expectations. This fuels anxieties that interest rates may remain high for longer, making it more difficult for risky assets like Bitcoin to recover.

No Strong Buying Support Coming from the US
The strength of demand to match sales is also questionable. CoinGlass’s Coinbase Bitcoin Premium Index has been in negative territory for 31 days. The current indicator is approximately at minus 0.13 percent.

The index compares the Bitcoin price on Coinbase to the price on Binance. A negative value indicates that Bitcoin is priced lower on Coinbase, where it trades against the US dollar. This suggests that buyers are weaker or selling pressure is stronger in the US market compared to the global market.

The fact that this indicator is still negative as Bitcoin loses its $80,000 support level highlights the lack of strong spot demand to halt the decline.

Crypto analyst Ted Pillows stated in a post on X today that Bitcoin and Ethereum faced selling pressure at the end of a low-liquidity week.

The liquidity problem highlighted by Pillows is significant in terms of the impact of sales on price. When there aren’t enough buyers in the order book, sell orders can be fulfilled at lower prices. The forced closing of leveraged positions can also accelerate this movement.

Yi Lihua, in his post today, pointed to a broader issue. Arguing that the crypto sector is going through a weak period, the investor stated that the AI sector is attracting significant capital and skilled workers. While maintaining optimism about the overall trend, Yi added that patience is needed.

As the price declined, investors expecting a rise closed their positions one after another. According to updated data from CoinGlass, approximately $828.28 million worth of liquidations occurred in the last 24 hours. Of this, $698.51 million was from long positions and $129.77 million from short positions.

Of the approximately $430 million in liquidations in the last four hours, $404 million was from long positions. Thus, 94% of the liquidations during this period came from upward-trending trades.

The decline in Bitcoin has spread to other major cryptocurrencies. Ethereum fell below $2,300, and Solana dropped below $100. The short-term focus of the market is now on whether Bitcoin can regain $80,000.

*This is not investment advice.

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Mike Novogratz: AI Could Be 'Biggest Bubble of Our Lifetime,' Bitcoin to Hit $100,000 in 2026

20h05 ▪
5
min read ▪ by
Luc Jose A.

Summarize this article with:

Bitcoin dropped below 80000 dollars this Saturday, dragging the rest of the crypto market down with it. Geopolitical concerns in the Middle East accelerated a movement already driven by liquidations, the retreat of institutional investors, and weak liquidity during the weekend.

In brief

Bitcoin falls below 80000 dollars and drags main cryptos in its decline.
Tensions in the Middle East increase investor concerns and intensify pressure on the market.
Nearly 670 million dollars of crypto positions were liquidated in 24 hours, amplifying the drop.
Weak weekend liquidity and Bitcoin ETF outflows further weaken the market.
Bitcoin’s return above 80000 dollars remains crucial for considering a sustained rebound.

The crypto market erases its weekly rebound
Bitcoin touched about 79750 dollars, its lowest level in nine days. It had approached 85000 dollars on Wednesday before losing more than 5000 dollars in a few sessions. This new dip below 80000 dollars is the second observed within about ten days.

The main altcoins followed the move. Ether fell below 2350 dollars, while XRP extended its decline below 1.30 dollars. Solana dropped below 100 dollars for the first time since early September.

Available data at the time of the drop allows measuring the scope of the movement :

Bitcoin reached a low near 79750 dollars ;
About 670 million dollars of positions were liquidated in 24 hours ;
More than 213000 traders faced forced position closures ;
Some 220 million dollars of long positions disappeared in a few hours ;
The largest single liquidation reached nearly 12 million dollars on Binance.

Less capitalized assets recorded even heavier losses. NEAR notably gave up more than 10%, while Zcash fell about 7.5%. This difference illustrates a frequent mechanism: when investors reduce risk exposure, altcoins usually suffer more than bitcoin.

Tensions in the Middle East weigh on risky assets
The decline intensified after the announcement of new U.S. security measures in the Middle East. The State Department ordered the departure of non-essential government employees and their families in Saudi Arabia. Several other embassies in the region also reduced their staff without receiving a general evacuation order.

This decision comes after a multiplication of attacks by the Houthis, supported by Iran, against Saudi civilian and energy infrastructure. U.S. officials also mentioned Iranian plans targeting U.S. citizens, which have reached an advanced stage.

State Department spokesperson Tommy Pigott stated that the Houthis intensified their attacks against civil airports and critical infrastructure. U.S. authorities now fear an extension of the conflict, which could further disrupt maritime transport and energy supply.

The Brent price thus reached about 117 dollars on Friday. A sustained rise in oil could fuel inflation and reduce the Federal Reserve’s maneuvering room. This scenario penalizes cryptocurrencies since high rates make bonds and interest-bearing investments more attractive compared to yield-free assets.

However, geopolitics alone does not explain bitcoin falling below 80000 dollars. The market was already affected by rising bond yields, a strong dollar, and capital outflows in U.S. Bitcoin ETFs. Weekend announcements mainly acted as a catalyst for an already fragile structure.

Liquidations amplify bitcoin’s drop
Leverage turned this decline into a more brutal movement. A liquidation occurs when a platform automatically closes a trader’s position whose collateral no longer covers losses. In the case of a long position, this closure causes an additional sale on an already bearish market.

Nearly 670 million dollars of crypto positions were liquidated in 24 hours. Over 200 million disappeared during the fastest phase of the decline, with a clear majority of bullish bets.

The weekend period increases this risk. Volumes are often lower than on weekdays and traditional financial markets are closed. A large sell order can then cause a disproportionate variation, reach several liquidation thresholds, and trigger a chain reaction.

The 80000 dollars level is now the first zone to reconquer. A sustained return above this threshold would reduce immediate pressure, but the zone between 84000 and 85000 dollars remains significant resistance. Conversely, a new acceleration below 79000 dollars would expose the market to long positions still concentrated around 78500 dollars.

Oil price evolution, U.S. decisions in the Middle East, and ETF flows will provide the next signals. As long as these three factors remain unfavorable, a bitcoin rebound could remain fragile.

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Luc Jose A.

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

DISCLAIMER

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

Bitcoin has spent October making both bulls and bears look foolish. It slipped below $80,000 last week, recovered toward $84,000 this week, then fell back toward $81,000.

Each bounce has looked promising. Each reversal has exposed how little confidence there is behind it.

The damage is much worse beneath Bitcoin’s price. In its October 17–23 Token Pulse report, Bitunix found that roughly 80% of the 300 largest tokens it tracks lost value.

Their median weekly return was −3.98%, compared with Bitcoin’s relatively modest 0.71% decline. Cardano, NEAR and SUI lost more than 5%. Starknet’s STRK plunged 39.2%.

An overall crypto market recovery becomes harder to sustain when most cryptocurrencies are still falling.

Bitcoin Volatility Between $80,000 and $84,000 in October Why Does Bitcoin Keep Reversing Course? Expectations for US interest rates have shifted repeatedly. Early-week comments about labor-market weakness encouraged hopes of further Federal Reserve cuts. Bitcoin rose as investors anticipated cheaper money.

Stronger economic data then challenged expectations for rapid easing, sending it lower again, according to Bitunix.

Institutional money has been equally unpredictable.

US spot Bitcoin ETFs attracted $526.7 million on October 19 and $524.8 million on October 21. The following day, $635.6 million flowed out. 

That represents a remarkable $1.16 billion swing in net flows between consecutive sessions.

Macro Pressure on Crypto Markets The pressure extends beyond crypto.

In Bitunix’s weekly stock-contract review, Intel fell 10.52% and Micron declined 8.05%. On October 22, the Nasdaq lost 2.6% as investors questioned the enormous cost of the AI boom.

Bitcoin fell alongside technology shares as investors reduced their appetite for risk.

Oil complicates the outlook further. Brent gained 6.8% over Bitunix’s reporting period amid escalating Middle East tensions. More expensive energy could keep inflation elevated, making interest-rate cuts harder to justify.

Even the few crypto winners are struggling. Lighter’s LIT gained 12.19% over seven days, supported by stronger platform activity and plans to seek US derivatives registrations. Yet it dropped more than 11% in the final 24 hours.

Will Bitcoin Recover Before October Ends? The next major test arrives almost immediately.

The Federal Reserve meets October 27–28, followed by the September core PCE inflation report on October 29.

Annual core PCE inflation stood at 3.0% in August, still above the Fed’s 2% target.

Cooler inflation or reassuring Fed guidance could help Bitcoin challenge 84,000–85,000 again.

Persistent inflation, further ETF withdrawals or another technology-stock selloff could bring $80,000 back into focus.

For now, repeated recoveries show buyers remain willing to step in near $80,000. The sharp reversals suggest they have yet to establish control.

October’s volatility reflects a market with buyers at lower prices, but limited confidence in a sustained rally.

Disclaimer

BeInCrypto independently reports and controls this Feature. Quoted views belong to their speakers. This content is general and non-personalized; it does not consider your circumstances and is not investment research, financial, investment, legal or tax advice, or an offer, endorsement or recommendation to transact in any crypto-asset, product or service. Verify material information before acting. Crypto-assets are volatile and may result in total loss. BeInCrypto gives no warranty as to completeness, accuracy or timeliness, except where required by law.

Tether’s MDK Gains Broad Industry Backing to Accelerate the Next Generation of Bitcoin Mining Automation

15 mining companies, ASIC manufacturers, and pools are adopting a shared open layer designed to make mining infrastructure interoperable and ready for the next generation of automation and AI
24 October 2026 – Tether, the largest company in the digital asset industry, announced today that leading Bitcoin mining companies* have committed to working together to build and maintain integrations with its Mining Development Kit (MDK). They include mining operators, ASIC manufacturers, and mining pools. MDK is an open-source framework that makes mining infrastructure interoperable and supports the next generation of AI-driven automation. The initiative brings 15 industry participants around a common infrastructure layer, enabling developers to build applications and autonomous systems that work across different mining environments without requiring separate integrations for every manufacturer or platform. 

The commitments move one of the world’s largest distributed computing industries toward a common infrastructure layer at a moment when AI and automation are beginning to change how data centers are operated. Instead of every new application having to be rebuilt for different machines and providers, MDK is designed to give developers a consistent way to interact with infrastructure across the industry.

A large mining site can have thousands of machines from different manufacturers, connected to different pools and managed through different software. Most of those systems were not built to work together, so operators end up managing them separately and developers keep rebuilding the same integrations for each one. That gets harder as a site grows, and adding new hardware or software can mean another custom integration. Tools built for one vendor often cannot be used across the rest of the fleet. It also limits how much operators can automate, especially as they start looking at AI to help manage more of the day-to-day operation.

An AI agent can monitor machines, identify problems, optimize performance, and eventually take action autonomously. But it cannot effectively manage thousands of machines if every piece of infrastructure communicates differently. Before autonomous systems can operate physical infrastructure at scale, the infrastructure itself needs a common way to be understood and controlled. MDK provides that foundation.

Each participating company will build and maintain an MDK Worker: a translation layer that connects its own hardware, mining pool, or system to MDK. The Worker translates that company’s existing interface into a common language that applications built on MDK can understand. Companies do not have to replace their technology or surrender control of their systems. They simply expose the functions they choose through the same open interface.

That distinction is central to the model. MDK is not an attempt to make every manufacturer or mining pool operate the same way. It is designed to make different systems interoperable.

Once that layer exists, developers can build an application, monitoring system, or AI agent against MDK rather than separately engineering it for every manufacturer and pool. As more companies maintain their own Workers, the same application can operate across a growing portion of the mining industry. The result is infrastructure that becomes easier to automate, easier to build on, and less dependent on any single vendor. 

“We are entering a period where software will increasingly operate physical infrastructure, not simply report on it,” said Paolo Ardoino, CEO of Tether. “That does not work at scale if every machine speaks a different language. Mining is one of the clearest examples of this problem today. MDK gives companies a way to keep control of their own technology while creating the common foundation developers and autonomous systems need to work across it.”

Tether’s QVAC mining agent is already operating directly on MDK, providing an early demonstration of the model: an AI application interacting with mining infrastructure through a common layer rather than requiring a new integration for every system it encounters. The initial 15 commitments are an early step toward a broader ecosystem. MDK remains open to any manufacturer, mining pool, operator, or developer, with additional Workers, applications, and tools expected as more of the industry builds on the shared foundation.

Across Bitcoin, AI, communications, energy and financial infrastructure, Tether is focused on reducing the fragmentation that prevents technology from operating at global scale. MDK brings that approach to mining, creating an open layer on which companies can build the tools and autonomous systems that will operate the industry next.

MDK will reach version 0.11 at the Plan ₿ Forum in Lugano on October 23–24, with its first stable 1.0 release targeted by the end of 2026. Developers do not need to wait for 1.0. MDK is open source today, allowing manufacturers, mining pools, operators, and developers to begin testing integrations, building Workers, and developing applications through the repository and documentation.

*Note: The complete alphabetical list of participating mining companies, ASIC manufacturers, and pools follows below:

ACME Swisstech
Bitdeer
BITMAIN
Canaan Inc.
Elektron Energy
EMCD
F2Pool
Foundry Digital
Heatbit Inc.
Luxor Technology
MicroBT
OCEAN (Bitcoin Ocean, LLC)
Proto (Block, Inc.)
SpiderPool
Stratum V2

Bitcoin is approaching a make-or-break weekend. After failing to hold $83,000, the cryptocurrency is now facing a more uncomfortable level at $80,000.

Analyst Benjamin Cowen warns that a weekly close below $83,000 on October 25 would strengthen his bearish outlook for the rest of 2026. His warning comes as Bitcoin faces pressure well beyond its own price chart.

Why Bitcoin’s $80,000 Level MattersThe latest failed rally has already punished bullish traders. During one four-hour selloff, long positions accounted for $91.19 million of $95.22 million in crypto liquidations.

More concerning, Glassnode estimates that companies holding Bitcoin on their balance sheets paid about $80,000 per coin on average.

Falling below that level would put the average corporate treasury position into a loss. It would not automatically force companies to sell, but it could weaken confidence.

A plausible path to consider (in order).

Becomes void if Bitcoin gets and holds back above $83k

-Bitcoin weekly close below $83k (again)
-Fakeout confirmed (Oct 25)
-Fed does not raise rates (Oct 28)
-PCE comes in hot (Oct 29)
-Oil spikes over the Iran war (~$120)
-Long end…

— Benjamin Cowen (@benjamincowen) October 24, 2026 A separate BeInCrypto analysis identifies $77,876 as the next downside level if selling persists, followed by a support zone between roughly $76,700 and $72,500.

US spot Bitcoin ETFs also lost about $322 million on October 22, suggesting institutional buying has weakened.

What Happens to Bitcoin Next Week?The calendar offers little relief. The Federal Reserve meets October 27–28, with Cowen expecting interest rates to stay unchanged. September inflation data follows on October 29.

Oil adds another complication. Brent settled at $116.72 on Friday as Middle East supply fears intensified. Expensive energy could keep inflation elevated, while rising Treasury yields make speculative investments less attractive.

Bitcoin’s Extreme Volatility in OctoberHistory also gives bears ammunition. Binance Research puts Bitcoin’s average decline during previous US midterm election years at 56%. But that record covers only three Bitcoin cycles, making it a warning rather than a reliable prediction.

There is also a clear way for Bitcoin to break Cowen’s bearish scenario.

For now, the immediate test is whether buyers defend $80,000. A sustained recovery above $83,000 would weaken the bearish case.

Losing $80,000 could expose Bitcoin to another wave of selling just as November’s US midterm elections approach.

8h05 ▪ 3 min read ▪ by Fenelon L.

Summarize this article with:

Thursday, October 22, American bitcoin ETFs experienced $635.49 million in net outflows, their heaviest single-day loss since June 25. BlackRock and Fidelity account for nearly three-quarters of the withdrawals. In one day, this movement erased nearly 60% of the inflows recorded over the previous three sessions.

In brief The spot bitcoin ETFs lost $635.49 million on Thursday, a record since June 25. BlackRock and Fidelity account for about 74% of the outflows, while MSBT remains the only fund in the green. Despite this decline, the week maintains a positive balance. However, the monthly balance has turned negative again. Bitcoin ETFs, inflows abruptly give way to outflows The day before, purchases had extended to eight funds. However, as early as Thursday, the trend reversed: investors withdrew $635.49 million, erasing nearly 60% of the $1.08 billion accumulated over three sessions.

The two main funds illustrate this reversal. BlackRock’s IBIT and Fidelity’s FBTC had attracted $447.70 million on Wednesday. The next day, they recorded a combined outflow of $471.51 million. Their combined balance over these two days thus turns slightly negative.

This turnaround accompanies the bitcoin decline. After nearing $85,000 on Wednesday, the cryptocurrency slipped below $81,000 on Thursday. ETF flows tracked this decrease almost immediately.

BlackRock and Fidelity account for the majority of outflows In detail, IBIT lost $254.05 million and FBTC $217.46 million. Together, they represent about 74% of the session’s outflows. Other funds also declined: Ark’s ARKB and 21Shares lost $109.43 million, Grayscale’s GBTC $29.53 million, and Bitwise’s BITB $27.35 million.

Only one fund escaped this trend. Morgan Stanley’s MSBT attracted $2.33 million, an inflow nonetheless insufficient to offset withdrawals from other products.

Meanwhile, trading volumes reached $2.56 billion. Net assets of bitcoin ETFs dropped nearly $5 billion, to $104.71 billion. The price decline thus amplified the assets under management downturn.

A still positive weekly balance Despite this difficult session, bitcoin ETFs still show $442.67 million in net inflows over the week. However, the monthly balance has turned negative again, with a deficit of $174.50 million. The outflows recorded over two weeks already testify to this fragility.

Recent large flow variations suggest that investors react quickly to market movements. For now, inflows do not necessarily reflect sustained demand.

Ether ETFs follow the same trajectory. After $14.96 million inflows on Wednesday, they had $110.50 million outflows on Thursday. BlackRock’s ETHA lost $75.45 million, ETHB $17.17 million, Grayscale’s Mini Trust $10.69 million, and ETHE $9.56 million. Only Fidelity’s FETH attracted capital, with $2.37 million. Net assets in the segment fell back to $14.57 billion.

ETFs remain a major access channel to bitcoin. However, the speed of these reversals raises a question: will investors hold their positions when prices retreat?

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

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.

Tesla and SpaceX Could Unite $2.5B in Bitcoin Without Buying a Single BTC

TLDR: Crypto prediction markets on Kalshi and Polymarket reached a record $2.7 billion in weekly notional volume, largely from short-term Bitcoin and other crypto price contracts. Bloomberg reported that crypto ranked second to sports on both platforms, although the report did not break down volume by asset, venue, or contract. Coinbase’s event-contract product is operated by Kalshi, giving the exchange access to markets without running the underlying marketplace itself. State disputes over sports-related contracts could influence expansion; Michigan’s agreement with Coinbase limited sports contracts but did not resolve the wider legal question. Crypto prediction markets on Kalshi and Polymarket logged a combined $2.7 billion in weekly notional volume last week.  Bitcoin and other short-term crypto price contracts drove much of that volume. Crypto ranks second only to sports on both platforms said. The record reflects participation in event-based contracts tied to digital-asset prices.

According to Dune Analytics data cited by Bloomberg, crypto exchanges are seeking new activity as spot trading volumes decline. Coinbase offers Kalshi-powered crypto prediction markets to eligible customers. Legal challenges to sports contracts in U.S. states could influence how widely exchanges choose to expand.

The report identifies short-term price moves as a draw. A contract ties a position to an outcome over a specified period, so activity can build around Bitcoin and other token prices. These crypto prediction markets track contract turnover, rather than investment flows into coins. The weekly total covers event contracts on Kalshi and Polymarket, not spot purchases or sales on crypto exchanges. Together, these categories measure activity separately from spot trading.

Bitcoin Price Bets Help Push Weekly Crypto Volume on Kalshi and Polymarket to Record $2.7B

Bloomberg, citing data compiled by a Dune Analytics user, reported that weekly notional volume in crypto-related contracts on Kalshi and Polymarket hit a record $2.7 billion last week,… pic.twitter.com/pAS4rbuQAR

— Wu Blockchain (@WuBlockchain) October 24, 2026

Notional volume counts the face value of contracts traded; it is not the amount users deposited or the platforms’ revenue. Contracts can change hands before resolution, adding turnover without creating a new event. Crypto prediction markets can report high activity even when deposits, unique participants, or concentration among traders remain unknown. The number measures gross trading activity, not the amount of capital at risk. It also cannot show whether traders expect Bitcoin prices to rise or fall.

Crypto ranked second only to sports on both platforms, Bloomberg reported. That places the category ahead of other event types, while sports remained the largest source of activity. Bitcoin’s continuous price movement creates frequent outcomes for contracts with short time horizons, and other tokens widen the range of markets. The headline total alone cannot show whether activity clustered around one venue or coin. One week’s volume does not establish whether that pace will persist.

Bitcoin Bets Drive Crypto Exchanges Toward Prediction Markets Exchanges are moving into crypto prediction markets as spot activity cools. The Financial Times reported that crypto companies are adding prediction products while spot trading volumes have weakened. Some are building venues; others are partnering with established operators. Event contracts offer another product inside familiar trading apps, helping platforms seek activity beyond spot trades and compete for customer attention.

Coinbase’s crypto prediction markets are operated by Kalshi, according to Coinbase’s help center.  The partnership gives Coinbase access to event contracts without building an exchange operator itself. Coinbase’s markets cover crypto prices and other outcomes, subject to regional availability and eligibility. Coinbase says BTC and ETH price contracts settle using a 60-second CF Benchmarks average.Kalshi determines outcomes under each contract’s rules. The arrangement shows how dedicated operators can power prediction products inside broader financial platforms.

Sports contracts face legal challenges in several states. Regulators argue that event contracts tied to games fall under state gambling laws, while platforms cite federal derivatives oversight. Michigan’s gaming regulator said Coinbase agreed to stop offering new sports contracts in the state and close existing positions by October 10. The restriction applied to sports contracts, not all event markets. The agreement did not settle the wider dispute. As reported,  dozens of states have taken legal action over sports-related contracts. 

These disputes may shape how far crypto exchanges expand. State-by-state restrictions can complicate nationwide launches, while unclear product boundaries raise compliance costs. Coinbase’s Michigan agreement shows that access to one category can be limited even as the broader product grows. Exchanges must weigh expected demand against legal risk before adding markets or opening them in new jurisdictions. Court rulings could change product availability.

In the landscape of digital asset markets, understanding the intricacies of Bitcoin's market cycle is crucial. This article dives into the dynamics that define the cryptocurrency's value, exploring historical trends, wealth distribution, and indicators that shed light on market strength and investor sentiment.

I. Analyzing Bitcoin Market Dynamics: The intricate dynamics of Bitcoin's market behavior are central to understanding the cryptocurrency's valuation and the factors that influence its price movements.

A. Historical Comparison of Market Cap and Realized Cap:

In traditional financial markets, Market Cap is a go-to metric for evaluating an asset's value. However, the digital asset realm introduces Realized Cap as a game-changing alternative. Realized Cap, derived from on-chain data, goes beyond the surface and provides a nuanced view of an asset's worth. By aggregating the acquisition cost for each unit at the time it last changed hands, Realized Cap offers a more insightful approximation of the capital invested in Bitcoin.

This historical comparison between Market Cap and Realized Cap unveils compelling trends. Notably, during the deepest drawdowns of bear markets, the market cap has occasionally dropped below the realized cap. These instances are brief and painful intervals, indicating a departure from the norm. For the majority of Bitcoin's market history, the market cap has consistently traded above the realized cap. This persistent trend suggests that, aside from occasional downturns, the market generally holds an unrealized profit in aggregate.

B. Understanding Unrealized Profits and Recovery Trends:

The relationship between market cap and realized cap provides a lens into the realm of unrealized profits and recovery trends. During bear markets, the realized cap tends to plateau or experience a slight drawdown. This phenomenon occurs as coins change hands, and their values are reevaluated to lower acquisition prices. Simultaneously, these coins gradually migrate towards longer-term investor wallets, where they remain dormant for extended periods.

This process can be vividly illustrated through the Realized HODL Waves, which visually represent shifts in wealth distribution by age cohort. These waves capture the ebb and flow of supply and demand forces in the market as capital rotates between investors. During market uptrends, older coins are spent and transferred from long-term holders to newer investors, expanding warmer bands and contracting cooler bands. Conversely, during market downtrends, speculators lose interest, and coins gradually shift to longer-term holders, resulting in expanded cooler bands and contracted warmer bands.

This intricate dance of supply and demand forces contributes to the current equilibrium in the market. A slight positive inflow of newer investors is noted, resembling conditions observed during the recovery phases of significant bear markets in both 2016 and 2019.

Source: Glassnode .insights

II. Wealth Distribution and Capital Rotation: Understanding the intricate dynamics of wealth distribution and capital rotation within the Bitcoin ecosystem is key to deciphering market trends and gauging the sentiment of investors.

A. Realized HODL Waves and Shifting Wealth Distribution:

Realized HODL Waves emerge as a powerful tool, offering a graphical representation of the shifting landscape of wealth distribution within the Bitcoin market. These waves serve as a dynamic lens through which Glassnode can observe the movement of capital between different age cohorts of coins.

During market uptrends, the waves reveal a fascinating trend: older coins, held by long-term investors, are strategically spent and transferred to newer investors. This results in the expansion of warmer bands on the HODL Waves chart, indicating increased activity among short-term holders. Simultaneously, cooler bands contract as long-term holders release their positions. This pattern signifies a willingness among long-term holders to capitalize on the rising market, suggesting confidence in the ongoing uptrend.

Conversely, during market downtrends, a shift occurs. Speculators, having lost interest in the face of declining prices, gradually transfer their coins to longer-term holders. This transition is reflected in the contraction of warmer bands and the expansion of cooler bands on the HODL Waves chart. The movement of capital from short-term to long-term hands during bear markets underscores a strategic decision by investors to weather the storm and position themselves for potential future gains.

B. Age Bands and Capital Rotation Patterns:

To delve deeper into the nuances of capital rotation, examining specific age bands provides valuable insights. Certain age bands exhibit relative insensitivity to market cycles, representing coins that have remained dormant for at least three years. While constituting a relatively small share of the total wealth held in Bitcoin, these coins offer stability and resilience, often acquired during the 2018-2020 period.

On the other end of the spectrum, cycle-sensitive age bands encompass coins actively involved in specific market cycles. The 6-month to 3-year age band, for instance, aligns with investors who were active during the 2020-2023 cycle. These coins witness peak accumulation during bear market lows and exert distribution pressure near bull market highs. The distinctive patterns within these age bands serve as markers for market sentiment, providing valuable cues for investors.

Analyzing the youngest age band cohorts, attributed to short-term investors and speculators, reveals a closer connection to the inflow of demand. These are actively traded coins that have recently changed hands, moving inversely to the 6-month to 3-year cohort. They swell during uptrends, reflecting new buyers entering the market, and compress during bear markets as interest and activity wane.

Synthesizing these age band dynamics into a comprehensive view of capital rotation, Glassnode observes two dominant cohorts that significantly influence the market:

Short-Term Indicator [<1 month] (red): - Represents the realized capital or wealth portion moved in the last 30 days.

- Corresponds closely to the demand side, including new investors deploying fresh capital into the market.

Long-Term Indicator [1-2 years] (blue): - Peaks during the bear market bottom formation phase.

- Represents long-term and price-insensitive investors that accumulated during, and held throughout, the bear market.

Understanding the interplay between these two dominant cohorts provides a nuanced perspective on the prevailing market sentiment and the ongoing capital rotation within the Bitcoin holder base. This dynamic interaction lays the foundation for comprehending the broader market trends and making informed investment decisions.

Source: Glassnode Insights

III. Indicators of Market Strength: Assessing the strength of the Bitcoin market requires a nuanced understanding of the indicators that gauge the interplay between short-term and long-term investors. These indicators serve as crucial tools for investors seeking insights into market dynamics and potential shifts in sentiment.

A. Short-Term and Long-Term Indicators:

The Bitcoin market is shaped by the strategic movements of both short-term and long-term investors. Recognizing the significance of these two investor groups, Glassnode can utilize distinct indicators to illuminate their impact on market dynamics.

The Short-Term Indicator, representing realized capital or wealth moved within the last month, serves as a proxy for the demand side of the market. This cohort is primarily composed of new investors injecting fresh capital into the market. Their activities are pivotal in understanding the current appetite for Bitcoin and the dynamics of short-term trading.

Conversely, the Long-Term Indicator, covering the 1-2 year age band, takes center stage during the bear market bottom formation phase. This cohort comprises long-term, price-insensitive investors who accumulated Bitcoin during the bear market and held onto their positions. Their dominance is evident during bear markets when this indicator swells, holding more than 15% of the BTC capital. This structure underscores the conviction of accumulation and holding within the market.

The delicate balance between these two indicators is pivotal in understanding market conditions. During bear markets, the Long-Term Indicator often surpasses the Short-Term Indicator, illustrating the dominance of accumulation and holding conviction. However, as new capital flows into the market during recovery phases, the Short-Term Indicator gains momentum, surpassing the Long-Term Indicator. This pattern signifies an expansion of buy-side pressure as prices rally, attracting attention during bull markets.

B. Inter-Cycle Capital Rotation Ratio:

To quantitatively assess the ongoing capital rotation between long-term (supply) and short-term (demand) players, the Inter-Cycle Capital Rotation Ratio emerges as a valuable metric. This ratio is derived by measuring the difference between the wealth held by long-term investors (1-2 years) and short-term investors (<1 month). The current ratio, standing at 13%, echoes levels observed in 2016 and 2019, suggesting that the Bitcoin supply remains strongly dominated by the HODLer cohort. The majority of coins in circulation are now older than six months, indicating a prevailing sentiment aligned with historical bear market recovery phases.

This nuanced understanding of short-term and long-term indicators, combined with the Inter-Cycle Capital Rotation Ratio, provides investors with a comprehensive view of the ongoing market dynamics. It unveils the delicate equilibrium between supply and demand forces, offering valuable insights into potential shifts and the prevailing sentiment within the Bitcoin market. This information is instrumental for investors looking to make informed decisions in a dynamic and rapidly evolving cryptocurrency landscape.

IV. Investor Pain and Market Cycle Analysis: Examining the financial pressure on investors and understanding the pain points within the market provides a crucial dimension for comprehending Bitcoin's ongoing market cycle. This section delves into the models and metrics that illuminate the financial landscape for both short-term and long-term holders.

A. Modeling Financial Pressure on Investors:

To model financial pressure, on-chain cost basis models become invaluable tools. These models offer insights into the average cost basis for three distinct cohorts: short-term holders, long-term holders, and the market-wide average. Deviations from these cost bases signal periods of growing incentive for profit-taking or, conversely, panic selling when positions are underwater.

Analyzing the spot price in relation to each cohort's average cost basis allows us to identify zones of acute financial pain across the market. Periods where the spot price trades below the cost basis of all three cohorts indicate significant financial pressure. This alignment signals potential distress for investors, potentially leading to decisions such as profit-taking or panic selling.

B. NUPL Metrics and Decision Points:

Net Unrealized Profit/Loss (NUPL) metrics add another layer of sophistication to our analysis. NUPL indicates whether a particular cohort is holding unrealized losses (NUPL<0) or unrealized profits (NUPL>0) on average.

Both the wider market and the Long-Term Holder NUPL currently indicate positive values, suggesting that the average investor is in profit. However, for Short-Term Holders, their cost basis sits at $27.8k, resulting in the Short-Term Holder NUPL trading just slightly above neutral. This indicates that active investors are near their break-even level, emphasizing the importance of the $28k level as a crucial decision point for the market.

Source: Glassnode insights

Conclusion: This comprehensive analysis explores Bitcoin's market dynamics, wealth distribution, and indicators of market strength and investor pain. The current market structure echoes a recovery phase from a significant bear market, drawing parallels with historical trends. Understanding these patterns enhances our ability to navigate the complex world of cryptocurrency investments.

The Bitget hacker has moved $19.48 million in 52 transfers, almost entirely in Bitcoin, as Arkham tracks fresh outflows from wallets linked to the exchange’s September breach.

Summary

Arkham tracked $19.48 million across 52 transfers, with Bitcoin accounting for $19.33 million. Hacker-linked wallets sent $78.01 million to new addresses between Oct. 15 and Oct. 23. Arkham valued remaining labeled holdings at $242.54 million, mostly held in Bitcoin. The latest transfers’ destinations remain unidentified, leaving potential laundering unconfirmed. Arkham put the transfers between 10:02 UTC on Oct. 21 and 02:48 UTC on Oct. 24, with Bitcoin accounting for $19.33 million and ETH making up the rest. Its thread said almost all the funds went to new addresses.

The blockchain intelligence firm framed its update as a question.

“Is the Bitget Hacker laundering the stolen funds?”

Arkham’s posts do not name an exchange, mixer, or over-the-counter desk receiving the latest transfers. The update documents money leaving labeled wallets, without establishing whether those assets were sold, cashed out, or recovered.

Bitget hacker movements total $78 million since Oct. 15 Across a longer reporting window, Arkham said the attacker had sent $78.01 million to new addresses since Oct. 15. Its daily breakdown showed $23.31 million moving on Oct. 15, followed by $8.68 million on Oct. 16 and $1.15 million on Oct. 17.

Another $10.51 million moved on Oct. 18. After no recorded movement on Oct. 19, the firm listed $15.13 million on Oct. 20, $11.74 million on Oct. 21, $184,160 on Oct. 22, and $7.3 million on Oct. 23.

The dates in Arkham’s opening post cover 64 hours and 46 minutes. A later post in the same thread described the $19.48 million as moving over “the past 48 hours,” leaving a mismatch between its shorthand description and the precise timestamps.

Using the firm’s rounded asset figures, Bitcoin represented approximately 99.2% of that $19.48 million. The implied ETH component was $150,000, although Arkham did not provide an exact token quantity in the opening post.

Arkham’s remaining balance uses a $350 million baseline In its thread, Arkham valued the hacker’s remaining labeled holdings at $242.54 million, including 2,960.01 BTC worth $241.99 million. It listed smaller balances on Ethereum, Hypercore, Solana and Tron.

The firm described that balance as 69% of a $350 million theft. Bitget’s own accounting puts the incident at approximately $387.5 million, after revising its initial $351.6 million estimate.

In its Sep. 25 recovery notice, the exchange said the revision included Zcash and TRON assets omitted from the first calculation. Bitget attributed the change to a more complete classification of the original transfers and said it did not represent further theft.

Against Bitget’s $387.5 million estimate, Arkham’s $242.54 million snapshot equals approximately 62.6%. Neither percentage establishes how much has been recovered, because the figures compare remaining labeled holdings with dollar estimates from the original incident.

Arkham data shows $239.34 million, including approximately 2,958 BTC valued at $238.79 million.

Source: Arkham Earlier tracing identified CoinJoin and cross-chain routes Fund movements linked to the attack began before October. As crypto.news previously reported, AMLBot traced roughly four BTC into CoinJoin in September, describing the activity as an apparent effort to obscure stolen funds.

AMLBot’s account followed assets from TRON into USDT, across to Ethereum through USDT0, and through ETH swaps and THORChain before they reached Bitcoin. The firm said approximately 4.59 BTC emerged from that route before the Bitcoin was split into smaller amounts.

Independent tracing by Bitquery documented other September conversions through THORChain and Chainflip. Its investigation matched 66 swaps to 126.71 BTC in payments by 14:38 UTC on Sep. 25, while identifying two swaps still waiting at that snapshot.

Those historical routes do not establish the destinations of Arkham’s latest transfers. The October screenshots contain transaction graphs but no readable transaction-level evidence connecting the new outflows to the same services.

Bitget says withdrawals have resumed while recovery continues Bitget’s incident explainer, updated Oct. 20, says its phased withdrawal restoration finished on Oct. 2 after BTC, ETH and USDT services reopened in September. The company says customer account balances remain unaffected and that it has identified no further unauthorized transfers following containment.

In the same explainer, Bitget attributed the breach to a vulnerability in a third-party security product. The company said the attacker obtained high-level internal credentials and submitted fraudulent withdrawal commands that bypassed existing risk controls. Bitget said the affected systems were isolated and the vulnerability was fixed.

Earlier coverage of the withdrawal reopening and reserves recorded CEO Gracy Chen’s statement that the Protection Fund had returned above $300 million on Sep. 30. Bitget has said the fund would absorb the financial loss from the breach.

The Sep. 25 notice names Mandiant and SlowMist as investigation partners and publishes receiving addresses across Ethereum-compatible networks, XRP Ledger, Zcash and TRON. Its recovery section says some assets had already been frozen through coordination with industry partners, but does not give an aggregate frozen amount in that notice.

The exchange’s recovery program offers separate 5% rewards for eligible voluntary actions that directly freeze or recover affected assets. Bitget excludes actions carried out under court orders, law-enforcement requests, or other legal processes, and retains discretion over eligibility and payment.

US retail investors’ bottom-fishing in semiconductor leveraged ETFs takes a hit, with SOXL plunging 20.5% in a single day.

FactSet data shows that Direxion Daily Semiconductor Bull 3X Shares (SOXL) drew $6.1 billion in inflows last week, a new single-week record. Investors were betting on a rebound in chip stocks, but SOXL still dropped 10.8% this week, marking its third straight weekly decline, with a cumulative fall of over 43% since October. Inflows continued through Thursday, but SOXL plunged 20.5% that day, its largest single-day drop since June 23. By comparison, non-leveraged iShares Semiconductor ETF (SOXX) fell 6.8% on the same day, with a cumulative decline of around 15.9% since October. SOXL uses derivatives to track three times the daily performance of the semiconductor index, amplifying both gains and downside risks. The semiconductor sector is under pressure mainly due to market skepticism about the return on investment in AI infrastructure. Investors are reassessing whether tech giants’ aggressive spending can meet earnings expectations. Earlier, AI chip demand lifted semiconductor stocks, with SOXX’s year-to-date gain once nearing 59%, but recent sell-offs have tested its rally. Mike Reynolds, vice president of investment strategy at Glenmede, noted that semiconductors are highly sensitive to AI infrastructure development, and AI-related trades are currently facing some doubt. He added that after strong stock rallies and valuation expansions, investors’ re-examination of the AI theme’s potential returns is a healthy market move. Meanwhile, all three major U.S. stock indexes closed lower on Friday, with the S&P 500 Information Technology sector falling for the third consecutive week, its longest weekly losing streak since March.

3 minutes ago

Initia discloses details of the MoveVM vulnerability attack, suffering losses of approximately $2.7 million, while the INIT token supply remains unaffected.

Initia disclosed that at 22:59 Beijing time on October 23, attackers exploited a MoveVM script cache vulnerability to bypass security checks, forging states to add unsupported WETH, iUSD, and USDC balances to their accounts without altering the total supply of the respective tokens. The native INIT token was not minted, and its total supply remained unaffected. Before the network was shut down, the attacker transferred 105 WETH and approximately 1.4 million AUSD0 via LayerZero, and around 1.08 million USDC via Noble and CCTP, with total assets valued at roughly $2.7 million. These assets have been converted into 1135.52 ETH. Initia's L1 and Rollups remain suspended. The team is fixing the vulnerability, with repairs and audits expected to be completed within days, and is working with security partners to recover the stolen assets. The official added that a full incident analysis report will be released later, and reminded users to beware of unofficial links, messages, and statements.

3 minutes ago

Analyst: Bitcoin has seen notable pullbacks in every prior U.S. midterm election cycle, and its key support level of $73,000 requires close attention.

Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment.
Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns.
Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.

3 minutes ago

SpaceX’s $40 billion off-balance-sheet debt financing is facing pressure on pricing negotiations amid turmoil in the AI market.

According to Bloomberg, citing people familiar with the matter, SpaceX is negotiating a $40 billion off-balance-sheet debt financing plan, which would use a special purpose vehicle (SPV) to purchase Nvidia chips to support its AI business expansion. The structure is designed to keep the related liabilities off SpaceX’s balance sheet, preserving its investment-grade credit rating. However, recent turmoil in the AI sector has pushed up industry borrowing costs, complicating pricing negotiations. Banks led by Goldman Sachs are discussing the plan with investors led by Apollo; Apollo-backed Atlas SP would manage the entity, with Pimco also considering participation.
Previously, yields on some subordinated debt were discussed in the mid-8% to 9% range, but recent volatility has prompted investors to reevaluate pricing, and the two sides remain in talks. SpaceX’s financial filings this week also revealed that last year, xAI had attempted to raise up to $20 billion in off-balance-sheet debt via a sale-leaseback arrangement with Valor Equity Partners. Auditors classified the deal as a “failed sale-leaseback arrangement”, leading SpaceX to eventually record roughly $13 billion of the sum as its own debt. The proposed structure aims to avoid a repeat of that outcome.

3 minutes ago

South Korean stock market's retail war chest shrank by 36.5%; retail investors continued net buying, but capital replenishment has slowed.

Data from Korea Financial Investment Association shows that as of October 22, investor deposits at South Korean securities firms fell to 88.68 trillion won, a drop of around 51 trillion won from the all-time high of 139.69 trillion won recorded on June 4, representing a 36.5% decline and returning to levels seen at the start of the year. The balance dipped below 90 trillion won on October 21, marking the first such drop in nearly nine months.
Investor deposits refer to funds held in securities firm accounts that have not yet been used to purchase assets such as stocks, and are typically viewed as potential buying power. The decline in the balance can stem from either stock purchases or fund withdrawals, so the full drop cannot be equated to capital exiting the stock market.
Retail investors continue to make net purchases. Between June 4 and October 23, individual investors bought a net 44.17 trillion won in the KOSPI market and 3.15 trillion won in the KOSDAQ market, while net purchases of ETFs over the same period reached 28.25 trillion won. The report notes that unlike the first half of the year, where new capital inflows exceeded stock purchases, the pace of capital replenishment in the second half has lagged behind outflows, leading to the continuous decline in deposit balances.
The KOSPI index closed at 5550.30 points on October 23, having fallen nearly 20% over the past month. A securities industry official said the recent decline is indeed excessive relative to earnings fundamentals, but the AI sector, which previously drove gains, still faces credit risk concerns, making it too early to expect a sustained rebound.

3 minutes ago

Renowned Trader: Bitcoin Should Add Positions Instead of Panicking When It Hits $80,000 'Buy Zone'

Renowned crypto trader Doctor Profit stated in a post that every time Bitcoin hits its "buy zone", it is an opportune moment to add to existing long positions, and he is currently executing this strategy. His accompanying chart labels the area near $80,000 as the "buy zone", emphasizing: "This zone is for buying, not panicking."

3 minutes ago

NFT sales climbed 66.58% to $76.56 million over the seven days to Oct. 24, as Bitcoin led blockchain volume and the $X@AGI BRC-20 NFTs collection recorded more than $25 million in sales.

Summary

$76.56 million in weekly NFT sales marked a 66.58% increase over the preceding seven days.
Buyer addresses increased 46.38% to 156,715, while transactions rose 35.05% to 764,169.
Ethereum ranked second with $24.64 million in sales, up 32.59% over the comparison period.
Bitcoin sales jumped 268.06% to $31.07 million, accounting for roughly 41% of weekly volume.
$X@AGI led collections with $25.09 million across three transactions, three buyers and three sellers.

According to data from CryptoSlam, NFT seller addresses increased 53.09% to 135,930 during the seven-day period. Both sides of the market expanded alongside transaction activity, although the dollar value of sales grew faster than the number of transactions.

The dashboard recorded 764,169 transactions, compared with approximately 565,849 in the preceding period. Its percentage comparison implies previous seven-day sales of about $45.96 million, putting the latest increase at roughly $30.60 million.

Separately, CoinGecko listed Bitcoin near $80,549 and Ethereum around $2,364 during an Oct. 24 check. The broader cryptocurrency market capitalization stood at approximately $2.77 trillion. Those spot-market readings provide context alongside the NFT figures, which cover a rolling seven-day period.

Bitcoin leads NFT sales with $31.07 million
Bitcoin generated $31,071,305 in NFT sales, rising 268.06% over the previous seven days. Buyer addresses increased 86.79% to 8,581, while CryptoSlam separately recorded $105,237 in wash-trading volume.

Bitcoin leads weekly NFT sales with $31.07 million, ahead of Ethereum’s $24.64 million | Source: CryptoSlam
The network accounted for approximately 40.6% of global NFT sales. Its lead over Ethereum reached about $6.43 million, with the two chains together representing nearly 73% of the weekly total.

Ethereum followed with $24,641,611, up 32.59%. Its buyer count increased 67.63% to 25,749, while separately tracked wash trading fell 77.71% to $365,532.

Bitcoin’s first-place finish followed its third-place blockchain ranking in the Oct. 17 roundup, when Ethereum led sales. That earlier snapshot recorded Bitcoin volume of $8.25 million.

Polygon ranked third in the latest dashboard with $8,532,290, an increase of 2.82%. Buyer addresses rose 42.15% to 38,971. Its separately reported wash volume reached $19,395,535, exceeding the network’s sales figure.

BNB Chain placed fourth with $3,352,625, down 18.96%, even as buyer addresses increased 144.37% to 11,869. Wash trading totaled approximately $50.

Immutable took fifth place with $2,298,908, a decline of 16.67%. Buyer addresses climbed 49.03% to 4,134.

Arbitrum ranked sixth with $2,001,820, up 1,109.53%, while buyers increased 56.56% to 1,719. Base followed at $1,948,859, up 30.19%, ahead of Solana’s $1,399,301, which rose 43.17%.

$X@AGI tops weekly NFT collection sales with $25.09 million
Bitcoin’s $X@AGI BRC-20 NFTs led the collection rankings with $25,091,343. CryptoSlam recorded three transactions involving three buyer addresses and three seller addresses.

$X@AGI tops weekly NFT collection sales with $25.09 million across three transactions | Source: CryptoSlam
The collection represented approximately 32.8% of global NFT sales and 80.8% of Bitcoin’s weekly volume. Its sales exceeded the combined total of the next three collections in the rankings.

Courtyard ranked second with $7,772,464 on Polygon, up 2.83%. The collection recorded 141,478 transactions, an 8.44% increase. Buyer addresses fell 3.35% to 18,816, while sellers declined 4.36% to 15,154.

Courtyard’s transaction count was substantially higher than those of the other leading collections. It accounted for roughly 18.5% of all NFT transactions recorded globally during the period.

Ethereum’s Slipstream V3 Deposit placed third with $7,575,732 across 926 transactions. Activity involved 22 buyers and 24 sellers.

Bored Ape Yacht Club followed in fourth with $3,558,183, rising 192.02%. CryptoSlam listed 94 transactions, 43 buyers and 42 sellers. Buyer addresses declined 10.42%, while sellers fell 20.75%.

A separate Slipstream V3 Deposit collection on Arbitrum ranked fifth with $1,891,201. It recorded 1,199 transactions involving 10 buyers and 10 sellers.

Another Bitcoin BRC-20 collection, displayed with an unreadable ticker, placed sixth at $1,865,924, up 131.03%. Its transactions increased 85.92% to 4,384, while buyers rose 22.89% to 2,276.

CryptoPunks ranked seventh with $1,638,493, up 22.55%, across 13 transactions. Buyer addresses fell 15.38% to 11, while seller addresses declined 7.14% to 13.

Credits followed with $1,468,717, an increase of 64.32%, across 22,142 transactions.

Bitcoin dominates the largest individual NFT sales
Four $X@AGI BRC-20 entries occupied the five largest individual-sale positions in CryptoSlam’s Oct. 24 listing. Bored Ape Yacht Club supplied the only Ethereum entry.

$X@AGI accounts for four of the five largest NFT sales, led by a $14.63 million transaction | Source: CryptoSlam
The largest recorded transaction fetched $14.63 million, followed by another Bitcoin sale worth $9.57 million. Both were listed as occurring approximately three days before the capture.

The five highest-value sales appeared in descending order as follows:

$X@AGI BRC-20 NFT #de71246799c669c093b194016766ec215… sold for $14,627,594.32, settled in 175.2058 BTC on Bitcoin, approximately three days earlier.
$X@AGI BRC-20 NFT #ff947db26a07d99604b878785249b4714… sold for $9,570,442.82, settled in 113.0014 BTC on Bitcoin, approximately three days earlier.
Bored Ape Yacht Club #9500 sold for $2,404,908.50, settled in 1,000.0001 ETH on Ethereum, approximately 18 hours earlier.
$X@AGI BRC-20 NFT #78407b6c3a80d7316b91bb2c87986aa9ae… sold for $1,009,840.51, settled in 12.357 BTC on Bitcoin, approximately two days earlier.
$X@AGI BRC-20 NFT #42000f24e9eb6f4087b3a2d62e8e27ead… sold for $893,305.48, settled in 10.7184 BTC on Bitcoin, approximately three days earlier.

US retail investors’ bottom-fishing in semiconductor leveraged ETFs takes a hit, with SOXL plunging 20.5% in a single day.

FactSet data shows that Direxion Daily Semiconductor Bull 3X Shares (SOXL) drew $6.1 billion in inflows last week, a new single-week record. Investors were betting on a rebound in chip stocks, but SOXL still dropped 10.8% this week, marking its third straight weekly decline, with a cumulative fall of over 43% since October. Inflows continued through Thursday, but SOXL plunged 20.5% that day, its largest single-day drop since June 23. By comparison, non-leveraged iShares Semiconductor ETF (SOXX) fell 6.8% on the same day, with a cumulative decline of around 15.9% since October. SOXL uses derivatives to track three times the daily performance of the semiconductor index, amplifying both gains and downside risks. The semiconductor sector is under pressure mainly due to market skepticism about the return on investment in AI infrastructure. Investors are reassessing whether tech giants’ aggressive spending can meet earnings expectations. Earlier, AI chip demand lifted semiconductor stocks, with SOXX’s year-to-date gain once nearing 59%, but recent sell-offs have tested its rally. Mike Reynolds, vice president of investment strategy at Glenmede, noted that semiconductors are highly sensitive to AI infrastructure development, and AI-related trades are currently facing some doubt. He added that after strong stock rallies and valuation expansions, investors’ re-examination of the AI theme’s potential returns is a healthy market move. Meanwhile, all three major U.S. stock indexes closed lower on Friday, with the S&P 500 Information Technology sector falling for the third consecutive week, its longest weekly losing streak since March.

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Initia discloses details of the MoveVM vulnerability attack, suffering losses of approximately $2.7 million, while the INIT token supply remains unaffected.

Initia disclosed that at 22:59 Beijing time on October 23, attackers exploited a MoveVM script cache vulnerability to bypass security checks, forging states to add unsupported WETH, iUSD, and USDC balances to their accounts without altering the total supply of the respective tokens. The native INIT token was not minted, and its total supply remained unaffected. Before the network was shut down, the attacker transferred 105 WETH and approximately 1.4 million AUSD0 via LayerZero, and around 1.08 million USDC via Noble and CCTP, with total assets valued at roughly $2.7 million. These assets have been converted into 1135.52 ETH. Initia's L1 and Rollups remain suspended. The team is fixing the vulnerability, with repairs and audits expected to be completed within days, and is working with security partners to recover the stolen assets. The official added that a full incident analysis report will be released later, and reminded users to beware of unofficial links, messages, and statements.

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Analyst: Bitcoin has seen notable pullbacks in every prior U.S. midterm election cycle, and its key support level of $73,000 requires close attention.

Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment. Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns. Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.

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SpaceX’s $40 billion off-balance-sheet debt financing is facing pressure on pricing negotiations amid turmoil in the AI market.

According to Bloomberg, citing people familiar with the matter, SpaceX is negotiating a $40 billion off-balance-sheet debt financing plan, which would use a special purpose vehicle (SPV) to purchase Nvidia chips to support its AI business expansion. The structure is designed to keep the related liabilities off SpaceX’s balance sheet, preserving its investment-grade credit rating. However, recent turmoil in the AI sector has pushed up industry borrowing costs, complicating pricing negotiations. Banks led by Goldman Sachs are discussing the plan with investors led by Apollo; Apollo-backed Atlas SP would manage the entity, with Pimco also considering participation. Previously, yields on some subordinated debt were discussed in the mid-8% to 9% range, but recent volatility has prompted investors to reevaluate pricing, and the two sides remain in talks. SpaceX’s financial filings this week also revealed that last year, xAI had attempted to raise up to $20 billion in off-balance-sheet debt via a sale-leaseback arrangement with Valor Equity Partners. Auditors classified the deal as a “failed sale-leaseback arrangement”, leading SpaceX to eventually record roughly $13 billion of the sum as its own debt. The proposed structure aims to avoid a repeat of that outcome.

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South Korean stock market's retail war chest shrank by 36.5%; retail investors continued net buying, but capital replenishment has slowed.

Data from Korea Financial Investment Association shows that as of October 22, investor deposits at South Korean securities firms fell to 88.68 trillion won, a drop of around 51 trillion won from the all-time high of 139.69 trillion won recorded on June 4, representing a 36.5% decline and returning to levels seen at the start of the year. The balance dipped below 90 trillion won on October 21, marking the first such drop in nearly nine months. Investor deposits refer to funds held in securities firm accounts that have not yet been used to purchase assets such as stocks, and are typically viewed as potential buying power. The decline in the balance can stem from either stock purchases or fund withdrawals, so the full drop cannot be equated to capital exiting the stock market. Retail investors continue to make net purchases. Between June 4 and October 23, individual investors bought a net 44.17 trillion won in the KOSPI market and 3.15 trillion won in the KOSDAQ market, while net purchases of ETFs over the same period reached 28.25 trillion won. The report notes that unlike the first half of the year, where new capital inflows exceeded stock purchases, the pace of capital replenishment in the second half has lagged behind outflows, leading to the continuous decline in deposit balances. The KOSPI index closed at 5550.30 points on October 23, having fallen nearly 20% over the past month. A securities industry official said the recent decline is indeed excessive relative to earnings fundamentals, but the AI sector, which previously drove gains, still faces credit risk concerns, making it too early to expect a sustained rebound.

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AI computing power expansion in the Gulf region faces communication risks due to Iran's threats to attack undersea fiber-optic cables.

Two senior Iranian security officials have revealed that Iran has drawn up plans to strike submarine communications cables in the Gulf if the U.S. and Israel launch another attack; one official added that they will also block repairs to extend the communication outage. Officials from Iran’s Islamic Revolutionary Guard Corps (IRGC) had previously threatened to target seven major undersea internet cables beneath the Strait of Hormuz if Iran’s infrastructure is attacked. These threats have introduced new communication risks to cloud computing and AI infrastructure in the Gulf region. Reuters reported that past attacks by Iran hit two Amazon Web Services (AWS) facilities in the United Arab Emirates (UAE) and damaged infrastructure near an AWS facility in Bahrain. Analysts noted that simultaneous damage to multiple cables could disrupt financial transactions, e-commerce, and cloud services, though the actual impact depends on traffic rerouting capabilities and backup line capacity. International bandwidth passing through the Strait of Hormuz accounts for less than 1% of the global total, so the direct impact on global communications may be limited. Microsoft plans to invest over $10 billion in the UAE, Saudi Arabia, Qatar, and Kuwait by 2030, and allocate more than $400 million to improve submarine and terrestrial network connections in the Middle East, to enhance the resilience of its digital infrastructure.

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Pi Network (PI) is down 2% today, October 24, to trade at $0.078 at the time of writing. This dip mirrors the downtrend across the broader crypto market, where the total market cap has fallen by 1.37% to $2.7 trillion.

Bitcoin (BTC) had dropped below $81,000 at the time of writing, while Ethereum also fell below $2,400. Following this drop, PI is now inching close to a make-to-break support despite a recently launched desktop upgrade.

Pi Core Team Rolls Out Major Desktop Upgrade In an X post, the Pi Core team noted that the network had released Desktop Version 0.6.4. The upgrade targets SoloHost apps to ensure that pioneers can access apps such as local AI agents through their phone’s Pi Browser.

The team notes that this upgrade will not only boost accessibility to SoloHost apps but also increase security by checking the access rights on apps before they are installed and every time that they start.

This upgrade comes ahead of the first-ever Pi Ecosystem Summit that will take place between November 17 and 19, as earlier reported by CoinGape. During this summit, the Pi Core team has said it plans to unveil new features and platforms.

Pi Network also recently rolled out the Protocol 28 upgrade on the mainnet on October 16, as earlier reported by CoinGape. The upgrade sought to improve network efficiency and smart contract management.

Pi Network Price Defends Crucial $0.077 Support as AO Bars Hint at a bullish Divergence Pi Network price remains above the crucial support level at $0.077 despite the recent surge in selling pressure. The altcoin has not closed below this support since mid-July suggesting that buyers view this price to be a good entry point.

However, the uncollected liquidity below this price could act as a magnet that pulls Pi Network down.

If selling pressure increases, Pi Coin price might drop to collect liquidity $0.074. An extended dip below this price might see bears test support at the psychological all-time low of $0.070.

On the upside, there is a FVG gap between $0.083 and $0.086. Pi Network price needs to close above the midline of this FVG gap at $0.084 to confirm a bullish future Pi Coin price outlook. If PI tests the resistance at $0.084 and fails to close above it, it could suggest that the bears remain in control.

Source: TradingView The AO bars that have turned green despite the recent drop in price are creating a bullish divergence as bearish pressure fades.

However, the ADX line supports the bearish thesis, with its movement north suggesting that the uptrend is gaining strength.

M is the only major exception in the green today, while WLD has plummeted hard, followed by LIT, DOT, STRK, and many others.

Bitcoin’s adverse price movements that began with the rejection at $85,000 on Wednesday continue, with the asset sliding to $80,400 earlier this morning, perhaps due to the latest Trump comments on the war against Iran.

Most altcoins have followed suit, with ETH dropping further below $2,400, and XRP seemingly losing the crucial $1.30 support. NEAR, BTW, PUMP, WLD, and DOT have slumped even more.

Will $80K Hold? After the intense volatility experienced in the previous business week following the release of the CPI and PPI data, and BTC’s subsequent retreat to under $80,000, the cryptocurrency tried to rebound almost immediately and stood above $82,000 over the weekend. Then came a flash crash that brought it south by a grand on Saturday evening, before the bulls tried to take down the $83,000 resistance on Monday.

They failed at first, and bitcoin slipped to $81,000. A sudden uptick on Tuesday drove it to just over that line before the bulls took it a step further on Wednesday, driving BTC to a two-week peak of almost $85,000.

However, this was a short-lived rally, and the rejection was quite rapid and painful. At first, BTC tanked to under $83,000, but the bears took complete control of the market on Friday and Saturday morning, at least for now, driving bitcoin to $80,400 for the first time in about ten days.

Although BTC remains above $80,000 as of now, it’s still 1% down for the day again. Its market cap has pulled back to $1.620 trillion, but its dominance over the alts stands tall at 60% on CMC.

BTCUSD October 24. Source: TradingView Alts in the Red Again ETH is down by a similar percentage to BTC and sits well below $2,400. Ripple’s native token has dived by over 2%, and it’s now below $1.30. Recall that the asset neared $1.40 on Wednesday before the market-wide pullback. SOL is close to breaking below $100, while ZEC has tanked below $1,200.

Further losses are evident from XMR, XLM, LINK, RAIN, LTC, and NEAR. WLD is the only double-digit loser, while M has defied the broader market’s move with a 10% surge.

The total crypto market cap is down by over 1% daily to $2.7 trillion on CMC.

Cryptocurrency Market Overview October 24. Source: TradingView Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Franklin Templeton, a global asset management firm overseeing $1.8 trillion in assets, has announced the registration of two innovative exchange-traded funds (ETFs) designed to blend traditional U.S. stock investing with gradual exposure to Bitcoin. The new funds, titled the Franklin US Equity Bitcoin DRIP Index ETF (FBEQ) and the Franklin US Innovation Bitcoin DRIP Index ETF (FIBT), mark a further expansion of the firm’s activity in the cryptocurrency investment sector.

New ETFs combine equities and Bitcoin allocationUnlike most spot Bitcoin ETFs that directly track the price of the cryptocurrency, FBEQ and FIBT will primarily invest in U.S. equities, allocating 95% of their portfolios to stocks while dedicating the remaining 5% to Bitcoin-related assets.

Franklin Templeton stated that the core strategy behind these ETFs is to let investors benefit from both traditional equity markets and incremental cryptocurrency exposure in a single product, thus offering a differentiated investment approach in traditional finance.

Both funds aim to accumulate Bitcoin over time by channeling dividend income from U.S. stocks into digital asset exposure, eliminating the need for direct crypto purchases by the investor.

How the dividend reinvestment process worksThe distinguishing feature of these two ETFs is their application of a dividend reinvestment plan (DRIP), where dividends paid out by the underlying U.S. stocks are used to purchase Bitcoin-related assets instead of simply acquiring additional company shares.

According to filings, the DRIP mechanism will apply to both regular and special dividends, which will be reinvested in Bitcoin-related assets on the trading day immediately following the ex-dividend date. This method offers a structured path for investors to steadily increase their Bitcoin allocations without requiring hands-on involvement in cryptocurrency trading.

Mini dictionary: DRIP (Dividend Reinvestment Plan), a program that automatically uses dividends from investment holdings to buy more of the same asset or related assets, compounding growth over time.

Gradual Bitcoin accumulation via equity exposureThrough the structured reinvestment of dividends, FBEQ and FIBT are designed to slowly build a position in Bitcoin-related assets alongside substantial exposure to the U.S. stock market. This hybrid approach seeks to attract investors looking for diversified portfolios that include digital assets but who may prefer not to manage cryptocurrency purchases themselves.

Franklin Templeton currently offers the Franklin Bitcoin ETF (EZBC), a spot Bitcoin product that has attracted cumulative net inflows of approximately $335 million. The introduction of FBEQ and FIBT now brings an alternative product structure that integrates cryptocurrencies into more conventional portfolios through automatic mechanisms.

ProductTypeMain StrategyNet Bitcoin ExposureCurrent InflowsEZBCSpot Bitcoin ETFDirect Bitcoin investment100%$335 millionFBEQ/FIBTEquity-Bitcoin DRIP ETF95% US equities, 5% Bitcoin; dividends reinvested in BitcoinUp to 5%, grows over time via DRIPN/A (newly registered)This latest move highlights Franklin Templeton’s ongoing effort to offer diversified investment opportunities for both traditional and digital asset markets. The firm aims to provide products that can cater to varying investor interests and risk appetites within the evolving landscape of crypto finance.

Michael Saylor has posted a cryptic message about resolving Bitcoin matters behind closed doors after Strategy disclosed a $22.1 million purchase funded largely through common-share sales.

Summary

Saylor’s “closed doors” post gives no purchase amount, transaction date, or funding details.
Strategy bought 517 BTC for $43.6 million across its two latest disclosed weeks.
Common-share sales funded approximately 98.6% of those Bitcoin purchases, with cash covering the rest.
STRC buybacks totaled $385.5 million over the same period, roughly 8.8 times Bitcoin spending.

In an Oct. 23 X post, Michael Saylor wrote, “Just resolving a few Bitcoin matters behind closed doors.”

The post includes a 14-second Matrix-style action video featuring Saylor but gives no purchase amount, transaction date, or financing details. It arrives before Monday, Oct. 26, following company disclosures on the previous two Mondays. Neither the caption nor the accompanying screenshot announces when Strategy will issue its next transaction update.

The company’s Oct. 19 Form 8-K records 267 BTC purchased during Oct. 12–18 at an average price of $82,900, including fees and expenses. Holdings stood at 848,517 BTC, acquired for $64.02 billion at an average cost of $75,446.

Saylor’s earlier messages have sometimes preceded purchase announcements. On Oct. 11, he wrote, “There’s always room for more orange,” before Strategy disclosed a 250 BTC acquisition the next day. The latest Friday caption does not specify whether it concerns another acquisition.

Strategy’s Bitcoin purchases grew modestly over two weeks
Strategy’s Oct. 12 announcement recorded $21.5 million spent on 250 BTC during Oct. 5–11, when its average purchase price was $86,194. The following week’s purchase added 17 more coins for $600,000 more.

Calculated from the two disclosures, the number of Bitcoin purchased rose 6.8%, while dollar spending rose approximately 2.8%. The average acquisition price fell roughly 3.8% between those reporting periods.

Together, the two weeks account for 517 BTC bought for $43.6 million. Those figures describe completed purchases through Oct. 18; they do not establish how much Strategy bought during the week of Saylor’s latest post.

As crypto.news previously reported, Strategy’s earlier 250 BTC purchase brought its holdings to 848,250 BTC. Its aggregate average acquisition price moved from $75,444 to $75,446 across the two disclosures, with both company figures including fees and expenses.

Common stock supplied the latest Bitcoin funding
In its Oct. 19 filing, Strategy identified $22 million in proceeds from selling 140,872 MSTR common shares and $100,000 of existing USD Cash as the funding sources for its latest purchase. No preferred-share sales appeared in that week’s ATM table.

For the preceding week, the Oct. 12 disclosure identified $21 million from common-stock sales and $500,000 from USD Cash. Strategy sold 125,183 common shares during that period.

Across the two periods, those figures total 266,055 common shares sold, $43 million in net proceeds, and $600,000 in cash used for Bitcoin purchases. Common-share proceeds therefore covered approximately 98.6% of the combined acquisition spending.

The disclosed weekly transactions distinguish the company’s recent funding mix from its historical use of preferred securities. An Oct. 21 account described Fidelity Digital Assets’ research on the preferred-stock financing channel, including 135,979 BTC accumulated through that channel as of Oct. 5.

Fidelity’s figure covers the financing channel examined in its report, not Strategy’s total holdings. The report said more than 95,000 BTC purchases were financed through preferred issuance between March and May, generating over $7 billion.

Fidelity cautioned that Bitcoin-focused preferred shares are not equivalents of money market funds. Its report tied their success to Bitcoin’s long-term performance and the issuing companies, without treating the stated income payments as a guarantee of investment returns.

STRC repurchases exceeded Bitcoin spending
Strategy spent $193.1 million repurchasing STRC during Oct. 12–18, after spending $192.4 million during Oct. 5–11. The combined $385.5 million was approximately 8.8 times the $43.6 million allocated to Bitcoin over those weeks.

The company restated its STRC trading range objective of $99–$100 over time in an Oct. 19 message. Its published policy describes regular repurchases below $100, while management has said it will not issue new STRC shares below that level.

STRC is Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock. The company’s Oct. 19 graphic listed a 12% dividend rate, semi-monthly payments and an Oct. 28 vote on daily dividends.

The board expanded the preferred-security repurchase authorization from $2 billion to $3 billion, including earlier purchases and related costs. Strategy reported $1.16 billion remaining under that authorization as of Oct. 18.

Separate cash accounts funded buybacks and dividends
Strategy’s capital framework distinguishes its USD Reserve, intended to support preferred dividends and debt interest, from general-purpose USD Cash used for Bitcoin purchases and capital management.

During Oct. 12–18, the company used $193.1 million of USD Cash for STRC repurchases and $45.5 million from its reserve for preferred dividends. The reported closing balances were $447.3 million in USD Cash and $4.83 billion in the reserve.

A week earlier, Strategy reported $640.5 million in USD Cash and $4.88 billion in reserves. Comparing the rounded disclosures puts the cash decline at $193.2 million and the reserve decline near $50 million.

Item 7.01 of the Oct. 19 filing identifies Strategy’s website dashboard as a public disclosure channel covering securities prices, Bitcoin holdings, purchases, and company performance metrics. The filing encourages investors to review information published through that dashboard.

Franklin Templeton plans to launch two exchange-traded funds that put 95% of their assets in US stocks and 5% in Bitcoin. One is built around S&P 500 exposure. The other targets the Nasdaq 100.

The asset manager filed a Form 8-A with the SEC on October 22, 2026. That filing typically signals a listing is close.

The two products are the Franklin US Equity Bitcoin DRIP Index ETF, ticker FBEQ, and the Franklin US Innovation Bitcoin DRIP Index ETF, ticker FIBT. Both will list on Nasdaq.

The effective date is projected for October 27, 2026. Trading is positioned to begin after that.

Under the hood, FBEQ tracks the VettaFi US Large-Cap 500 Bitcoin DRIP Index. FIBT follows the VettaFi US Innovation 100 Bitcoin DRIP Index.

“DRIP” refers to dividend reinvestment. Normally, an investor collects stock dividends and rolls them back into more shares. These funds route those payouts into Bitcoin instead.

The funds will not hold Bitcoin directly. They will get their exposure through exchange-traded products, including Franklin’s existing spot Bitcoin ETF, EZBC.

The rebalancing rules The 5% Bitcoin allocation is a starting point, not a fixed ceiling. The Bitcoin weight can drift above 5% between rebalances, whether from dividend inflows or price gains.

Every quarter, the index trims the Bitcoin position back down to 4.5%. There is also a hard cap of 20% on Bitcoin’s weight.

On cost, the research shows expense ratios reported as low as 0.09%.

Background: Franklin’s growing Bitcoin shelf These funds build on infrastructure Franklin already has. Its spot Bitcoin ETF, EZBC, has drawn approximately $335 million in net inflows.

EZBC now gets a second job as the Bitcoin engine inside these new equity funds.

What this means FIBT deserves a closer look on one front. Growth-oriented, tech-heavy companies often pay smaller dividends than broad large-cap names, so the Bitcoin accumulation engine may run slower there than in FBEQ.

The quarterly trim cuts the other way. When Bitcoin outperforms, the index sells some of it back down to 4.5%, so these funds will not be pure buy-and-hold vehicles for the asset.

The launch timeline puts the answer in the hands of the market fairly soon after October 27, 2026.

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

Crypto analyst Yi Lihua, also known as JackYi, shared today the importance of patience in the face of market fluctuations. He stated that he believes more attractive buying opportunities may emerge in the future.

Yi cited the past period when Ethereum fluctuated around $3,000 for an extended period as an example. He noted that investors who couldn’t withstand the price movements and rushed into buying were able to do so before the decline was complete.

The analyst, who also viewed the prolonged volatility seen after Bitcoin’s pullback from the $86,000 region within the same context, stated that he considers it important for individuals to be able to control their own trading impulses during the current process.

Another noteworthy part of the post was the assessment that the era of easy gains in the cryptocurrency sector is over. According to Yi, simply waiting for the next surge isn’t enough to achieve returns above the market average; knowledge, judgment, and psychological resilience are also required.

However, the investor did not share a specific Bitcoin or Ethereum price for new buying opportunities. Therefore, the statement does not contain a definitive bottom prediction or a call to buy at a particular level.

*This is not investment advice.

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