Bitcoin is now trading over $83,000, and the Fear and Greed Index has risen to 68, firmly in the "Greed" territory for the past month.
Risk appetite seems to be returning.
Data: CoingeckoThe surge, driven by ETF inflows and economic hopes, is extremely fragile internally, although the index doesn't fully reflect this.
Ethereum ETF outflows differ significantly from Bitcoin outflows.
The 'Selective Return' of ETF Flows
US spot Bitcoin exchange-traded funds saw a dramatic change in fortunes around the middle of September.
There was a significant change from cumulative net outflows of $5.8 billion year-to-date in July to net inflows of around $934 million by late September, with over $3 billion coming in eight days.
An astounding $1.2 billion poured into BlackRock's IBIT in the span of a week, while $702 million poured into Fidelity's FBTC.
As a result of that rise, Bitcoin's price jumped from below $80,000 to approximately $87,000 again.
As October began, the pattern turned around again.
The largest one-day net outflow since June 25th occurred on October 8, reaching $484.9 million. A further $244 million was removed the day after that.
The most prominent assets that were withdrawn were FBTC (Fidelity) and IBIT (BlackRock).
The underlying dynamics of contemporary ETF flows are revealed by this "surge in, retreat fast" pattern. Rather than reflecting long-term structural allocations, they reflect macro trades.
According to Crypto Briefing, hedge funds may have taken a back seat.
On the other hand, Motley Fool said that basis trades – buying ETF shares and shorting futures to profit on the spread – may have contributed to some of the inflows. That kind of money reacts very quickly to interest rate forecasts.
There is a general trend for the macro environment to change at a faster rate than it came.
Macro 'False Breathing Room'
It was easy to see the main reason for the influx. To control liquidity in light of increasing bond yields, US Treasury Secretary Bessent unveiled a plan to increase bond purchases in August.
Bitcoin has been positioned by the market as a hedge against inflation and interest rate volatility.
On the other hand, the backing from the macro is starting to fade.
Despite a downward adjustment to August's numbers, nonfarm payrolls added just 29,000 jobs in September, much below expectations.
There is no pressing need to increase rates, according to Fed Vice Chair Jefferson and Governor Bowman.
There has been a marked decrease in market price for an increase in October, with December now seeming more likely. The problem is that a rise in risk assets cannot be sustained by only expecting peak rates.
Compared to its starting price of $87,722 at the beginning of the year, Bitcoin is now trading close to its opening price, ranging from $83,000 to $84,000. The "ETF average entry cost" and the prior technical peak, according to experts, will converge at $83,000.
The on-chain accumulation zone is at $77,000, and the 200-day moving average is near $72,000, so a breach of that level would signal that trend.
Ethereum: Structural Absence of an Institutional Narrative
Ethereum has experienced a notable recovery; nonetheless, when contrasted with Bitcoin, the amount of institutional involvement is far lower. As compared to Bitcoin ETFs, which have recovered around two-thirds of their outflows, Ethereum ETFs have only recovered around a third.
Bitcoin is being positioned by institutions as a "strategic balance-sheet allocation asset," with pricing characteristics that resemble commodities, according to research from JP Morgan.
This is the underlying reason for the gap.
The future of Ethereum is dependent on Layer 2 scalability, staking yield, and DeFi ecosystems, all of which are at odds with what institutional investors want: stability and liquidity.
By comparing Ethereum to Amazon in 2001, Standard Chartered's Geoff Kendrick hoped to shed light on the misalignment between the price of ETH and its underlying network fundamentals.
Even if the number of transactions and total value locked in ETH are around record highs, the price has fallen about 57%. Another problem with that comparison is that in the end, cash flow and profitability were what Amazon's "internal metrics" measured.
Whether Ethereum's network activity can be used in a similar way is still up in the air.
Two major events must occur before Bitcoin's price can reach $150,000, and the Ethereum-to-Bitcoin ratio can rise from 0.03 to 0.04 for Tom Lee's $6,000 prediction to materialize.
This would require Bitcoin's value to nearly double in just two months at the current price levels.
Presently, the Kalshi prediction markets are pricing at 5%.
The Cost of Greed
On the Fear and Greed Index, a score of 68 can be deceiving. Instead of a strong capital structure, it shows price momentum.
A combination of factors, including Bitcoin ETF flows' unpredictable volatility, Ethereum's lack of an appealing institutional story, and XRP and Dogecoin's dependence on market sentiment, suggests that the current risk appetite is more tactical than strategic.
The $83,000 price of Bitcoin is in the middle of the pack between the ETF cost line and its price at the beginning of the year.
The possibility of further Federal Reserve rate hikes may decrease if the Consumer Price Index report on October 14 shows that inflation is under control, which might offer risk assets a short reprieve.
But if the CPI surprises lower than expected, investors may sell their ETF holdings faster due to the unwinding of basis bets, sending Bitcoin soaring toward the on-chain accumulation zone of $77,000.
These fundamental problems go unnoticed by the Greed Index. The movement of capital will.
What Other Technical Indicators Show
TradingView's technical analysis overview for the coming week based on key data from moving averages, oscillators, and pivots points to a buy signal.
While long-term sub indicators show strong buy bias, short-term gauges of oscillators point to a sell signal.
Source: TradingViewSeparately, InvestTech's Algorithmic Overall Analysis gave a hold score, and the research gave a weak negative score for its one-six week recommendation.
InvestTech said, "Bitcoin has broken through the floor of a rising trend channel in the short term. This indicates a slower rising rate at first, or the start of a more horizontal development. The currency is moving within a rectangle formation between support at $82,357 and resistance at $85,672. A decisive break through one of these levels indicates the new direction for the currency."
Source: InvestTechThe research added, "The currency has support at points 81000 and resistance at points 86000. The RSI curve shows a falling trend, which could be an early signal of the start of a falling trend for the price as well. The currency is overall assessed as technically slightly negative for the short term.”
PYTH rose more than 13% and reached $0.09 on October 12, pushing above its September high while bringing the token to its first major barrier since the recovery began.
Key Takeaways
PYTH has moved beyond its September high after leaving a months-long trading range.
The next daily close could give a hint whether $0.09 can try to become support.
$0.070-$0.076 is the first support band beneath the advance.
Pyth DAO now directs all eligible product revenue it receives toward PYTH purchases.
PYTH’s recovery has reached its first serious barrier
PYTH traded near $0.089 after reaching about $0.091 at the time of writing on October 12. The move extended beyond the $0.063-$0.065 area that limited the September rally and left the $0.030-$0.060 range where the token spent much of the summer.
That earlier range matters because it separates the latest advance from the long period of sideways trading that preceded it. Price now sits above the 50-day, 100-day and 200-day moving averages, while the 50-day average near $0.064 has turned into the closest moving-average reference below the market.
Pyth Network daily technical analysis / Chart source: TradingView, PYTH/USD, October 12, 2026.
The immediate question sits around $0.090-$0.091. PYTH traded into that horizontal area during the day, but the candle remained open. A close above it would show that buyers have carried the move beyond the first obstacle; a return beneath it would leave the recent gain as an attempt rather than a completed breakout.
A pause would bring two nearby support areas into play
Strong rallies can pause without undoing the wider recovery. In PYTH’s case, the first pullback zone lies between $0.070 and $0.076, where price consolidated after its initial September run. A hold there would preserve the pattern of higher lows behind the latest advance.
How to read the next move
$0.070-$0.076: the recent consolidation area and the first zone where a pullback could settle.
$0.063-$0.065: the rising 50-day average and the former September ceiling.
$0.112-$0.122: the next visible resistance range target if PYTH establishes itself above the current barrier.
The deeper 100-day and 200-day averages remain near $0.05. They support the broader improvement in trend, though the nearer two zones will matter more if traders take profit after the rapid rise.
Pyth’s newest buyback rule gives product growth a clearer link to PYTH
Pyth’s token economics provide a separate reason why the rally has attracted attention.
On October 8, Pyth announced that its DAO had passed OP-PIP-136, known as the “100% Rule”. The policy directs 100% of the eligible funds the DAO receives from Pyth products into open-market PYTH purchases for its reserve. It replaces the earlier process, under which one-third of the DAO’s non-PYTH balance was allocated through recurring votes.
The wording sets an important limit. The rule applies to the funds that reach the DAO, rather than every dollar of gross product sales across the Pyth ecosystem. Purchased tokens also enter the reserve; they are not automatically burned or distributed to holders.
That gives the network’s commercial activity a more direct route to the token than the previous framework. Pyth said the first purchases under the new authorisation were executed on September 30, while its reported September annual recurring revenue reached $11.5 million. The figures describe the scale of the model, not a guaranteed level of future buying.
The data marketplace is the business source behind that model
Pyth’s Data Marketplace launch in April added Euronext FX, Exchange Data International, Fidelity Investments, OTC Markets Group, SGX FX and Tradeweb as publishers. The service allows institutions to distribute data such as foreign-exchange benchmarks, ETF valuations and over-the-counter pricing while keeping control over attribution and commercial terms.
That announcement predates the October price move, so it cannot establish why PYTH rose today. Its relevance lies in the new buyback policy: the Marketplace is one of the products whose eligible revenue can feed the DAO reserve. Continued use of those products, rather than the publishers’ names alone, will determine whether the policy creates a meaningful source of recurring purchases.
The closing price may define the next stage
PYTH has already moved above September’s high, giving the recovery a stronger structure than its earlier rallies. A confirmed break through the current barrier would place the $0.112-$0.122 range on the chart’s horizon, while a retracement that holds the first support band would leave the wider uptrend intact.
This article is for informational purposes only and does not constitute investment or trading advice. Technical levels are approximate and do not guarantee future price movements.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem.
His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Starknet (STRK), LayerZero (ZRO), and NEAR Protocol (NEAR) are the top 3 altcoins of the week by CoinGecko’s seven-day gains. However, the biggest gainer now shows the weakest chart.
STRK rose 81.7% over seven days, ZRO added 21.7%, and NEAR gained 12.3%. Bitway (BTW) ranked second but trades on thin volume, and was recently covered by BeInCrypto’s weekly series.
Top 6 altcoins by seven-day gains. Source: CoinGeckoSTRK Price Faces Further Decline After 80% Weekly RallyLast week, STRK printed a weekly candle of nearly 110%. The rally stalled near $0.12.
Technical Indicators: Weekly RSI dropped from an overbought 77 to 65, showing that buying momentum is weakening. An October 15 token unlock of 127 million STRK could add selling pressure. Price Projection: If STRK falls below $0.083, the next downside target is $0.06. However, a recovery above $0.12 could push the price toward $0.151 and potentially $0.181. STRK weekly chart. Source: TradingViewZRO Price Targets $3 as Buying Momentum GrowsZRO trades at $2.40, up 17.8% in 24 hours. It has moved above the important $2.19 resistance level, which has repeatedly blocked rallies for more than a year.
Technical Indicators: Weekly RSI has reached 72, suggesting strong buying momentum but also a risk of overheating. Trading volume is at its highest since February, supporting the rally. Price Projection: A weekly close above $2.19 could push ZRO toward $2.54–$2.60. Breaking that resistance could open the way to $3.04. However, renewed selling could send the price back toward $1.84, followed by $1.41. ZRO weekly chart. Source: TradingViewNEAR Price Could Rally Another 18% if Support HoldsNEAR trades at $5.63, up 4.8% in 24 hours. Despite a roughly 5% decline this week, the token remains above its important $5.42 support level.
Technical Indicators: Weekly RSI has remained near 75 for four weeks, showing sustained buying strength but also an increased correction risk. Strong trading volume during September’s breakout supports the bullish trend. Price Projection: If NEAR holds above $5.42, it could climb toward $6.66, an approximately 18% gain. However, losing this support could trigger a decline toward $4.54. A deeper correction could take prices toward $3.10–$3.35. NEAR weekly chart. Source: TradingViewOverall, ZRO and NEAR show stronger bullish momentum, while STRK faces a higher risk of further correction after its sharp rally.
However, all three tokens are approaching critical price levels that could determine their next move.
For traders, the key will be whether buying volume remains strong enough to push prices above resistance or whether profit-taking triggers a deeper pullback.
In brief
The Crypto Fear and Greed Index fell to 56 (neutral) on Monday from 67 a week earlier and an Aug. 26 peak of 82, the highest reading of the year.
Bitcoin dropped about 6%, from $86,978 to $81,749.83, as oil topped $101, the 30-year Treasury yield reached 5.70% and spot.
Myriad traders now give 45% odds of Biticoin hitting $87,500 and 56% odds of BTC dropping to $80,000 in October, both lower than on Oct. 7.
After a red hot summer lifted Bitcoin and the rest of crypto out of a brutal bear market, sentiment has now clearly shifted, bucking typically reliable seasonal trends.
Bitcoin is now trading just above $82,000, down close to 5% for the week, and the cryptocurrency market’s Fear and Greed Index fell to 56 on Monday, a “neutral” reading, after reaching “extreme greed” in late August.
Myriad: How low will Bitcoin go? Click to make your prediction.The Fear and Greed Index is a 0-to-100 gauge that measures investor appetite, where 0 is extreme fear and 100 extreme greed. The index peaked at 82 on Aug. 26, its high for the year, and read 68 a month ago.
Bitcoin peaked at $86,978 early last week and slid as low as $81,749.83 on Oct. 8, a drop of about 6%, before recovering to roughly $83,800 on Monday. That leaves the largest cryptocurrency about 34% below its all-time high of above $126,000, set on Oct. 6, 2025 back when extreme greed was the norm.
That slide marked a rough stretch that extended until August of this year. The August rally led to a 24.9% increase in the price of Bitcoin, enough for industry participants such as Fundstrat co-founder and Bitmine Chairman Tom Lee and Crypto Quant’s Kim Yong Yu to announce the end of the bear market.
But the increased appetite for crypto bets has now cooled, at least for now, as the Fear and Greed Index indicates.
Spot Bitcoin ETFs lost $484.9 million last week on Wednesday, their worst day since June, and another $244.1 million the following day. A $21.1 million inflow on Friday left the funds down a net $386.3 million for October while Ethereum funds extended their outflow streak to nine days, with $635 million out this month.
In terms of catalysts, macroeconomic headwinds have weighed on Bitcoin and the rest of crypto.
Brent crude topped $101 a barrel last week as ship attacks around the Strait of Hormuz piled up, and the 30-year Treasury yield hit 5.70%, its highest since 2002. Stocks, gold and Bitcoin sold off together that day, which points to a macro trade rather than a crypto problem. Brent is trading near $110 today, even after President Donald Trump said the U.S. would not engage in war at least until November.
Oil is an input cost for shipping, manufacturing, farming and travel, so a sustained jump in crude tends to filter into consumer prices. Higher inflation makes it harder for the Federal Reserve to cut interest rates and more likely to raise them, which is the path the central bank's latest minutes describe.
Bond investors respond by demanding higher yields, since inflation erodes the fixed payments Treasuries make. Because the Treasury yield is the benchmark "risk-free" return, a 30-year paying 5.70% pulls money away from riskier bets and raises borrowing costs across the economy. Bitcoin pays no yield and trades alongside stocks as a risk asset, so rising yields and rate-hike expectations tend to push it lower, as they did on Oct. 7.
The background likely explains why the Fear and Greed Index has dropped so much. Traders are more cautious, especially with high risk assets such as Bitcoin.
Traders on Myriad, a prediction market developed by Decrypt's parent company Dastan, give Bitcoin a 45% chance of touching $87,500 in October. That is down from 55% on Oct. 7. The odds of Bitcoin reaching $90,000 have slipped to 28% from 36%.
Myriad traders are also now pricing in 56% odds that Bitcoin drops to as low as $80,000, followed by 33% odds for a drop to $77,500 and 20% odds on $75,000.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief
The Crypto Fear and Greed Index fell to 56 (neutral) on Monday from 67 a week earlier and an Aug. 26 peak of 82, the highest reading of the year.
Bitcoin dropped about 6%, from $86,978 to $81,749.83, as oil topped $101, the 30-year Treasury yield reached 5.70% and spot.
Myriad traders now give 45% odds of Biticoin hitting $87,500 and 56% odds of BTC dropping to $80,000 in October, both lower than on Oct. 7.
After a red hot summer lifted Bitcoin and the rest of crypto out of a brutal bear market, sentiment has now clearly shifted, bucking typically reliable seasonal trends.
Bitcoin is now trading just above $82,000, down close to 5% for the week, and the cryptocurrency market’s Fear and Greed Index fell to 56 on Monday, a “neutral” reading, after reaching “extreme greed” in late August.
Myriad: How low will Bitcoin go? Click to make your prediction.The Fear and Greed Index is a 0-to-100 gauge that measures investor appetite, where 0 is extreme fear and 100 extreme greed. The index peaked at 82 on Aug. 26, its high for the year, and read 68 a month ago.
Bitcoin peaked at $86,978 early last week and slid as low as $81,749.83 on Oct. 8, a drop of about 6%, before recovering to roughly $83,800 on Monday. That leaves the largest cryptocurrency about 34% below its all-time high of above $126,000, set on Oct. 6, 2025 back when extreme greed was the norm.
That slide marked a rough stretch that extended until August of this year. The August rally led to a 24.9% increase in the price of Bitcoin, enough for industry participants such as Fundstrat co-founder and Bitmine Chairman Tom Lee and Crypto Quant’s Kim Yong Yu to announce the end of the bear market.
But the increased appetite for crypto bets has now cooled, at least for now, as the Fear and Greed Index indicates.
Spot Bitcoin ETFs lost $484.9 million last week on Wednesday, their worst day since June, and another $244.1 million the following day. A $21.1 million inflow on Friday left the funds down a net $386.3 million for October while Ethereum funds extended their outflow streak to nine days, with $635 million out this month.
In terms of catalysts, macroeconomic headwinds have weighed on Bitcoin and the rest of crypto.
Brent crude topped $101 a barrel last week as ship attacks around the Strait of Hormuz piled up, and the 30-year Treasury yield hit 5.70%, its highest since 2002. Stocks, gold and Bitcoin sold off together that day, which points to a macro trade rather than a crypto problem. Brent is trading near $110 today, even after President Donald Trump said the U.S. would not engage in war at least until November.
Oil is an input cost for shipping, manufacturing, farming and travel, so a sustained jump in crude tends to filter into consumer prices. Higher inflation makes it harder for the Federal Reserve to cut interest rates and more likely to raise them, which is the path the central bank's latest minutes describe.
Bond investors respond by demanding higher yields, since inflation erodes the fixed payments Treasuries make. Because the Treasury yield is the benchmark "risk-free" return, a 30-year paying 5.70% pulls money away from riskier bets and raises borrowing costs across the economy. Bitcoin pays no yield and trades alongside stocks as a risk asset, so rising yields and rate-hike expectations tend to push it lower, as they did on Oct. 7.
The background likely explains why the Fear and Greed Index has dropped so much. Traders are more cautious, especially with high risk assets such as Bitcoin.
Traders on Myriad, a prediction market developed by Decrypt's parent company Dastan, give Bitcoin a 45% chance of touching $87,500 in October. That is down from 55% on Oct. 7. The odds of Bitcoin reaching $90,000 have slipped to 28% from 36%.
Myriad traders are also now pricing in 56% odds that Bitcoin drops to as low as $80,000, followed by 33% odds for a drop to $77,500 and 20% odds on $75,000.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
After surpassing $84,000 during the day, Bitcoin retreated back to $82,000, and the recent recovery has shifted attention to critical resistance levels.
At this point, the analysis firm QCP Capital states that Bitcoin has found strong support around $80,000 and the most critical resistance ahead is $87,000. The analyst also notes that if BTC experiences a sustained breakout above $87,000, the price could test $94,000.
Selling Pressure on Bitcoin is Decreasing! In its latest assessment, QCP Capital noted that a year has passed since the historic liquidation wave in the cryptocurrency market on October 11 last year, and that Bitcoin has shown a more stable appearance in recent months.
At this point, the analytics firm noted that although recent news of the US government’s large-scale Bitcoin transfers and attacks on Ledger hardware wallets has created concern in the market, a sell-off on the expected scale has not materialized.
According to the company, although Bitcoin has struggled to break above the $87,000 level in recent days, it is holding onto its support around $80,000.
Bullish Expectations Dominate the Options Market! The analysis firm also examined the options market and stated that options indicators suggest a decrease in investor demand for hedging against downside risks.
At this point, QCP Capital noted that there is significant open interest in bullish butterfly spreads expiring at the end of October, with strike prices of $90,000, $95,000, and $100,000. This suggests that expectations for Bitcoin reaching higher levels are prominent in the options market.
However, the company noted that implied volatility remains high, adding that uncertainty in price movements persists.
US Inflation Data Could Be Decisive! The analysis company recently stated that there are significant developments this week that could also affect Bitcoin. According to QCP, the US Consumer Price Index (CPI) and Producer Price Index (PPI) data to be released this week, along with statements from Federal Reserve officials, are crucial for determining Bitcoin’s direction.
The renewed strengthening of interest rate hike expectations following the CPI and PPI data could put pressure on risky assets. Conversely, positive data and market conditions, along with sustained price action above $87,000, could bring the $94,000 target into focus.
*This is not investment advice.
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Starknet’s (CRYPTO: STRK) native token led weekly cryptocurrency gains as the network weighs a shift from an Ethereum (CRYPTO: ETH) Layer 2 to a standalone Layer 1 blockchain.
The L2 to L1 BuzzSTRK rallied 82% to emerge as the week’s top-performing cryptocurrency, leaving heavyweights such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the dust.
The coin’s market capitalization has more than doubled in the last 4 days, rising from $360 million to $807 million.
Gains were largely concentrated over the weekend after the network unveiled its long-term vision for safeguarding the protocol against a potential quantum threat.
CEO Eli Ben-Sasson said Starknet is actively considering transitioning to a Layer-1 for post-quantum agility instead of waiting on the timeline of Ethereum, the base layer.
Read Next
Quantum Risks in MindGains were largely concentrated over the weekend after the network unveiled its long-term vision for safeguarding the protocol against a potential quantum threat.
CEO Eli Ben-Sasson said Starknet is actively considering transitioning to a Layer-1 for post-quantum agility instead of waiting on the timeline of Ethereum, the base layer.
“The advantage would be control over the network’s security migrations, rather than having to wait for Ethereum or Bitcoin to move first,” Ben-Sasson said.
Read Next
Photo: Sebastian Duda on Shutterstock.com
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The fund's study of Ondo and xStocks tokens found most trades are for less than one share, and their overnight moves show up in the real stocks minutes after the open.
The IMF finds most tokenized stock trading happens after hours
Posted October 12, 2026 at 5:38 am ET.
More than half of all trading in tokenized U.S. stocks happens while Wall Street is closed, according to new data from the International Monetary Fund.
The figure comes from the tokenization chapter of the IMF’s Global Financial Stability Report, which the fund released on Oct. 8. Titled “Scaling Tokenization: New Efficiencies, New Vulnerabilities,” the chapter puts the tokenized equity market at about $2.3 billion as of July 31, a small slice of roughly $65 billion in publicly tokenized real-world assets outside of repo.
To measure how that market behaves, IMF staff studied five of the most liquid tokens issued by Ondo Finance and Backed Finance’s xStocks, which track the S&P 500, the Nasdaq, Tesla, Google and Nvidia. The sample spanned 11 venues and 365 trading days and was worth about $345 million, or roughly 15% of the market. Ondo and Backed together hold more than 70% of tokenized equity value, and their products target investors outside the U.S. Ondo, for example, expanded its tokenized stock platform to BNB Chain for users in Asia and Latin America.
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Retail Buyers Trade Around the Clock
About 80% of the trades studied were for less than a single share, which the IMF read as a sign that small retail investors dominate. The IMF said in the report that round-the-clock access is “not merely a technical feature but a source of demand,” especially among investors in time zones far from New York.
The tokens also appeared to carry useful price information. Within five minutes of the U.S. opening bell, the underlying stocks absorbed more than 87% of the move their tokenized versions had made overnight, the IMF found.
Thinner Markets, Bigger Swings
Realized volatility on tokenized venues ran about 1.5 times that of the traditional shares. Liquidity was weakest on decentralized exchanges, with centralized exchanges in between. Prices still tracked the underlying stocks closely, especially on busier venues.
The IMF said “tokenized equity markets are so far less liquid, more volatile, and more fragmented than traditional ones,” mainly because the market is small. The IMF said its “empirical findings should be interpreted with caution.”
“For now, systemic risks remain limited,” the IMF said. Its policy recommendations include asking authorities to “design circuit breakers and liquidity safeguards for tokenized trading environments” and to regulate under the principle of “same activity, same risk, same regulatory outcome.”
The IMF said the central question is “whether tokenized market infrastructure, legal foundations, liquidity arrangements, and risk controls are adequate if tokenization were to achieve broader adoption.”
Related Listen: Should Stock Tokens Be Limited to KYC’d Users? Or Be Tradeable by Anyone?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Before the latest market sell-off, Ondo Finance [ONDO] had been on a downward trajectory, falling from $0.60 to $0.43.
Since then, bulls have pushed for a reversal. The altcoin recorded higher daily closes for five consecutive days, breaking above the $0.50 resistance.
At press time, ONDO traded around $0.52 after gaining 8% over 24 hours. Trading Volume rose 58%, pointing to renewed market activity.
The rebound brought $0.60 back into focus, while Ondo’s growing tokenized-stock business offered another talking point.
What did the IMF say about Ondo?
Ondo Finance’s expansion into traditional finance drew attention from the International Monetary Fund [IMF].
According to the report cited, Ondo and its backed entities controlled over 70% of the $2.3 billion tokenized-stock market. The value of Ondo’s tokenized stocks grew 26% over the past month, crossing $1.3 billion. Its total tokenized assets exceeded $4 billion.
Source: RWA.xyz
Even so, the IMF warned of illiquidity and volatility. Demand remained concentrated among retail traders and outside traditional trading hours, with limited participation from large investors.
The IMF recommended round-the-clock circuit breakers and closer monitoring of links with traditional finance. For ONDO holders, that raised a separate question: was the token’s recovery attracting sustained buying interest?
Are ONDO exchange outflows supporting the rebound?
ONDO’s Spot Netflow turned negative and stayed there for two consecutive days. On the 12th of October, it reached -$2.5 million, indicating that exchange outflows exceeded inflows.
Source: CoinGlass
Those withdrawals could reduce the supply available for immediate sale, potentially supporting the rebound.
However, negative Spot Netflow alone does not establish fresh buying. It shows tokens leaving exchanges, while investors’ reasons for withdrawing remain unclear.
Ondo’s product growth could strengthen interest in the ecosystem. Whether that translates into sustained ONDO demand remains an open question.
Can ONDO extend its recovery toward $0.60?
After days of weakness, ONDO’s momentum indicators pointed to buyers gaining ground. The Positive Directional Indicator [DI+] rose from 18 to 21, while the Negative Directional Indicator [DI-] fell from 16 to 13.
Meanwhile, the Stochastic Momentum Index [SMI] formed a bullish crossover and continued rising out of the bearish zone.
Source: TradingView
Together, these signals suggested improving bullish momentum, though the recovery still depended on buyers defending $0.50.
Holding that level could support another test of $0.60. A break above that resistance could open the path toward $0.66 and $0.70 in the weeks ahead. Conversely, losing $0.50 would weaken the bullish setup and could expose $0.45.
Final Summary
ONDO price rose 8% to around $0.52, with $0.50 support and $0.60 resistance defining its next test.
Exchange outflows and improving momentum supported the recovery, while the IMF flagged tokenized-stock liquidity risks.
12 October 2026 | 12:48 LayerZero’s ZRO token rose more than 15% on October 12, bringing price back to a historical resistance area near $2.45-$2.60 after a sharp recovery from its summer lows.
Key Takeaways ZRO has moved into a $2.45-$2.60 multi-month resistance range. The range’s upper edge stopped many earlier rallies. $2.09-$2.15 is the first Fibonacci area beneath the advance. RSI above 75 shows strong but extended momentum. Testing a resistance range that has held since May ZRO traded near $2.44 after reaching about $2.48 on the daily chart. That brought it into the lower edge of the $2.45-$2.60 range, where price has encountered selling pressure before.
ZRO approaches channel resistance. The shorter-term structure has improved since mid-September. ZRO has broadly moved within a rising channel, with each meaningful pullback ending above the previous one. Several wicks have crossed its boundaries during volatile sessions, but the direction remains upward while that sequence of higher lows holds.
The wider chart places the current move in a more demanding context. ZRO reached the $2.58-$2.60 area three times since May 2025 and failed to hold above it on each occasion. Buyers have therefore pushed price back to a familiar supply area, but they have not yet shown that it can become support.
ZRO revisits multi-month resistance. Chart source: TradingView, ZRO/USD, October 12, 2026. Support levels show how much room the rally has A move deeper into the range would be progress, but a close through its upper boundary and a later retest would offer a more convincing breakout signal. If sellers take control first, the Fibonacci structure identifies the areas where the September recovery could try to stabilise.
ZRO’s price map
$2.45-$2.60: The current multi-month resistance range. A close above the upper edge would change the larger setup.
$2.09-$2.15: The 0.236 Fibonacci area and the first band that needs to absorb a pullback.
$1.85-$1.90: The 0.382 Fibonacci level and an early-October reaction area. Holding it would preserve the broader recovery after a deeper retracement.
$1.67-$1.70, then $1.50-$1.52: The 0.50 and 0.618 Fibonacci areas if selling extends further.
Momentum supports the advance, while volume still needs a close ZRO remains well above its 50-, 100- and 200-day moving averages, which form a deeper support cluster around $1.10-$1.40. That alignment supports the medium-term recovery, although those averages sit too far below price to decide whether the present move can hold over the next few sessions.
Daily RSI stood above 75 and remained above its smoothing line. The reading reflects the force of the rally, while also showing that price has advanced quickly into a difficult area. RSI can remain elevated during a strong trend, so the response at resistance carries more weight than the indicator alone.
Trading activity has increased during the recovery. The latest daily volume bar was still developing, however, meaning it cannot yet confirm broad participation in a sustained breakout. A completed close near the top of the range with firm volume would carry more weight than an intraday push.
Buybacks provide a separate backdrop for ZRO demand The chart sets the immediate decision, while LayerZero’s token economics offer a separate perspective on longer-term demand. The LayerZero Foundation’s buyback dashboard lists Stargate revenue-funded purchases as active, with about 2.54 million ZRO acquired at a cumulative reported cost basis of roughly $3.68 million.
The dashboard records 162,433 ZRO purchased in September. Those purchases show that part of Stargate’s revenue has been directed toward ZRO, but they cannot establish why the token rose on a particular day. Token unlocks and holder sales can still outweigh buyback demand, while LayerZero’s separate protocol fee switch remains inactive.
LayerZero is also developing financial-market infrastructure, including ATLAS. Our earlier look at LayerZero’s Anchorage connection and ATLAS plans explains how those products could broaden the network’s use cases. Their effect on ZRO will depend on adoption and fee generation rather than product announcements alone.
The close will show how far the rally has progressed ZRO has reached the lower edge of a range that contained several earlier advances. A sustained move above the range would give the rally a stronger foundation, while a retreat that holds $2.09-$2.15 would still leave the September uptrend in place. Losing that first band would shift attention toward the deeper Fibonacci zones.
This article is for informational purposes only and does not constitute investment or trading advice. Technical levels are approximate and do not guarantee future price movements.
Author
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
LayerZero (ZRO) has surged nearly 15% to $2.37 on October 12, 2026, as increased trading activity has pushed the cryptocurrency toward the $2.50 resistance level.
Summary
LayerZero traded near $2.37 on October 12, gaining 14.91% over the previous 24 hour period. ZRO gained 23.80% over seven days, while its market capitalization approached $940 million on Monday. Trading volume reached roughly $158 million, indicating increased market activity during the latest price rally. Technical analyst Crypto With Gopal identified $2.50 resistance and warned of potential downside below $2.00. LayerZero announced Blockaid security integration on October 8, introducing additional verification for cross chain messages. According to CoinGecko market data, ZRO gained 14.91% within 24 hours and 23.80% over the past week, with its market capitalization reaching approximately $940 million. The token traded between $2.01 and $2.48 during the daily session, bringing its price close to the upper end of its seven-day range of $1.89 to $2.48.
Trading activity increased during the rally, with the supplied market snapshot placing 24-hour volume at $158.67 million. A separate CoinGecko reading showed $144.65 million in volume, representing a 163.10% increase from the previous day. The different figures reflect changing market snapshots, while both readings indicate increased trading activity.
LayerZero price approaches $2.50 as trading volume rises The latest advance has brought ZRO closer to a technical resistance area that analysts are monitoring. Binance daily chart data supplied for October 12 placed the token at $2.373, with an intraday high of $2.483 and a daily gain of 12.20% at the time of observation.
Price action has continued recovering from the August lows near $0.75. Despite the recent rally, CoinGecko’s historical figures show ZRO trading nearly 68.4% below its all-time high of $7.47. The token remains more than 233% above its record low of $0.7071.
The price increase has drawn attention to LayerZero’s recent market performance, although the available trading data does not establish a single cause for the rally. Its circulating supply stood near 400 million tokens, placing the cryptocurrency around 83rd by market capitalization in the supplied CoinGecko snapshot.
Crypto analyst Crypto With Gopal identified a rising wedge formation on ZRO’s daily chart. The analyst reported that the token was trading around $2.396 while moving between two upward-sloping trendlines that had begun converging.
$ZRO is climbing inside a Rising Wedge on the daily chart 👀📈
Trading near $2.396, ZRO is up over 13% today, but the narrowing wedge warns that bullish momentum could be losing steam.
⚠️ A breakdown below $2.00 could trigger a pullback toward $1.20. A sustained breakout above… pic.twitter.com/mqWQUiZR1c
— Crypto With Gopal (@cryptowithgopal) October 12, 2026 Although the pattern developed during an upward move, the analyst warned that narrowing price action could indicate weakening buying momentum. The analyst identified a sustained move above $2.50 as a bullish signal, while a breakdown below $2.00 could, in that assessment, open the possibility of a decline toward $1.20. Neither target represents a confirmed future price.
ZRO technical indicators show strong buying momentum Technical readings from the supplied Binance daily chart showed ZRO trading close to the upper Bollinger Band at $2.394. The indicator’s middle band stood at $1.865, while the lower band remained near $1.337.
Bollinger Bands measure price movements around a moving average using volatility-based boundaries. In the supplied chart analysis, the expanding distance between the bands indicated increasing price volatility during the advance. ZRO’s position near the upper band showed that the token was trading toward the top of its recent price distribution.
LayerZero (ZRO) price chart, source: TradingView The Relative Strength Index provided another measure of the rally. The daily RSI reached 74.43, exceeding its moving average of 73.58 and the conventional overbought threshold of 70. The indicator suggested strong recent buying momentum, although an overbought reading alone does not confirm an immediate reversal.
Based on the same technical assessment, the 2.40–2.50 area represents immediate resistance, followed by a possible price barrier around $2.60. A sustained move above those levels would satisfy the bullish breakout condition identified in the analysis.
On the downside, the chart placed the first potential support area near $2.20, followed by the psychological $2.00 level. The Bollinger middle band near $1.865 provided another technical reference if selling pressure increased.
LayerZero’s cross-chain growth draws analyst attention Beyond the latest price action, crypto analyst Jus7Degen identified blockchain interoperability as a central part of the investment case for LayerZero.
In an October 12 assessment, the analyst described ZRO as “one of the clearest infrastructure bets” on the development of a multi-chain cryptocurrency market. The argument centers on LayerZero’s ability to support communication between applications operating on separate blockchain networks.
$ZRO — LayerZero
ㅤ
Crypto is becoming more multi-chain every cycle.
ㅤ
And $ZRO is one of the clearest infrastructure bets on that trend.
ㅤ
LayerZero is an interoperability protocol that helps blockchains and applications communicate with each other.
ㅤ
Save this checklist:… pic.twitter.com/5T0Zefoyso
— Jus7Degen (@Jus7Degen) October 12, 2026 LayerZero’s official technical documentation explains that its messaging infrastructure lets applications transmit information and instructions between supported blockchains. Developers can use the system for token transfers, governance instructions and other actions involving smart contracts on different networks.
The analyst identified Ethereum, Solana, Base, Arbitrum and BNB Chain among the ecosystems where users and liquidity operate. Jus7Degen argued that continued adoption of multiple blockchain networks could support demand for interoperable applications, while warning that competition and security remain risks.
The assessment rated LayerZero’s narrative, utility and adoption at 9/10 each, with medium-high risk and high potential upside. Those scores represent the analyst’s personal assessment, not independently verified measures of network performance or expected investment returns.
LayerZero has reported recent developments involving institutional digital assets. On September 21, Anchorage Digital selected LayerZero as its interoperability partner for bank-issued stablecoins, including Tether’s USAT. As previously reported in related coverage, the arrangement covers the use of LayerZero’s Omnichain Fungible Token standard for cross-chain functionality, with other Anchorage-issued assets identified for future support.
LayerZero expands security tools and sets token deadlines On October 8, LayerZero announced the launch of Bridge Sentinel, a security-focused Decentralized Verifier Network operated by blockchain security company Blockaid.
The company said Bridge Sentinel screens cross-chain messages using real-time threat intelligence before approving their execution. Its checks include suspicious source transactions, addresses associated with malicious activity, unauthorized changes to transaction routes and possible movement of stolen funds.
Asset issuers can require the verifier as part of their security configuration. Under that arrangement, a message cannot complete if Blockaid refuses to provide the required signature. LayerZero described the system as an additional security option for institutions and token issuers using its infrastructure.
Separately, LayerZero’s August 25 ATLAS announcement described plans for ZRO to serve several functions across its Zero blockchain and ATLAS trading infrastructure. The company said ZRO would support network staking and gas payments, while its proposed trading-fee model would allocate 75% of eligible fees remaining after venue rebates to ZRO purchases and burns, following the market creator’s allocation. The arrangement remains dependent on the relevant systems operating as described.
In its September 15 ecosystem update, LayerZero confirmed that Stargate token holders can continue converting STG into ZRO until December 15, 2026. The company said conversions would no longer receive support after that date, following its acquisition of Stargate in 2025.
The same update established the end of October as the target for phasing out support for lower-priority testnets, leaving roughly ten prioritized testnets. LayerZero scheduled the retirement of its V1 Relayer and the closure of its V1 bug bounty for December 15, while increasing its V2 bug bounty to $3.5 million.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Four months is a long time in agent-token land. Our last look at Virtuals Protocol ran on July 22 in three pieces, when the story was a launchpad riding the loudest quarter the agent economy has had. This is the state-of-play the Monday charter asks for: what has actually moved since then, what has not, and what the numbers can honestly support. The short version: the fee engine is real and measurable, the dashboard layer is whatever the dashboard needs it to be this month, and the distance between those two facts is the whole story.
What moved: the fee stack Start with the part the record can carry. Lifetime fees across the protocol sit at roughly $74.3M to $74.6M, a band where third-party trackers and the platform’s own figures agree (DefiLlama; Virtuals dashboards). About 95.6 percent of that, some $71.3M of $74.6M, comes from Base. The protocol has retained roughly $41.7M of lifetime fees, the slice that funds the treasury rather than the other side of the fee switch.
The trailing 30 days are the pulse check, and here the sources disagree in a useful way: one serves $529,198 for the month, DefiLlama serves about $620,000, a spread of roughly 17 percent between trackers. Retained protocol revenue over the same window is about $159,883 per the platform’s own reporting. Job flow backs the fee line: roughly 2.28M completed jobs as of Oct 7 and some 35,750 unique active wallets, both self-reported dashboard figures. The engine is running. The fee chart is the least theatrical asset this ecosystem owns, and it is the one worth watching.
What did not move: the definition problem Then there is the agent count, where the ecosystem carries three answers at once: about 2,000 active ACP production agents, roughly 18,000 ‘ecosystem agents’ as reported in February retrospectives, and 81,908 agents launched in total. These are not three moments on a growth curve. They are three definitions wearing one word, and the largest one is the one that leads the marketing.
The revealing edge case is the ratio between ‘Agentic GDP’ and agent revenue. The dashboards carry Agentic GDP at $481.79M USDC, self-reported, and cumulative agent revenue at $4.08M as of Oct 7, also self-reported. Industry estimates suggest Agentic GDP counts token-trading volume and rides heavy incentive flows; the Revenue Network announced in February is exactly the kind of program that manufactures the first number by subsidizing the second. If roughly $482M of ‘agentic GDP’ has produced $4.08M of agent revenue, then the GDP figure is measuring something closer to subsidized churn than an economy of services. Watch the ratio, not the headline number. It is the one falsifiable tell in the stack.
Token and chains On the market side, VIRTUAL traded around $0.746 on Oct 11 (CoinMarketCap, CoinGecko, CoinLore, Kraken in agreement), a market cap near $483.9M on a circulating supply of about 659M against a 1B maximum, with 24-hour volume near $85M. Against the all-time high of $5.07 that is down roughly 85 percent. Against our July baseline the honest comparison is weaker than anyone would like: the record gives an interpolated estimate near $0.70, reconstructed from adjacent months rather than a clean July print. On that estimate the token is flat to slightly up over the quarter. Price has done nothing dramatic in three months while the fee engine kept running. Read that combination however the incentives suggest.
Chain activity is a shorter paragraph than the dashboards would prefer. Base remains the center of gravity at roughly 95.6 percent of lifetime fees. The multi-chain story is where sourcing diverges again: one thread serves Base, Solana, Robinhood Chain and Arc as active chains, another 2026 timeline lists expansion to XLayer and BNB Chain. No source on the record serves a fee or job split by chain beyond the Base share. The plumbing did move: cross-chain infrastructure shifted to Chainlink CCIP back in June, after the LayerZero exploit, which matters more to a builder than to a price chart.
Builder migration and competitive position Two dispatched questions do not survive contact with the record, and naming that beats filling the space. First, builder migration: the scan serves ‘migration from Solana to Base’ as an industry-report claim with no counts, no dates, and no primary source. This piece claims no migration figure. Second, competitive position: the available comparison set (AgentPad, Clanker, AWE, PAAL AI, alongside broader AI-crypto names like Bittensor and Fetch.ai) comes from listicle-grade material that pairs true launchpad rivals with projects that are not rivals at all. Without share or flow data, ‘leading launchpad’ is a positioning statement, not a finding. If either gap closes with a primary source, the next weekly gets sharper. Until then it stays a gap.
What actually changed since July 22 Strip out what cannot be verified and the quarter’s real moves are few. The ‘Occupy’ launchpad went live on Base on Sep 15, pairing tokens with tokenized stocks and AI-managed treasuries. An iOS app and the Butler tooling (automated trading setups, copy trading, wallet tracking) arrived in the most recent window, per the protocol’s own channels. Jobs and wallets kept grinding upward in the self-reported series. The fee stack stayed in the half-million-a-month band. That is a quarter of product shipping and plumbing, not a quarter of ecosystem breakout.
The read on the slot Does this beat still earn a weekly page? Conditionally, and the condition is the point. What the numbers support is a weekly about a fee-generating protocol with a real engine and a marketing layer that inflates everything it touches. What they do not support is a milestone roundup: the same dashboard screenshots, the same definition drift, the same subsidy-blind GDP number wearing a growth narrative. The slot earns itself if it runs numbers-first every single week: trailing-30-day fees, retained revenue, completed jobs, unique active wallets, price against the all-time high, and the Agentic-GDP-to-agent-revenue ratio, every figure sourced and labeled by class. If a future week cannot fill that table with sourced numbers, that is the week the slot stops earning itself, and this column should say so on the page.
Sourcing note: fee, market and infrastructure figures above run on third-party trackers (DefiLlama, CoinMarketCap, CoinGecko, CoinLore, Kraken) and secondary-market calendars. Agent counts, jobs, wallets, Agentic GDP and retained-revenue splits are platform self-reported. The July price baseline is an interpolated estimate. Agentic GDP composition is an industry estimate. Builder migration and competitor-parity claims are unverified and carried as claims only.
Related Virtuals Protocol’s Three-Layer Stack Aims to Turn AI Agents Into an Economy Virtuals Ecosystem: Tokenized Agent Revenue & Market Dynamics The Machine as Buyer: Virtuals ACP and the Evaluator Problem
According to TradingBeats monitoring, Hyperliquid whale address 0xec4a…cf62 opened new long positions in BTC, ETH and NEAR today. Estimated based on average entry price, the nominal position size is approximately $28.8 million; current position value stands at around $29.04 million, nearly reaching $30 million, with an unrealized profit of about $243,000.
Specifically, the address first bought 200 BTC in batches earlier today, at an average entry price of roughly $83,604.5, using 40x full leverage. It then purchased 4,000 ETH at an average entry price of ~$2,536.23, applying 25x full leverage. Meanwhile, it opened and added to NEAR long positions, now holding around 332,000 NEAR at an average entry price of ~$5.81, with 10x full leverage.
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It offers two primary configurations: The first is a CPU-only rack powered by 6th Gen AMD EPYC processors, supporting up to 32,768 CPU cores, designed for hyperscale deployments, providing dedicated computing power for agent tasks and connecting to separate model inference infrastructure. The second is an integrated rack combining AMD EPYC CPUs, AMD Instinct MI350P GPUs, and general-purpose compute nodes, targeted at enterprise-grade agent AI applications.
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According to TradingBeats monitoring, a whale address 0x706d…1d6f on Hyperliquid holds 94 BTC short positions, with the position valued at approximately $7.88 million. The position uses 40x full leverage, has an average entry price of around $83,517.2, and is currently facing an unrealized loss of roughly $31,000.
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Viewpoint: Bitcoin needs to demonstrate buying power above $80,000; otherwise, it may further correct to the range of $76,000 to $78,000.
Renowned trader Killa posted that Bitcoin is currently retesting the price range it broke through earlier, and the market needs bulls to actively buy at current levels to confirm the range still holds support. If BTC breaks below the range again and fails to reclaim it, this could signal a breakdown in the current structure, leading to a further pullback below $80,000. Killa noted that roughly $2 billion in liquidations have already hit the market, so there is no need to sweep previous lows again to secure liquidity. If prices continue to weaken, this would instead indicate market weakness rather than bulls building up strength. He warned that the defense around $80,000 earlier may have only lured traders into positions, after which prices could still dip to the $76,000 to $78,000 range; if Bitcoin hopes to continue its upward trajectory, buying activity in the current area will be critical.
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It offers two primary configurations: The first is a CPU-only rack powered by 6th Gen AMD EPYC processors, supporting up to 32,768 CPU cores, designed for hyperscale deployments, providing dedicated computing power for agent tasks and connecting to separate model inference infrastructure. The second is an integrated rack combining AMD EPYC CPUs, AMD Instinct MI350P GPUs, and general-purpose compute nodes, targeted at enterprise-grade agent AI applications.
AMD states that Helion supports both liquid and air cooling configurations, allowing customers to adjust CPU and GPU resources based on their workload, performance, power consumption, and cost needs. The solution also integrates open-source software and hardware plus a built-in token router, enabling the distribution of agent model calls to both frontier and open-source models.
AMD plans to submit the Helion specifications to the OCP for further community development and adoption. Currently, the solution is being developed in collaboration with ecosystem partners, with a launch scheduled for November 2026.
TLDR: Hyperliquid matches orders block by block and prioritizes cancellations within each block, says Xu. Xu links Hyperliquid’s order book depth to its market maker friendly design versus many exchanges. Xu says the design offers another approach for long-tail assets that have limited liquidity. Xu blames the October 10 liquidations partly on USDe being treated like a stablecoin as collateral. Star Xu says the Hyperliquid matching engine is more market maker friendly than the systems used by centralized exchanges. The OKX founder shared the view on the New Era Finance Podcast with host Michael.
He said Hyperliquid matches orders block by block and gives cancellations priority within each block. Market makers can therefore cancel orders ahead of takers. Xu also covered MiCA, customer protection, and the October 10 market turmoil during the discussion.
How the Hyperliquid Matching Engine Works Xu said the Hyperliquid matching engine differs fundamentally from centralized order book exchanges in its technical design. Centralized exchanges process orders individually. Hyperliquid, by contrast, matches orders in blocks.
Within each block, the system prioritizes cancellations. Under the Hyperliquid matching engine, market makers can therefore cancel orders ahead of takers. Xu called this design market maker friendly.
Xu believes this design explains why Hyperliquid’s order book depth appears better than that of many centralized exchanges. He added that the Hyperliquid matching engine offers another approach for long-tail assets with limited liquidity.
Xu made the comments while discussing crypto’s evolution. He said repeated crises, from early Bitcoin attacks and Mt. Gox to FTX, tested the sector.
Each episode also prompted improvements, in his view. He sees blockchain as a base for more efficient finance through self-custody, stablecoins, and tokenized assets.
Trust, Risk Controls, and the October 10 Turmoil Xu described MiCA as an important step toward consistent crypto regulation across Europe. He noted the compliance challenges OKX faced while entering the market.
He said international growth depends on earning customer and regulator trust through transparent operations and stronger governance.
He pointed to board oversight, compliance and risk functions, monthly proof-of-reserves reports, and external auditing. OKX also plans to pursue a public listing. Xu said these steps increase accountability.
Xu said safeguarding customer funds matters more than aggressive growth. Exchanges, he added, should follow financial rules and earn money from technology and services.
He recommends self-custody for users who can manage keys securely, though wallets can be vulnerable. He also warns against unusually high yields and demands to “just trust” an exchange.
Xu attributed the cascading October 10 liquidations partly to USDe being treated like a stablecoin and accepted as derivatives collateral. He described USDe as a higher-risk, hedge-fund-like product.
Leveraged borrowing against it could magnify returns but also amplify losses when prices moved. Xu argued that tighter risk controls and regulated derivatives venues could help prevent such episodes.
Looking ahead, Xu expects crypto to expand beyond trading into everyday financial services. These include wallets for holding money, blockchain payments, and tokenized equities.
He also expects on-chain asset-management tools that let users keep control of their funds. He is optimistic these technologies could become widely used financial infrastructure.
The loss-funded venue booked more revenue than Pump.fun and Hyperliquid in the latest shared full-day data, while its house pool held about $4.27 million.
The loss-funded venue booked more revenue than Pump.fun and Hyperliquid in the latest shared full-day data, while its house pool held about $4.27 million.
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TSMC is scheduled to release its third-quarter financial results on October 15. Bloomberg projects the company’s Q3 revenue will reach approximately NT$1.49 trillion (around $46.7 billion), up 51% year-over-year, exceeding both market expectations and its previous guidance upper limit. The current market focus is whether the ramp-up of advanced process nodes can continue to drive performance beyond expectations. The 2nm node is viewed as a key growth driver. Bank of America forecasts its revenue share will rise from 3% in Q2 to roughly 11% in Q3, and further to 18% in Q4; however, yield ramp and overseas expansion may pressure gross margins. The bank projects TSMC’s Q3 and Q4 gross margins at 67.0% and 67.8% respectively, with a target price of NT$3,260; HSBC is more optimistic, setting a target price of NT$3,800. According to TradingBeats’ monitoring, the TSM perpetual contract on Hyperliquid is currently quoted at $455.16, up about 0.4% from the previous day’s settlement price, with a 24-hour trading volume of around $563,000 and an open interest nominal value of approximately $7.71 million. Ahead of the earnings release, address 0xfd6a…7737 holds roughly 3,001 TSM perpetual long positions, with a nominal position value of around $1.37 million and an average entry price of about $437.5.
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Bitcoin dropped below $83,000, and the traders betting on higher prices paid for it. Nearly $42 million in long positions were liquidated before US stock markets even opened.
That early-morning wipeout was reportedly part of a bigger purge. Close to $696 million in positions were cleared out across a 24-hour window, mostly from longs.
What actually happened The move came on October 8, 2026, according to research compiled on the event. Intraday lows were reported in a range between $82,880 and $83,500, depending on the venue and the data source.
The dip did not last long. Bitcoin recovered to around $83,100 shortly afterward, putting it back above the line it had just fallen through.
A liquidation, for the uninitiated, is what happens when a trader borrows money to amplify a bet and the market moves the wrong way. Once losses eat through the trader’s collateral, the exchange closes the position automatically. Nobody asks for permission.
Those forced closures are sell orders in a long-heavy market. Sell orders push the price lower, which triggers more liquidations, which push the price lower still.
The research describes this particular episode as a leverage flush rather than a response to some big new piece of news. Trading volumes were relatively quiet, and analysts tracking the move did not tie it to any meaningful change in market fundamentals.
The backdrop: oil, outflows, and a familiar price zone Oil prices were rising on geopolitical tensions in the Middle East, adding a layer of macro anxiety to risk assets in general.
Bitcoin exchange-traded funds were also seeing ongoing outflows. When the institutional on-ramp is running in reverse, it removes a steady source of buying that might otherwise cushion a dip.
Meanwhile, open interest in Bitcoin derivatives had been climbing. Open interest measures the total value of outstanding futures and perpetual contracts, so a high reading means lots of positions waiting to be either rewarded or punished.
Liquidation trackers such as Coinglass were central to measuring the damage. On-chain activity on platforms like Hyperliquid, where perpetual futures trade transparently, also showed sizable leveraged positions stacked up in the market.
Bitcoin had recently traded at highs between $85,000 and $87,000, and profit-taking after that run appears to have contributed to the pullback. Traders who bought near the top and leveraged up were the most exposed when the price slid back toward the low $83,000s.
Why $83,000 keeps showing up Throughout 2026, the $83,000 to $84,000 band has acted as a critical inflection point for Bitcoin, according to the research. Breaks through this area have repeatedly set off liquidation cascades, with totals often running into the hundreds of millions of dollars.
What this means for traders and investors Bitcoin did not keep falling after breaking below $83,000, and it reclaimed that level quickly. The research characterizes the move as mechanical unwinding, not a sustained wave of selling.
The nearly $42 million in pre-market liquidations and the roughly $696 million cleared over 24 hours are a reminder that leverage cuts both ways, and usually faster on the way down.
For longer-term investors, elevated open interest and crowded positioning near a well-known price zone are conditions that tend to produce these flushes. Watching derivatives data from trackers like Coinglass and on-chain leverage on venues like Hyperliquid can offer early clues about when the market is getting top-heavy.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Michael Saylor’s Strategy continues its Bitcoin accumulation and STRC preferred stock repurchase last week. As a result, MSTR stock price jumped on Monday, extending last week’s upside momentum.
Michael Saylor’s Strategy Expands Bitcoin Treasury to 848,250 BTC Largest corporate Bitcoin treasury acquired 250 BTC for $21.5 million at an average price of $86,194 per Bitcoin. The latest purchase comes from MSTR at-the-market (ATM) offerings and USD Cash, according to the official announcement on October 12.
The company now holds 848,250 BTC, purchased for almost $64 billion at an average cost of $75,444 per coin. The company is sitting at almost $6 billion in unrealized profit, as Bitcoin holdings are worth more than $70 billion at the current market price
In addition, Strategy repurchased $192.4 million of STRC preferred stocks and reported $4.88 billion in USD reserves, alongside $640.5 million in additional cash. Executive chairman Michael Saylor’s Strategy earlier added 334 Bitcoin and maintained STRC stock buyback.
Notably, $354.8 million remains available under the digital credit securities repurchase program, with $1.0 billion still authorized for MSTR common-stock buybacks.
Michael Saylor confirmed Bitcoin holdings and $5.5 billion in total USD assets. He also revealed a USD duration of 3.5 years and a 52 bps BTC credit for STRC, calculated assuming 10% BTC ARR, 40% BTC volatility, and a BTC price of $82,252.
MSTR Stock Jumps MSTR stock price is up 0.56% in premarket trading on Monday as Strategy acquired more Bitcoin. The stock closed 1.89% higher at $154.34 in the previous session, consistent with broader Bitcoin and crypto market recovery.
As per Yahoo Finance, MSTR shares is up more than 16% in a month. Also, it has given better returns in the last 6 months. Wall Street analysts remain bullish on Strategy, with the latest being Barclays raising its price target to $175 from $160.
As CoinGape reported, President Donald Trump increased MSTR stock holdings, purchasing $1,001–$15,000 worth of shares in the Bitcoin treasury company.
Meanwhile, Bitcoin price pared earlier gains and holds above $83,000 at the time of writing. The price plunged from a 24-hour high of $84,231 after recent tensions in the Middle East as Houthis strike Saudi Arabia, causing oil prices to jump slightly.
Polymarket data shows 64% of prediction market participants expect Bitcoin price to reach $90,000 by December 31, 2026.
Bitcoin‘in ayı piyasasının sona yaklaşıyor olabileceği iddiası yeniden gündemde. Coin Bureau’nun paylaştığı Glassnode grafiğine göre Bitcoin’in MVRV oranı 1,54’e ulaştı ve 365 günlük ortalaması olan 1,44’ün üzerine çıktı. Bu görünüm, 2019 ve 2023’teki piyasa toparlanmalarında görülen sinyale benziyor.
Grafikteki benzerlik, Bitcoin’de yükseliş beklentilerini güçlendirebilir. Ancak göstergenin pozitif bölgeye geçmesi, yeni bir boğa piyasasının başladığını veya mevcut düşüş döneminin kesin olarak sona erdiğini kanıtlamıyor. Asıl önemli nokta, Bitcoin’in değerleme göstergesindeki iyileşmeyi kalıcı fiyat hareketleriyle destekleyip destekleyemeyeceği.
Bitcoin MVRV Oranı 1,54 Ne Anlama Geliyor?
MVRV, Bitcoin’in piyasa değerini gerçekleşmiş değeriyle karşılaştıran bir zincir üstü göstergedir. Gerçekleşmiş değer, Bitcoin’lerin blokzincirde en son hareket ettiği fiyatları esas alır ve yatırımcıların toplam maliyet tabanını tahmin etmeye yardımcı olur.
MVRV oranının 1,54 olması, Bitcoin’in piyasa değerinin gerçekleşmiş değerinin yaklaşık 1,54 katına ulaştığını gösteriyor. Glassnode grafiğinde daha önemli ayrıntı ise bu oranın 365 günlük ortalamasını aşması.
Güncel grafikte MVRV 1,54 seviyesinde bulunurken yıllık ortalama 1,44 olarak gösteriliyor. Aradaki 0,10 puanlık fark, göstergenin uzun vadeli ortalamasının üzerine çıktığını ortaya koyuyor. Bu nedenle MVRV momentumu pozitif bölgeye geçmiş durumda.
Ancak MVRV tek başına bir fiyat tahmin aracı değil. Gösterge, piyasa değerlemesindeki değişimi izlemeye yardımcı oluyor; Bitcoin’in bundan sonra hangi yönde hareket edeceğini kesin olarak söylemiyor.
2019 ve 2023’te Aynı Sinyal Ne Zaman Görüldü?
Glassnode grafiği, MVRV momentumunun 2019 ve 2023 dönemlerinde de yıllık ortalamanın üzerine çıktığını gösteriyor. Her iki dönem, BTC‘nin önceki düşüşlerin ardından toparlanma sürecine girdiği zamanlarla örtüşüyor.
2019’daki geçiş, 2018 ayı piyasasının ardından geldi. 2023’teki benzer hareket ise 2022’deki sert düşüşün sonrasına denk geldi. Her iki örnekte de MVRV’nin yıllık ortalamasını yeniden aşması, piyasa koşullarının iyileştiğine işaret eden göstergelerden biri oldu.
Coin Bureau’nun dikkat çektiği nokta, mevcut grafikte de benzer bir geçişin görülmesi. Bununla birlikte grafik, geçmiş dönemlerdeki sinyal ile daha sonraki fiyat performansı arasında kesin bir neden-sonuç ilişkisi kurmuyor.
Bitcoin’de Ayı Piyasası Bitti mi?
MVRV momentumunun pozitif kalması, Bitcoin’in uzun vadeli görünümü açısından olumlu bir işaret olabilir. Ancak ayı piyasasının sona erdiğini söylemek için tek bir göstergenin yeterli olması beklenemez.
2019 ve 2023 örnekleri, benzer sinyallerin geçmişte toparlanma dönemleriyle çakıştığını gösteriyor. Buna rağmen her piyasa döngüsü farklı koşullarda ilerliyor. Geçmişte işe yarayan bir gösterge, gelecekte aynı sonucu garanti etmiyor.
Üstelik MVRV oranının yıllık ortalamanın üzerine çıkması, Bitcoin fiyatının bundan sonra kesintisiz yükseleceği anlamına da gelmiyor. Piyasanın bu sinyali kalıcı bir toparlanmaya dönüştürüp dönüştüremeyeceğini zaman içindeki fiyat hareketleri gösterecek.
Şimdilik Glassnode grafiğinin verdiği mesaj, Bitcoin’in değerleme momentumunun iyileştiği yönünde. Ayı piyasasının gerçekten sona erip ermediğini ise bu sinyalin devamlılığı ve fiyatın sonraki hareketleri belirleyecek.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
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Despite the recent correction of bitcoin, several technical and on-chain indicators signal a possible return of the bull market. BloFin Research even estimates that BTC has entered a new cycle, but this hypothesis still depends on maintaining several key supports.
In Brief
BloFin Research estimates that Bitcoin might have started a new bull market despite the recent correction.
BTC remains above its 50-week moving average, a historically favorable signal for rebounds.
The MVRV ratio and several on-chain indicators confirm an improvement in market momentum.
The latest Bitcoin bearish phase appears shorter and less deep than those of previous cycles.
Maintaining supports between 74000 and 78800 dollars remains essential to preserve the bullish scenario.
Bitcoin crosses back above its 50-week moving average
The main signal studied by BloFin comes from the 50-week moving average. This curve, which smooths price variations over nearly a year, was around 78800 dollars when bitcoin crossed it in September.
BTC closed the week of September 20 around 81200 dollars, then the week of September 27 at nearly 84456 dollars. It then exceeded 86000 dollars at the beginning of October before giving up part of its gains.
This maintenance for several weeks reinforces the signal’s significance. In 2015, 2019, and 2023, the durable reclamation of the 50-week average had accompanied the transition between a bearish phase and a new bull market.
Bitcoin now trades around 83600 dollars. It therefore remains above this average despite the recent wave of sales and liquidations seen on derivative products.
BloFin Research states:
Bitcoin has entered a new bull market.
This statement represents the analysis firm’s central scenario, not a definitively established fact. A prolonged return below 78800 dollars would strongly weaken this interpretation.
The MVRV confirms market improvement
The MVRV ratio provides a second argument for analysts. This indicator compares bitcoin’s market capitalization to its realized capitalization, which values each coin according to its price at its last move on the blockchain.
An MVRV above its annual average means the market valuation is progressing faster than the average acquisition price of holders. On October 11, this ratio was about 1.54, against an average over 365 days near 1.44.
This crossover had also accompanied the rebounds of 2019 and 2023. It suggests investors are recovering latent profits and that valuation momentum is improving.
Bitcoin also never stayed durably below its realized price during the 2026 decline. In the bear markets ending in 2015, 2018, and 2022, the price had instead dropped below this average acquisition cost.
Several on-chain data tracked separately by BIT Research have also simultaneously shifted into bullish territory. They include the realized price of short-term holders, NUPL, MVRV, and movements of old coins. Their convergence is a stronger signal than any isolated indicator, without guaranteeing continued upward movement.
A shorter and less deep bear market
Bitcoin reached a record around 126000 dollars in October 2025 before falling to 58525 dollars on June 30, 2026. The maximum correction calculated from daily closes thus reaches about 53%.
This drop remains considerable, but it appears clearly less deep than those of previous cycles. BTC had lost 84.5% between 2013 and 2015, 83.8% between 2017 and 2018, then 76.7% between 2021 and 2022.
If the June low holds, the bear market would have also lasted about eight months, against twelve to thirteen months in previous cycles. This evolution supports the idea of a more mature bitcoin, whose rises and falls progressively become less extreme.
The holding structure has changed. In September, about 16.64 million BTC were held for at least 155 days, representing nearly 83% of circulating supply. Spot ETFs and company treasuries also maintained part of their exposure during the decline.
The correction could still invalidate the bullish signal
The recent drop reminds that crossing a moving average is not enough to eliminate risk. Spot demand weakened after the rebound, while profit-taking and deposits on platforms increased.
Two zones must now be monitored. The 78800 dollar level corresponds to the 50-week moving average, while the region between 74000 and 77000 dollars concentrates several important on-chain thresholds.
A durable weekly close below these levels would call into question BloFin’s scenario. Conversely, defending them would confirm that the recent drop is an internal correction within an upward trend.
Bitcoin thus presents several characteristics of a new bull market, but has not yet provided an irreversible confirmation. The signal remains constructive as long as the price retains the supports reclaimed in September.
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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.
Well-known crypto analyst Killa published a post stating that in the current cycle, the BTC supply held by short-term holders (STHs) has risen again to overheated levels after breaking away from the macro bottom, a pattern mirroring the previous cycle, which could serve as another signal that the market bottom has already formed. Killa noted that after the STH supply hit a similar level in 2023, BTC continued its sideways rally and remained above its long-term trend, and the market is now exhibiting a comparable trajectory. He reminded investors not to be misled by the Fear & Greed Index, adding that periods of market irrationality can last far longer than anticipated.
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PANews, October 12 — Bitfinex Alpha's latest report says whether Bitcoin can break above $84,500 this week hinges on whether U.S. CPI data eases rate pressure and whether spot buying strengthens.
The report shows BTC previously pulled back from its October 2 high of $87,197 to $80,347, then reclaimed the key $81,300 support. On October 8, roughly $1.18 billion in leveraged positions were liquidated, significantly reducing leverage, so subsequent moves will depend more on spot demand.
Bitfinex notes that the current average cost basis of Bitcoin ETF investors is around $84,340, which could act as near-term resistance for a rebound. If core CPI comes in below expectations, pushing yields lower, BTC could break above $84,500 and retest $87,722; if it falls below $81,300, it could pull back further to around $77,400.
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Blockchain analytics company Arkham Intelligence made a highly anticipated announcement regarding TRON founder Justin Sun. According to Arkham, Sun’s on-chain cryptocurrency assets are worth approximately $2.2 billion.
According to research conducted in September, Arkham ranked Justin Sun as the world’s second-richest individual cryptocurrency owner after Satoshi Nakamoto, based on the size of his identified on-chain assets.
What Assets Are in Justin Sun’s Crypto Portfolio?
According to Arkham’s September report, which is based on their research, Sun’s portfolio includes various cryptocurrencies and digital assets.
According to data shared by Arkham, the portfolio includes approximately $1 billion worth of SUSDS, $653 million worth of STETH, $341 million worth of Bitcoin, and $142 million worth of WBTC. The value of WLFI assets is estimated at approximately $31 million. These figures reflect estimates at the time the research was published.
Arkham also said that this estimate was based on tracking wallets identified as belonging to Sun across 10 blockchains.
However, Arkham points out that Sun’s on-chain assets should be separated from his total wealth. In this regard, Arkham states that Justin Sun’s total wealth could reach $7 billion. In fact, a separate study published by the company in February 2026 estimated Sun’s total wealth to be between $5 and $7 billion.
Justin Sun Ranks Second on the Crypto Millionaires List!
In Arkham’s rankings, Bitcoin’s pseudonymous creator, Satoshi Nakamoto, still holds the top spot with approximately $92 billion in on-chain assets. Justin Sun is in second place with approximately $2.2 billion. However, on-chain analytics only cover wallets that can be identified and associated with specific individuals or organizations. Therefore, the figures disclosed do not accurately reflect the total assets of individuals.
*This is not investment advice.
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Bitcoin geçen haftaki sert düşüşün ardından toparlanmaya çalışırken Bitfinex, yatırımcıların yakından izlemesi gereken seviyeyi açıkladı: 74.400 dolar. Bu seviye, kısa vadeli Bitcoin yatırımcılarının ortalama maliyetini gösteriyor ve ağustos ayından bu yana önemli bir eşik olarak öne çıkıyor.
Bitfinex’e göre Bitcoin’in geçen haftaki düşüşte bu seviyenin yaklaşık %8 üzerinde tutunması, son alıcıların ortalama maliyetinin üzerinde kaldığını gösteriyor. Ancak 7 ve 8 Ekim’de ETF’lerden çıkan 729 milyon dolar, toparlanmanın önündeki riskleri artırıyor.
Bitcoin İçin 74.400 Dolar Neden Önemli?
74.400 dolar, Bitcoin’in kısa vadeli yatırımcılar için gerçekleşmiş fiyatı (Short-Term Holder Realized Price) olarak öne çıkıyor. Bu gösterge, yakın dönemde Bitcoin alan yatırımcıların coinlerini en son hareket ettirdikleri fiyatlara dayanarak ortalama maliyetlerini tahmin ediyor.
BTC bu seviyenin üzerinde kaldığında son dönemde alım yapan yatırımcıların ortalama maliyetlerinin üzerinde işlem görüyor. Fiyatın bu eşiğin altına gerilemesi ise daha fazla yatırımcının zarar bölgesine geçmesine yol açabilir ve satış baskısını artırabilir.
Bitfinex, söz konusu seviyenin ağustos ayından beri korunduğuna dikkat çekiyor. Şirketin değerlendirmesine göre Bitcoin’in geçen haftaki düşüşü de bu seviyenin yaklaşık %8 üzerinde kaldı. Bu görünüm, kısa vadeli yatırımcıların maliyet tabanının henüz kaybedilmediğini gösteriyor.
Bitcoin ETF’lerinden 729 Milyon Dolar Neden Çıktı?
Bitfinex’in dikkat çektiği diğer risk, ETF akışlarındaki zayıflama. Bitcoin piyasası için önemli bir talep göstergesi olan ETF’lerden 7 ve 8 Ekim’de toplam 729 milyon dolar çıkış yaşandı.
ETF çıkışlarının sürmesi, kurumsal yatırımcı talebinin zayıfladığına işaret edebilir. Bu durum, Bitcoin’in toparlanmasını destekleyecek yeni para girişlerinin önemini artırıyor.
Fiyatın kısa vadeli yatırımcıların ortalama maliyetinin üzerinde kalması tek başına yeterli olmayabilir. ETF çıkışları devam ederken Bitcoin bu seviyeye doğru gerilerse piyasanın toparlanması daha kırılgan hale gelebilir.
Bitcoin 74.400 Doların Altına Düşerse Ne Olur?
Bitfinex’in uyarısı, Bitcoin’in mutlaka 74.400 dolara düşeceği anlamına gelmiyor. Asıl risk, fiyatın bu seviyeyi kaybetmesi ve ETF çıkışlarının aynı dönemde sürmesi.
Böyle bir senaryoda kısa vadeli yatırımcıların bir bölümü zarar bölgesine geçebilir. Bu durum satış baskısını artırarak mevcut toparlanmayı zorlayabilir.
Bitcoin’in 74.400 doların üzerinde kalması ise kısa vadeli yatırımcıların maliyet tabanının korunduğuna işaret eder. Ancak bu seviyenin korunması da tek başına yeni bir yükselişi garanti etmez.
Bu nedenle Bitcoin için takip edilmesi gereken iki gelişme var: Fiyatın 74.400 dolar eşiğine karşı nasıl hareket edeceği ve ETF çıkışlarının devam edip etmeyeceği. Bitfinex’in değerlendirmesine göre bu iki unsur, mevcut toparlanmanın gücünü belirleyecek başlıca göstergeler arasında.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
The newly discovered Ledger exploit has stirred broad industry debate over the safety of hardware wallets compared to effectively custodying Bitcoin holdings through exchange-traded funds (ETFs).
Bitcoin analyst Plan B said his then-controversial decision to move his Bitcoin (BTC) holdings to ETFs in 2025 was the right call in light of the recent Coldcard and Ledger exploits. “Zero regrets” about my ETF decision, wrote the analyst in a Monday X post.
Large holders have been converting self-custodied assets to ETFs for “enhanced security” for years, which is one of the main “selling points” for ETFs, 21Shares co-founder Ophelia Snyder told Cointelegraph in an email on Monday, adding that the recent exploits made this phenomenon part of the “public discourse.”
The remarks follow the discovery of a compromised Ledger wallet that contained an unauthorized hardware implant. Some blockchain investigators estimated that losses from these implants could top $86 million, raising questions about the security of self-custodial cold wallets.
Hardware wallets are still safe, but providers need better threat modelling: Adam Back To be sure, hardware wallets can still be secure custodial options, but providers need a better understanding of the emerging threat landscape, according to Blockstream CEO and Hashcash inventor Adam Back.
“Surprisingly few manufacturers understood the generic attacks, or so it seemed from their marketing and design choices, for the last decade. Time to catch up with threat-modelling,” wrote Back in a Saturday X post.
Source: Adam Back
However, Snyder said the main issue with self-custodial wallets is that their security depends on investors’ technical expertise and individual setup. She said:
“Without taking the time and rigor to set up properly, self-custody will always be less secure than handing over the assets to a specialist firm whose job it is to manage those protocols for you.”Bitcoin security researcher and cypherpunk Jameson Lopp also said that self-custodial wallets can be a robust option, but urged investors to avoid mass migration to create new central points of failure during rushed transactions.
Magazine: Bitcoiners turn to dice throws as self-custody setups are re-evaluated
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Bitcoin traded near $84,000 on October 12, recovering from a recent decline as U.S. spot Bitcoin ETFs reported around $680 million in net withdrawals. The move comes after Bitcoin dropped toward $81,000 last week but has shown resilience despite heavy ETF outflows.
ETF Outflows Continue Despite Bitcoin’s RecoveryData from ETF flow trackers show that between October 5 and 9, U.S. spot Bitcoin ETFs recorded approximately $680 million in net withdrawals. This string of outflows followed a particularly sharp selloff earlier in the month, when Bitcoin ETFs lost $244.1 million on October 8 alone.
The outflows have raised questions about institutional risk appetite in the short term. Even so, Bitcoin’s bounce back toward $84,000 indicates that spot market demand has helped absorb some of the selling pressure coming from these investment vehicles.
U.S. spot Bitcoin ETFs faced $680 million in net withdrawals from October 5 to 9, but Bitcoin managed to recover from last week’s low near $81,000 as buyers stepped back into the market.
Derivatives markets underline a cautious stance among traders. Despite recent price improvement, data suggest many participants remain wary, positioning conservatively as new macroeconomic data approaches.
Key Levels: $85,000 Resistance and Short-Term OutlookBitcoin faces a technical barrier near $85,000, with subsequent resistance forecast between $87,000 and $90,000. A decisive breakout above $85,000, particularly if supported by higher trading volumes and renewed ETF inflows, could pave the way for a retest of the $90,000 zone.
QCP Capital, a digital asset trading firm, previously cited the $80,000–$82,000 band as an important buying zone and suggested Bitcoin could trade in a range extending toward $90,000 through the fourth quarter.
Market analysis from CryptoQuant indicated on October 12 that bottoming signals are gradually improving, but not yet decisive. The report highlighted the importance of improvements in spot buying interest and sustained ETF inflows to confirm a more bullish reversal. XWIN Japan, an analyst at the firm, emphasized that these additional signals are needed for confirmation of a longer-term uptrend.
In the absence of clear institutional accumulation and ETF inflow support, analysts warn that a failure to break above $85,000 could trigger another pullback. In this scenario, focus would likely shift back to the $82,000 and $80,000 levels.
The latest price action and ETF flow data arrive as traders await the upcoming U.S. inflation report, a key macroeconomic announcement that could influence Bitcoin’s direction in the coming days.
Mini dictionary: QCP Capital is a Singapore-based digital asset trading firm known for its research and active participation in cryptocurrency derivatives markets. CryptoQuant is a blockchain analytics company providing on-chain data and market intelligence for digital assets.
Russia’s largest stock exchange is about to let ordinary people buy actual Bitcoin. The Moscow Exchange, better known as MOEX, is set to launch spot trading in a short list of digital assets starting December 1, 2026.
There is a catch, naturally. Retail investors will face an annual purchase limit of 300,000 rubles, or approximately $3,600, and they will need to pass a knowledge test before they can buy anything.
What MOEX is actually launching The rollout covers three assets for everyday investors: Bitcoin, Ether, and Tether’s USDT stablecoin. That’s the whole menu for anyone who doesn’t hold qualified investor status.
The bigger shift is the product itself. Until now, MOEX offered crypto exposure through derivatives, contracts that track a price without handing over the underlying asset. Spot trading means investors will own the coins rather than a bet on where they’re headed.
Qualified investors play by looser rules. They face no purchase limits and get access to a wider range of digital assets beyond the three-coin starter pack.
The legal plumbing behind the launch The trading framework rests on Federal Law No. 282-FZ, which took effect on September 1, 2026. The exchange started testing the system with professional market participants on October 1, 2026, giving itself two months of dress rehearsals before opening day.
MOEX is also taking a practical route on infrastructure. Rather than spinning up a standalone crypto venue, it will run digital asset trading through its existing systems and licenses. The exchange won’t need any new licenses beyond its current authorization as a trading organizer.
Settlement is getting outside help. MOEX is partnering with digital depositories to handle the back-end work of moving assets between buyers and sellers.
Banks are lining up too MOEX isn’t making this move alone. Sberbank and VTB, two of Russia’s major banks, are preparing digital asset services for their clients ahead of the December launch.
What this means for Russian crypto investors The three-asset limit is telling. Bitcoin and Ether are the two largest and most established crypto assets, while USDT gives investors a dollar-linked stablecoin option. Anyone hoping to trade obscure altcoins through the national exchange will need qualified investor status first.
Market analysts predict that approximately 80% of digital asset trading volume will remain in unregulated channels, highlighting the challenges of repatriating offshore crypto activity. Russians who already trade crypto through unregulated platforms have no purchase limits, no tests, and access to thousands of tokens.
For regulators, the framework creates visibility into a market that has largely operated out of view. Every trade on MOEX will be tracked, settled through approved depositories, and subject to central bank oversight.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The XRP Ledger has resolved a critical security vulnerability that posed a threat to its entire token supply, reassuring its community after concerns surfaced about the network’s stability. The flaw could have enabled attackers to generate vast amounts of unauthorized XRP, raising questions about the security mechanisms protecting the cryptocurrency’s fixed supply.
Technical details and scale of the vulnerabilityLevi, a financial expert and commentator, explained in a recent video that the vulnerability represented a significant risk to the integrity of the XRP Ledger. The issue stemmed from an integer overflow in the payment engine, which processes multiple trading offers via the network’s built-in decentralized exchange.
This flaw allowed for the possibility that, if exploited, an attacker could have created up to 18.45 trillion XRP in a single transaction. For context, the total capped supply of XRP stands at 100 billion tokens, meaning the exploit could have exceeded the maximum issuance more than 184 times over.
The vulnerability also affected a security mechanism designed to validate legitimate creation of XRP during transactions. Levi drew a parallel to the Federal Reserve printing trillions of dollars without checks or balance, illustrating the potential damage such an exploit could cause to user trust and market stability.
Mini dictionary: Integer overflow, a condition in computer science where an arithmetic operation attempts to create a numeric value outside the range that can be represented with a given number of digits, potentially leading to unpredictable behavior or vulnerabilities.
MetricMaximum IntendedPossible via ExploitXRP supply100 billion18.45 trillionHow the vulnerability was discovered and patchedAccording to Levi, developers responded quickly to the threat. The security issue was detected by Veria AI, a system developed by Veria Labs, on September 21, 2026. Researchers reported the finding through the XRP Ledger bug bounty program. An emergency update, xrpld version 3.4.1, was released on September 25 to address the flaw. The development team bypassed the usual amendment process to prevent potential exploits, as revealing details could have increased the risk of misuse.
The update also fixed a separate bug related to the ledger’s batch-processing system. Security engineers from RippleX verified that the exploit could create unauthorized XRP and confirmed that the fraudulent coins could be spent, further underscoring the seriousness of the vulnerability.
The XRPL Ripple team implemented a patch for the vulnerability and confirmed that there was no evidence the issue was ever exploited on public networks.
An official vulnerability disclosure report was published on October 9, offering a detailed account of the issue and the remediation process undertaken by the development team.
Community response and security outlookLevi addressed concerns from XRP holders regarding the safety of their investments. He stressed that discovering and promptly fixing such flaws does not indicate a failure of the system, but rather demonstrates the ongoing commitment of the developer community to maintaining and improving network security.
Levi noted that developers continually review the XRP Ledger code, identify weaknesses, and release improvements, reflecting how technology should evolve over time.
He emphasized that no evidence was found of any unauthorized XRP creation or exploitation of the identified vulnerability on any public ledger, reinforcing user confidence following the patch.
The episode highlights the importance of active security research, transparent disclosure, and rapid response within blockchain development teams.
For users and investors, the main takeaway remains that although the vulnerability could have been catastrophic if exploited, timely intervention preserved the integrity of the $XRP network and its token supply.
Standard Chartered, which has recently attracted attention with its analyses of various altcoins beyond Bitcoin and Ethereum, has made a move regarding Ripple.
According to The Block, Standard Chartered has launched institutional custody services for Ripple’s stablecoin RLUSD through its Dubai International Financial Centre branch.
Institutional Custody Service for RLUSD Launched! At this point, Standard Chartered announced that it was expanding its XRP Ledger-based stablecoin infrastructure by launching institutional custody services for RLUSD.
According to the statement, the service is provided through the bank’s Dubai International Financial Centre (DIFC) branch. DIFC allows eligible corporate clients to hold their digital assets in the bank’s custody infrastructure.
The bank also added that it is working with Ripple and LMAX Group to make RLUSD acceptable as collateral under its Collateral Mirroring model. According to the bank, another aspect of this work involves extending Standard Chartered’s existing Collateral Mirroring model to LMAX Group.
This model aims to allow assets to be held in a custodian institution while the corresponding balances can be used as collateral on the trading platform. This enables institutions to access liquidity and reduce counterparty risk without transferring their assets to trading platforms.
What Does This Mean for the Institutional Cryptocurrency Market? This development has the potential to expand RLUSD’s use in institutional custody, collateral, and transaction processes. The previously announced partnership between Ripple and LMAX Group also aims to increase the stablecoin’s use in institutional markets.
Jack McDonald, Senior Vice President of Stablecoins at Ripple, stated: “RLUSD was developed specifically for these types of institutional use cases. Our clients want the efficiency of a regulated stablecoin without sacrificing the custody standards they already trust. Combining RLUSD on the XRP Ledger with Standard Chartered’s custody capabilities and LMAX Group’s institutional transaction infrastructure creates a practical way for institutions to use stablecoins in global markets.”
*This is not investment advice.
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The XRP Ledger Foundation is facing strong criticism from the crypto community over the bounty paid for a critical security bug. Many users say the reward, reported at $250,000, is far too small for what was found. The bug allowed an attacker to create spendable XRP beyond the entire supply, according to the foundation's own disclosure report.
How it turnedo outThe fix, version 3.4.1, went out weeks ago. Public binaries were released on September 25. The foundation says no XRP was created. It points out that XRP's supply was fixed at one hundred billion at launch and that all ledger data is public. About 99.986 billion XRP exist today, because transaction fees are destroyed. It also says triggering the bug required hundreds of intentionally constructed operations, so ordinary payments should never encounter it.
XRP/USDT Chart by TradingViewCritics are not focused on the supply claim. They are angry about the payout. One person called the reward an absolute joke and warned that next time hackers will exploit first and ask for a bounty second. Another said the team deserves a bigger reward because the bug was catastrophic.
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A third said the foundation must pay bug finders well, or future hackers will consider the cheaper option instead. The sharpest comment said XRP is a scam if a decent bounty is not paid, and that the next flaw might not be disclosed responsibly.
Unsusual issuance pipelineNormally, changes to the ledger go through an amendment process, in which validators vote over a period of weeks. This time the team skipped that step and shipped an emergency fix, the first time in over ten years.
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The foundation says a public fix would have shown attackers where the bug was, and AI makes finding it fast. It says the network, RippleX, core developers, and validators agreed on the plan together.
Some users doubted the decentralization claims. One said a company they knew had trouble getting help to change a name within the ledger. Another asked why no safety stop exists if the supply goes above the cap. The foundation thanked Cayden Liao and Veria AI for reporting the bug responsibly. It also promised stronger testing and a larger bug bounty program. Whether this is enough to calm critics remains to be seen.
XRP treasury company Evernorth has tapped former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz as its investment chief Monday ahead of its Nasdaq debut.
The announcement follows Friday's completion of Evernorth's SPAC merger with Armada Acquisition Corp. II. At closing, Evernorth reported holding 473 million XRP (XRP) worth roughly $672 million alongside $300 million in cash before transaction expenses.
The value of its XRP holdings places it just outside the 20 largest publicly traded corporate crypto holders, based on Bitcoin Treasuries data.
Dollar value of crypto holdings of publicly traded firms. Source: Bitcoin Treasuries. Jeandesboz will lead treasury allocation, liquidity management and actively manage Evernorth's XRP holdings, under founder and CEO Asheesh Birla. During his time at Coinbase, Jeandesboz led investment strategies for the exchange's institutional clients and was Coinbase's lead derivatives trader before that.
Evernorth wants to move beyond the buy-and-hold model of many traditional crypto treasury companies. It plans to deploy XRP through lending, providing liquidity and other yield strategies to boost its XRP-per-share metric.
"Capturing them takes someone who has priced risk on institutional desks in both traditional and digital asset markets," Birla said of opportunities he sees emerging in XRP lending and DeFi.
"We would rather be a participant in this transformation than a spectator of it," he wrote.
The listing follows whipsaw trading action in Armada II shares in the lead-up to the closing of the merger. The stock rose from around $10.68 over the past two weeks to as high as $53 on Oct. 2, before closing Friday at $17.09. Shares then climbed to $18.57 in after-hours trading.
Armada Acquisition Corp. II (XRPN) stock price chart. Source: TradingView.
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A decade-old flaw in the Ripple XRP Ledger payment engine could theoretically have let attackers create spendable XRP beyond the network’s fixed 100 billion supply cap.
Ripple says the fix shipped in xrpld 3.4.1 on September 25, before public disclosure, and investigators found no evidence that the vulnerability was exploited on a public network or that unauthorized XRP was issued.
The recent XRP Ledger security fix raised a lot of questions and some misconceptions. Let's clear them up.
1. Was any XRP created?
No. XRP's supply was fixed at 100 billion when the XRP Ledger launched, and no transaction is allowed to create more. This bug was a way around…
— XRP Ledger Foundation (@XRPLF) October 11, 2026
That distinction matters: the bug threatened the ledger’s supply rules, but the available evidence does not show that XRP’s cap was actually breached.
J. Ayo Akinyele, RippleX’s senior director of engineering, said, “The bug had existed in the codebase for over a decade and could have allowed XRP to be created beyond its fixed supply.”
How Could a Payment Bug Threaten the Ripple XRP Supply?
The flaw sat in the payment engine, which calculates amounts when a transaction trades through offers on the XRP Ledger’s built-in exchange. Under specially constructed conditions, arithmetic could overflow: instead of returning the true total owed across the offers, the calculation could wrap around and produce a much smaller number.
That mismatch created the potential for sellers to receive more XRP than the buyer paid. The ledger’s supply limit was set when all 100 billion XRP were created at inception; unlike proof-of-work networks, validators don’t mine new XRP as they process transactions. A flaw that could make extra XRP spendable therefore struck at a basic monetary rule, not simply at an individual account.
RippleX said developers tested the patch and coordinated upgrades with operators before publicly disclosing it. The fix was included in xrpld 3.4.1, the server software that processes transactions and maintains ledger records. The XRP Ledger Foundation’s vulnerability disclosure report details the payment-engine overflow and its remediation.
That rapid software rollout is distinct from the ledger’s amendment process, which validators use to activate changes to protocol rules. Earlier XRPL amendment activation illustrates how validator support can determine when a protocol change takes effect; the supply-flaw fix instead took effect as servers upgraded to the patched release.
EXCLUSIVE: Earn $50 With EdgeX and Enter $300K Prize Draw
What Does the Incident Mean for XRP Holders?
Security remains our top priority for preserving trust in the XRP Ledger (XRPL). Sharing a few thoughts following yesterday's disclosure of the critical payments engine vulnerability reported by Veria AI.
First, this was a serious vulnerability, and we don't take that lightly.…
— J. Ayo Akinyele (@ja_akinyele) October 10, 2026
The documented risk was the possible creation of unauthorized, spendable XRP-not a confirmed loss of user funds. Investigators found no evidence of public-network exploitation, and the primary disclosure does not establish that funds were lost. The correct reading is a serious vulnerability that was patched, not a confirmed supply breach.
The bug’s age is still significant. A defect in a core payment path remained in the codebase for more than a decade, while a safety check intended to guard against XRP creation failed to catch the same arithmetic problem. In trading terms, the vulnerability exposed a blind spot in a rule that should have acted like a circuit breaker.
XRP-related security incidents can involve very different systems: a wallet or service compromise, for example, is not the same as a flaw in the ledger’s transaction rules, as the distinction around an XRP-related healthcare hack makes clear.
RippleX executive J. Ayo Akinyele outlined the response on X on October 10, after disclosure on Friday, October 9. Veria AI helped uncover the issue through the XRPL bug bounty program. Akinyele said, “AI is fundamentally changing how quickly vulnerabilities can be discovered.”
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Standard Chartered launched institutional custody of Ripple USD (RLUSD) on the XRP Ledger on October 12, giving the bank’s eligible clients a regulated way to hold Ripple’s dollar-backed stablecoin. The custody service is live through Standard Chartered’s DIFC branch in Dubai, supervised by the Dubai Financial Services Authority (DFSA). In parallel, the bank is working with Ripple and LMAX Group to let institutions use RLUSD as trading collateral without moving the tokens out of custody, according to the bank’s announcement. XRP, the XRP Ledger’s native asset, traded near $1.37 on the day of the news.
Standard Chartered’s RLUSD Custody Is Now Live The bank described the move as the next phase of a collaboration aimed at institutional adoption of RLUSD. Eligible clients can now access Standard Chartered’s digital asset custody infrastructure for RLUSD issued on the XRP Ledger, a public blockchain the bank said is built for fast, low-cost settlement. The service is offered through Standard Chartered Bank’s DIFC branch, which operates under DFSA supervision inside the Dubai International Financial Centre. Clients that already use the bank’s digital asset custody can hold RLUSD through the same infrastructure they use for other tokens.
Waqar Chaudry, Standard Chartered’s global head of digital assets, framed the launch around how institutions manage risk. “Institutional clients want to participate in digital asset markets without compromising on how their assets are safeguarded or how risk is managed,” Chaudry said. Jack McDonald, Ripple’s senior vice president of stablecoins, added that RLUSD “was built for exactly this kind of institutional use case.”
The LMAX Collateral Plan Is Not Live Yet The second part of the announcement — letting institutions pledge RLUSD as collateral on LMAX Group’s trading venues — has not launched. Standard Chartered intends to extend its “collateral mirroring” model to LMAX, so the value of eligible RLUSD collateral is reflected on the trading venue without the underlying tokens being transferred. The bank said the design is meant to reduce transfer-related operational risk, optimize counterparty exposure and improve capital efficiency, but the integration remains subject to final documentation, testing, applicable laws and internal approvals, with no launch date disclosed.
Luke Dorney, LMAX Group’s head of custody for digital assets, said adopting the collateral mirroring model gives clients “greater flexibility in how they hold and deploy RLUSD” while maintaining the custody and risk standards institutions expect. The plan builds on a partnership Ripple and LMAX announced in January 2026 to expand institutional use of the stablecoin.
Why the Launch Matters for Ripple and XRP The announcement extends Standard Chartered’s digital asset footprint, which already includes institutional Bitcoin and Ether spot trading in the UAE. A systemically important bank adding custody for RLUSD marks another step toward bank-grade infrastructure for Ripple’s stablecoin, which crossed the $1 billion market-cap mark within its first year of launch.
RLUSD is issued by Standard Custody & Trust Company, a Ripple subsidiary supervised by the New York Department of Financial Services, and is backed one-to-one by US dollar deposits, short-term Treasury bills and cash equivalents. Ripple positions the stablecoin, alongside XRP, as the foundation of its payments, custody and treasury products for financial institutions. The custody launch therefore matters less for the token’s short-term price than for the on-ramps it opens to regulated institutional capital.
The launch also fits a broader contest among banks to win institutional stablecoin custody and settlement business as regulators clarify the rules. Standard Chartered’s move puts it among the first global banks to offer custody for a major stablecoin issued on a public ledger, a segment where digital-asset-native custodians have so far led.
What Happens Next Standard Chartered said further details on the LMAX collateral integration will be announced as implementation progresses, and that the agreed capabilities depend on final documentation, successful testing and regulatory and internal approvals. Until then, the live custody service is the concrete, available change, while the collateral arrangement remains a forward-looking plan. The earlier UAE spot-trading rollout gives a sense of how the bank has sequenced its crypto launches, starting with custody and execution before layering on collateral services.
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Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
Ripple-backed Evernorth is set to begin trading on Nasdaq today under XRPN, holding approximately 473 million XRP. The company completed its merger with Armada on October 9, ahead of the planned stock market debut.
Evernorth Schedules XRPN Trading Following Armada Merger Today, October 12, the Evernorth shares are set to begin trading on its Global Market. Nasdaq’s official notice identified XRPN to the company’s Class A shares and XRPNW to its warrants.
Armada Acquisition Corp. II was the merger partner and was sponsored by Arrington XRP Capital Fund. The exchange will suspend trading in Armada’s former shares and warrants, while the combined entity’s securities will begin trading in their place. The transaction is not an initial public offering, but rather proceeds through a special purpose acquisition company merger.
Meanwhile, An October 6 SEC filing moved the intended listing date from October 8. However, Evernorth attributed the delay to administrative matters and said it did not expect any changes to affect the merger’s outcome.
Meanwhile, the company confirmed that the business combination closed on October 9, ahead of its scheduled share debut.
Evernorth Enters Public Markets Holding 473 Million XRP Evernorth reported an approximate 473 million XRP holdings and gross cash proceeds of approximately $300 million. The cash amount doesn’t factor in transaction costs and is not the same as the cryptocurrencies the company holds.
The company listed its investors as Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Evernorth describes itself as the largest publicly traded business devoted entirely to managing an XRP treasury.
The Board of Directors of Armada approved the transaction at its meeting held on September 30. Previously, the shareholder vote coverage reported around 94% support.
An October 9 SEC filing showed that investors redeemed 18.46 million Armada shares for approximately $195.39 million. The redemption represented 80.3% of the shares eligible for cash.
XRP Treasury Company Outlines Plans After Nasdaq Listing Asheesh Birla, CEO and founder of Evernorth, called the company’s business an “actively managed XRP treasury.” He plans to support XRP infrastructure and pursue strategies intended to increase XRP holdings per share.
The company’s plans cover institutional lending, decentralized finance yield strategies and investments in XRP-related services. The announcement named tokenized assets, on-chain credit markets and settlement infrastructure among its investment areas.
However, evernorth shares are shares of the business and not the underlying tokens of XRP. According to the SEC filing, the public warrants from the company have an $11.50 exercise price. Additionally, the notice from Nasdaq sets the expiration date of the warrants as Oct. 7, 2031.
As per the terms of the merger, the Evernorth shareholders will receive one share for every Armada share they currently hold. Furthermore, Evernorth is expecting to be present at the closing bell ceremony to welcome executives, investors and XRP community members at the Nasdaq on October 14.
Crypto holders remain vigilant against the persistent threat of hacks and scams. Dom Kwok, cofounder of EasyA, recently laid out several actionable steps to help users improve the security of their digital assets and limit incidents of wallet compromise.
Kwok’s Security Checklist for InvestorsKwok posted a comprehensive set of recommendations for cryptocurrency investors seeking to protect their funds. He highlighted the use of hardware wallets, emphasizing the need to buy such devices directly from the manufacturer and avoid unverified third-party sellers.
He also encouraged users to safeguard their wallet seed phrases by keeping them offline—preferably written on paper—rather than stored in any online or cloud-based environment. This approach, Kwok stated, greatly reduces the risk of remote theft.
In addition, he advised investors to conduct a test transaction before moving larger sums, ensuring the recipient address is double-checked on the hardware device before any approval. Verifying transaction details independently was described as an essential precaution.
For wallet access and transaction approval, Kwok warned against signing off on transactions that are not fully understood. He recommended refusing all unexplained signature requests and ignoring unsolicited offers of assistance, which may be attempts by bad actors to compromise security.
Kwok explained that “keeping your seed phrase offline, always verifying the recipient on a hardware device, and refusing to sign any transaction you can’t interpret significantly strengthens your defense against theft.”
Recognizing that victims may seek support, Kwok urged caution when contacting supposed recovery services; some may be fronts for scams targeting those who have already experienced losses.
Concerns from D’CENT Wallet UsersDespite Kwok’s focus on best practices, members of the crypto community expressed skepticism over whether these measures could fully eliminate the risk of asset loss. A user named WWJD highlighted that some investors claim to have followed these recommendations yet still suffered thefts involving D’CENT hardware wallets.
WWJD stressed the importance of protecting seed phrases but raised the unresolved issue of unauthorized activity on wallets believed to be secure. The commenter urged Kwok to help draw attention to these cases and questioned what investigations or accountability measures are being pursued.
This feedback reflected frustration among affected users who believe standard advice may not address every situation. There is no conclusive evidence linking D’CENT wallets to a specific vulnerability, but the concerns have prompted ongoing discussion within the community.
Mini dictionary: D’CENT is a brand of hardware wallets designed for securely storing cryptocurrencies through offline, device-based key management.
Xaman Wallet Discussed as an AlternativeThe conversation expanded as another user, theUpside, inquired about using Xaman to store XRP. Thomas Toisgros replied that Xaman operates as a self-custodial wallet built specifically for the XRP Ledger and Xahau network.
Toisgros clarified that Xaman allows users’ private keys to remain encrypted on their own devices. He underscored that XRPL Labs, the entity behind Xaman, does not have access to user keys, and all transaction signings occur locally, preserving user control.
This exchange highlighted the broader importance of understanding how each wallet manages private keys and transaction authorizations. For many investors, evaluating these technical features is central to making informed choices about where to store digital assets.
The response emphasized that Xaman “stores private keys only on your device and signs transactions locally, so no outside party—including the wallet provider—has access to your assets.”
Overall, Kwok continued to encourage users to follow proactive protection steps, while ongoing reports from the community reflect a broader debate over wallet security and accountability within the crypto sector.
Standard Chartered Dubai has launched custody services for Ripple’s USD stablecoin RLUSD for eligible institutional clients, supporting RLUSD issued on the XRP Ledger. The bank also plans to collaborate with Ripple and institutional trading platform LMAX Group, allowing clients to use RLUSD held with Standard Chartered as collateral for trades on LMAX’s platform, without transferring the stablecoin to the trading venue. Standard Chartered noted that the collateral arrangement has not yet gone live, as it still needs to complete document signing, testing, regulatory compliance, and internal approvals. This model separates asset custody from trade execution, enabling institutional clients to hold stablecoins with the bank while using them as trading collateral. In January this year, Ripple provided LMAX with $150 million in financing to integrate RLUSD into its institutional trading infrastructure. If the partnership is implemented, it will further expand RLUSD’s applications in institutional trading collateral scenarios. Additionally, Standard Chartered has been expanding its digital asset custody business, and last week announced plans to offer custody services for select cryptocurrencies, stablecoins, and tokenized real-world assets to institutional clients in Singapore.
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TL;DRBitcoin is at $83,340 after Friday’s dip to $81,000, and the market is consolidating. Shorts worth $149.84M were liquidated in the rebound.
Standard Chartered launched RLUSD custody in Dubai, and Evernorth (XRPN) debuts on Nasdaq with 473M XRP.
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Morning trading on Monday, October 12, 2026, opened with price consolidation for the cryptocurrency market. Bitcoin recovered to $83,340 after Friday's drop to $81,000, keeping the market capitalization in the range of $2.82–2.90 trillion. Trading volume during the European session was a moderate $52–58 billion ahead of the opening of the American trading venues.
The rebound from the lows triggered a wave of forced closures of short positions. According to Coinglass, the daily volume of liquidations on exchanges totaled $229.43 million, of which 65.3% ($149.84 million) fell on sellers.
While ETF inflows have paused, Strategy purchased another 250 Bitcoins, increasing its balance to 848,250 coins.
Cryptocurrency heat map capturing Bitcoin consolidation at $83,340 and market-wide recovery on October 12, 2026, Source: CoinMarketCapThis is consistent with the overall on-chain trend: over the last 12 months, investors moved more than 710,000 Bitcoins (about $59.5 billion) from exchanges to cold wallets.
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The main trigger of the morning was an infrastructure launch: Standard Chartered opened a custody service for the Ripple USD (RLUSD) stablecoin on the XRP Ledger network through its Dubai branch.
At the same time, trading in shares of Evernorth, which operates as a public XRP treasury, began on Nasdaq under the ticker XRPN.
Custody worth billions and an ex-director of Coinbase at the helm. A new stage for the XRP ecosystemStandard Chartered's custody service, launched jointly with LMAX Group, uses a collateral mirroring model. Institutional clients can use the RLUSD stablecoin for margin trading without directly transferring the asset to an exchange, which eliminates the operational costs of cross-border transfers.
This launch completes the banking giant's multi-year transition from early blockchain experiments to full-fledged industrial infrastructure. The companies' relationship dates back to 2015, when Standard Chartered conducted its first distributed ledger tests in trade finance and entered Ripple's capital, investing $55 million in the Series B round.
Since then, the partnership has evolved from RippleNet's commercial cross-border corridors, where the XRP token was not yet used, to venture financing of the market maker Keyrock and the integration of the bank's custody arm Zodia with Metaco infrastructure.
Total distributed RWA value on XRP Ledger as of October 12, 2026, showing RLUSD supply at $1.1B, Source: RWA.xyzThe current step takes the XRP Ledger ecosystem to a new level of tokenization. According to current data from rwa.xyz:
The total value of represented assets on XRPL is $4.47 billion.
The RWA sector volume is recorded at $496.45 million.
Stablecoin capitalization on the network stands at $1.18 billion.
The thirty-day volume of tokenized asset transfers grew by 1,456.8%, reaching $7.03 billion. The largest product remains the Ondo Short-Term US Government Bond Fund with a balance of $185.11 million.
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In parallel, RippleX and the XRP Ledger Foundation closed a critical bug in the payment engine that had existed since 2015. The vulnerability, discovered by the Veria AI team, led to a 64-bit number overflow during the execution of an order chain, allowing XRP to be purchased for pennies through the automatic generation of the difference by the ledger code.
The fix was released in rippled 3.4.1; an on-chain audit confirmed that the vulnerability was never exploited on the public network.
Against this backdrop, Class A shares of Evernorth (XRPN) and its warrants (XRPNW) debuted on Nasdaq after the merger with the SPAC Armada. The treasury fund holds 473 million XRP (about $672 million) and $300 million in cash on its balance sheet.
Evernorth's new chief investment officer Hugo Zhandeboz (formerly co-CIO of Coinbase Asset Management) announced that XRP reserves will be directed into credit derivatives strategies and liquidity pools in DeFi to increase yield per share. The institutions SBI and Arrington control 39.9% and 19.9% of the shares, respectively. A 6-month lock-up has been set for Ripple.
Binance checks and farewell to mining. What else happened on the crypto market this morningWallets linked to the Ethereum Foundation resumed selling, transferring 4,393 ETH (about $11.13 million) to the Kraken exchange. The addresses received these funds 10 years ago in the genesis distribution and have gradually cashed out 49,751 ETH on Kraken at an average historical price of $658.
The US Department of Justice has launched a review of Binance for compliance with the terms of the 2023 global settlement, under which the exchange paid $4.3 billion. Investigators are examining transactions through Hong Kong companies that may be linked to sanctions evasion. The agency has not brought any new formal charges, and Binance stated that it fully complies with sanctions compliance requirements.
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The mining infrastructure of the previous cycle continues to be repurposed for artificial intelligence. The Dutch investment company SWI Group raised 800 million euros from institutional investors at a business valuation of 6.1 billion euros. The capital will go toward modernizing the data centers of the miner Genesis Digital Assets (formerly owned by Alameda Research).
SWI CEO Max-Hervé George told the WSJ that the holding is completely ceasing Bitcoin mining, shifting all capacity to serving AI computing.
In other news, as part of the regulatory track, the CFTC is preparing federal rules for retail margin trading of crypto products, and Dubai's VARA regulator has issued Kraken operational approval to launch trading in pairs with the dirham (AED).
At last but not least, Microsoft co-founder Bill Gates warned in an interview with CNN about a rise in AI cyberattacks over the next 12 months due to hackers removing protective filters from commercial language models.
Bitcoin near the 60% mark. What the market should prepare for this weekThe technical picture points to market stabilization after the unloading of margin positions. Price movement is sideways, without pronounced speculative skews. The Bitcoin dominance index is near the 60% mark, concentrating capital in systemic assets ahead of the release of macroeconomic statistics from the US.
Key factors and triggers of the current week:
October 12–17: Annual meeting of the IMF and the World Bank in Washington.
Wednesday, October 14 (15:30 UTC): US Consumer Price Index (CPI) for September — the Fed's benchmark for the interest rate.
Wednesday, October 14 (21:00 UTC): Publication of the Fed's economic review, the "Beige Book."
Thursday, October 15 (15:30 UTC): Release of the Producer Price Index (PPI) and US unemployment data.
Friday, October 16 (06:30 UTC): Speech by Fed Chair Kevin Warsh.
Strong Dollar, Higher Rates, Bitcoin Up 29% “Bitcoin is still up 29% since 12 June, a gain these three markets largely do not explain, which points to demand specific to Bitcoin.” – By @Crazzyblockk Complete breakdown ⤵️ https://t.co/v96zpISKKW https://t.co/LWVhsnERVw
— CryptoQuant.com (@cryptoquant_com) October 12, 2026 Bitcoin (BTC): trading at $83,340 (+0.31%) with dominance of 59.38%. Support has formed at $82,000, and MicroStrategy's purchases create a solid price floor for the current consolidation.
Ethereum (ETH): recovered to $2,544 (+1.58%) with dominance of 11.02%. The token holds above the $2,500 support, where spot pressure from the Ethereum Foundation was fully offset by the closing of $54.84 million in shorts. The nearest resistance is $2,620.
XRP and altcoins: XRP holds the $1.3980 level (+0.29%) with a market share of 3.13%. The Evernorth listing and the launch of Standard Chartered's custody fully neutralized the technological risks of the closed bug. Solana (SOL) recovered to $110.94 (+1.22%), and BNB holds the $749.37 mark (+0.08%), showing a neutral reaction to the Department of Justice review.
Ripple-backed Evernorth is making its Nasdaq debut today under the ticker XRPN, bringing 473 million XRP into a publicly traded company. Backed by more than $1 billion in funding, the listing gives investors a new way to gain exposure to XRP through the stock market.
Will this listing push XRP price higher as its trade near $1.40?
Evernorth XRPN Listing Goes Live TodayEvernorth has finalized its business combination with SPAC Armada Acquisition Corp. II, clearing the way for its Nasdaq debut. The company also raised around $300 million in cash as part of the transaction.
1/4 Public markets, meet the XRP Ledger. Evernorth has completed its business combination with Armada Acquisition Corp. II. On Monday, our common stock is expected to begin trading on Nasdaq under the ticker $XRPN.
Not investment advice or an offer of securities. Contains… pic.twitter.com/eGcxtA4AxT
— evernorthxrp (@evernorthxrp) October 9, 2026 Shares are expected to begin trading under the ticker XRPN today, on 12 October 2026. Evernorth had initially planned to list on October 8, but administrative issues delayed the closing process.
With approximately 473 million XRP in its treasury, Evernorth aims to become the largest publicly traded XRP treasury company.
How Evernorth Plans to Use Its 473 Million XRPEvernorth said that 473 million XRP now sits inside a publicly traded company focused on putting that capital to work across the XRP economy.
The company plans to invest in use cases that expand XRP’s utility and pursue strategies intended to increase the amount of XRP held per share over time. It will also report its activities to shareholders under the governance and disclosure requirements that come with a Nasdaq listing.
Evernorth plans to ring the Nasdaq closing bell on October 14, two days after its scheduled debut.
How to Trade Evernorth (XRPN) on NasdaqXRPN trades like a regular stock, so you do not need a crypto exchange account or a digital wallet.
Step 1: Choose a Brokerage: Log in to a brokerage account that supports Nasdaq trading.
Step 2: Search for XRPN: Enter the ticker symbol XRPN in your broker’s trading platform.
Step 3: Choose an Order Type: A market order buys or sells at the best available price. A limit order lets you set the price you are willing to pay or accept. Limit orders can help you manage sudden price swings.
Step 4: Place Your Order: Review your order details and confirm the trade. Check the stock’s price and trading volume, especially when trading begins, as prices can change quickly.
Will Today’s XRPN Listing Push XRP Higher?Evernorth’s Nasdaq debut comes as XRP faces price pressure. The token has fallen around 7.3% over the past week and is trading near $1.40, while selling pressure remains around the $1.60 resistance level.
However, U.S. spot XRP ETFs recorded $11.31 million in net inflows between October 5 and 9. Bitwise led the weekly inflows with $10.55 million.
Evernorth’s listing could increase institutional access to XRP-related investments. The impact will depend on investor demand and on how the company deploys its holdings.
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