Track market-moving stories before they get noisy

ZKsync [ZK] remained one of the few tokens to gain more than 10% as the cryptocurrency market regrouped after recent declines.

Its bullish performance coincided with a NextBridge partnership, expected to bring Prividium, its self-governed private ledger for institutions, to Japan.

Even so, the rally faced a test. AMBCrypto analyzed trader activity and found reasons to question whether ZK could sustain its upward movement.

Could ZKsync’s rally face a pullback? The Bollinger Bands chart showed ZK reaching the upper band, where its advance faced resistance. The indicator plots three bands around price. Its outer bands can help identify potential resistance and support, depending on market conditions.

Previous approaches to the upper band had preceded declines. This time, a red candlestick suggested selling pressure had started to emerge.

Source: TradingView If the pullback continues, ZK could approach the blue middle band at $0.0125, near horizontal support at $0.0124. That puts the $0.0124–$0.0125 zone in focus as a potential landing point.

Further selling could push ZK toward the lower band around $0.011, making it another potential support area.

Can ZK bulls defend the next support? Despite the emerging pullback, Bull Bear Power (BBP) suggested bulls retained the upper hand. The chart recorded consecutive positive green bars on the 9th and 10th of October, supporting the bullish momentum reading.

The Parabolic Stop and Reverse (SAR) offered a similar outlook, with dots positioned below ZK’s price.

Source: TradingView That positioning supported the prevailing upward trend, even as the red candlestick signaled near-term selling pressure. Taken together, these indicators leave room for a rebound if ZK retreats toward the middle band.

For bulls, holding the nearby $0.0124 support could help keep that recovery scenario alive.

What does ZKsync’s record holder count suggest? Meanwhile, ZK’s price gains coincided with an increase in its Holder Count. The number reached approximately 186,820, marking an all-time high. The upward trend had developed since mid-September.

Source: CoinMarketCap The growing Holder Count supported the adoption picture, although it did not establish how much those addresses bought.

ZK therefore faced competing signals: resistance near the upper band, bullish trend indicators, and a growing holder base. A pullback toward $0.0124–$0.0125 could test whether that bullish momentum translates into buyers defending support.

Final Summary ZKsync gained more than 10%, but upper-band resistance left a pullback toward $0.0124–$0.0125 in play. Bullish indicators and a record Holder Count supported the recovery outlook, with support holding key to a rebound.

Bitcoin treasury firms remain the most bullish players on the asset in 2026. So far, businesses have bought the largest stash of 193K Bitcoin, nearly 20x more than overall purchases made by nation-states over the same period. 

The U.S. spot Bitcoin ETFs (exchange-traded funds) and hedge funds had a small outflow of 594 BTC, while individuals dumped a whopping 93K BTC. 

Out of the massive appetite seen amongst businesses, Strategy accounted for over 91% of 2026 BTC purchases, or about 175K BTC. Analysts hailed the buying spree, given that Bitcoin has been stuck in a winter market for most of 2026. 

For Phong Le, Strategy CEO, however, the trend was positive and cemented their Bitcoin bet. 

The trend towards corporate, institution, bank, and nation-state adoption of Bitcoin is encouraging and makes us even more bullish on Bitcoin.

Source: River Strategy and Strive both hauled in 197K BTC. Other conventional businesses also bought over 20K BTC in 2026. In fact, even Robinhood joined the trend with a $25 million Bitcoin purchase this week. 

Other Bitcoin treasury firms acquired 8K BTC, but after adjusting for total business holdings, the stash fell to 193K BTC because miners offloaded 33K BTC as some pursue an AI pivot. 

Source: River Why Strategy is betting on Bitcoin’s broader adoption  Strategy’s initial Bitcoin bet was to offer amplified exposure to clients via its stock MSTR. The stock would offer several multiples of gains and losses relative to Bitcoin swings.

However, with preferred stocks, the firm doubled down on the ‘digital credit’ model backed by its Bitcoin holdings. 

Recently, the firm has been closely tracking a composite Bitcoin adoption index across nations, firms, and associated products tied to the asset. Worth noting that the firm initially floated the idea of becoming the first Bitcoin bank to offer more digital credit products beyond Stretch [STRC]. 

Currently, the 12% yield paid to STRC and other preferred stocks is generated by diluting MSTR shareholders. In fact, some have criticized the model as a ‘Ponzi scheme’ because the yield is not coming directly from its vast BTC holdings. 

It remains to be seen how Strategy will scale its digital credit pipeline. 

That said, despite Bitcoin treasury firms leading the demand front by $15 billion in 2026, this was still low relative to 2025.  

Source: River However, assuming this is an early bull market like in 2023, the current pace of inflows from Bitcoin treasuries was relatively higher and strong. 

Strategy has a cost basis of about $75K, while the U.S. Spot Bitcoin ETF has an average cost basis of $82K. As such, these levels could act as crucial support if the ongoing Bitcoin pullback deepens. 

Source: Glassnode Final Summary Strategy bought 175K BTC of the 193K BTC (91%) acquired by businesses in 2026 Strategy’s CEO said the institutional and state adoption trend has made them even more bullish on Bitcoin

Russia has introduced new electricity supply rules requiring cryptocurrency mining farms to accept lower-priority power connections, allowing authorities to disconnect their facilities during shortages while protecting electricity supplies for households and other consumers.

Summary

Russia has limited cryptocurrency mining grid connections to Category 4 reliability under government Resolution 1300. Mining farms face priority electricity cuts during shortages as authorities seek to protect other consumers. The October 6 decree covers cryptocurrency mining facilities, mining pools, and companies operating mining infrastructure. Previously submitted grid connection applications remain subject to revised requirements if their processing remains incomplete. Russia introduced Category 4 power connections in February 2026 to manage electricity shortages more effectively. The Russian Ministry of Energy confirmed the changes on October 9 following the government’s adoption of Resolution No. 1300 on October 6. The measure requires cryptocurrency miners and mining infrastructure operators seeking connections to the national electricity grid to use Category 4 power supply reliability, which permits interruptions when electricity is needed elsewhere.

The new requirements apply across Russia, including regions where mining is permitted. They affect new grid connection applications and certain previously submitted requests that have not been completed.

Russia requires crypto miners to accept lower-priority electricity Under the new rules, companies operating cryptocurrency mining farms can connect their equipment to electricity networks only through Category 4 power supply arrangements.

Government Resolution No. 1300 amended the country’s existing electricity connection regulations, introducing a specific requirement for facilities used to mine digital currencies or provide mining infrastructure services.

The measure covers companies operating mining equipment, businesses participating in mining pools and infrastructure providers supporting cryptocurrency mining activities.

Category 4 connections have a lower supply priority than conventional electricity arrangements. Operators accepting these connections must be prepared for interruptions when electricity networks experience shortages or operational problems.

The Ministry of Energy said mining facilities could be disconnected without the advance coordination normally associated with higher-priority electricity users.

According to the ministry, placing miners in this category will help prevent additional electricity demand from reducing the power available to other customers.

The government expects the arrangement to allow mining facilities to use existing electricity infrastructure without requiring the same level of guaranteed capacity provided to higher-priority consumers.

Importantly, the decree does not impose an immediate nationwide shutdown of operating mining farms. It changes the conditions under which mining facilities obtain grid connections and establishes rules for handling electricity shortages. The text does not establish that every facility already operating under a completed higher-priority connection must immediately move to Category 4.

Bitcoin mining farms could lose power during shortages The Category 4 framework was introduced in February 2026 through Government Resolution No. 103, which established a separate electricity connection arrangement for consumers willing to accept a less reliable supply.

The February regulations allow eligible electricity users to obtain connections when the existing grid cannot support another conventional connection without infrastructure improvements.

However, customers using the lower-priority arrangement face restrictions during emergency conditions.

According to the government rules, Category 4 consumers are placed ahead of most other electricity users when authorities prepare emergency power reduction schedules. Their electricity is generally restored after supplies return to higher-priority customers.

For cryptocurrency miners, the October decree makes Category 4 the required reliability category for qualifying new grid connections. Officials explained that the measure would help address unexpected increases in electricity demand from mining facilities, which can operate continuously and require substantial power capacity.

In its statement, the Energy Ministry described the changes as supporting the “efficient use of existing energy infrastructure” while protecting reliable electricity supplies for residents.

Mining operators would remain responsible for managing their operations when electricity becomes unavailable. The regulations do not promise uninterrupted service or require authorities to maintain power for mining equipment during shortages.

The decree’s technical requirements cover grid connection procedures and the equipment needed for emergency electricity restrictions.

Applications may be rejected if the electricity system operator determines that the requested connection cannot meet the applicable technical conditions.

Russia updates mining restrictions in areas facing power shortages The latest rules contain provisions for regions where the government has restricted cryptocurrency mining because of electricity supply concerns.

Under Resolution No. 1300, the treatment of Category 4 mining connections depends on whether the government has imposed a complete mining prohibition in a particular territory. Where a complete ban applies, electricity providers cannot accept new Category 4 connection applications for mining equipment covered by that restriction.

Processing of previously submitted applications and work under certain existing connection agreements must be suspended until the relevant prohibition is lifted. Once a complete prohibition ends, the rules require electricity network companies to resume specified procedures and address affected connection agreements within the periods established by the decree.

The legislation separately provides for certain regions where mining may operate under Category 4 connections despite restrictions that would otherwise apply.

However, qualifying for a lower-priority electricity connection does not automatically exempt mining operators from every regional ban. Russia has expanded its regional mining restrictions several times since legalizing regulated cryptocurrency mining in 2024.

Earlier measures covered parts of the North Caucasus and Siberia, where electricity shortages and growing demand had raised concerns among local authorities.

In August 2026, Russia expanded restrictions on cryptocurrency mining in Moscow, the surrounding Moscow Region and designated areas of Kursk.

Government Resolution No. 936 introduced restrictions beginning August 15, 2026, with an end date of December 31, 2032, unless amended.

Regional energy officials had estimated that cryptocurrency mining consumed approximately one gigawatt of electricity within Moscow’s power system. The figure was cited during discussions about preventing capacity shortages.

Separate regional cryptocurrency mining controls were introduced beginning in January 2025, including seasonal restrictions affecting parts of Buryatia, Zabaykalsky Krai and Irkutsk.

The October electricity connection decree operates alongside the existing restrictions governing where mining activity is permitted.

New power rules affect pending mining connection applications Mining companies planning new facilities must now account for the Category 4 requirement when submitting grid connection requests.

The decree amends the technical connection process and requires qualifying mining facilities to meet the relevant conditions covering system capacity, protective equipment and electricity network operations. For applications already submitted but not yet completed, the new framework may change how electricity providers review requests and issue technical connection conditions.

Government Resolution No. 1300 specifies that when a complete regional mining ban applies, providers must suspend the processing of affected pending applications, the signing of relevant connection agreements and certain previously agreed implementation deadlines.

The legislation sets procedures for restarting those processes when a full prohibition is canceled, including requirements concerning updated connection agreements and applicable charges. In cases where a grid operator cannot approve the necessary Category 4 connection conditions, the regulations provide for rejection or cancellation of applications under specified circumstances.

Russia’s Federal Antimonopoly Service had separately proposed restrictions preventing electricity companies from conducting cryptocurrency mining or supplying certain facilities and capacity to mining businesses. Bits.media reported on October 10 that the proposal formed part of regulatory discussions concerning electricity providers’ involvement in the mining industry. The October 6 decree does not establish that the antimonopoly proposal has been adopted.

The Ministry of Energy has not announced how many mining farms will require new connections under Category 4 or how much electricity capacity the changes are expected to release for other consumers.

Justin Bons, the founder and chief investment officer of Dutch blockchain fund Cyber Capital, has sharply criticized $XRP and its governance model, raising questions about the cryptocurrency’s decentralization and the transparency of its validator software.

XRP validator software under scrutinyBons alleged that $XRP has been running on closed-source validator code for the past two weeks. He claimed that this code would soon become mandatory for all validators, meaning those who do not adopt it could be excluded from participating in the network.

He attributed this situation to a permissioned node list, maintained by entities responsible for the $XRP network. Validators, he argued, must comply with the software and requirements dictated by those who control these lists.

Bons asserted that the use of closed-source binaries could expose validators and the network to significant risks, suggesting that malicious code has the potential to steal funds or disrupt the system. He maintained that “selling $XRP to retail as ‘decentralized’ is straight-up fraud,” and described the mandatory implementation of closed-source code as a clear threat to the principles of open networks.

Bons also dismissed the justification that closed-source code might be necessary for critical security updates. He compared $XRP’s approach to that of Bitcoin, Ethereum, and Solana, stating that other major networks have historically implemented fixes and upgrades by inviting validators to run new, open-source code—even when security vulnerability details have not been widely disclosed.

He argued that this ongoing transparency allows validators to inspect the underlying code for themselves, achieving a balance between user security and decentralized integrity.

Criticism of Ripple’s consensus structureBons directed further criticism at the consensus system underlying the $XRP network. He labeled it as operating on a Proof of Authority (PoA) basis—a consensus mechanism where authority is established by designated entities. Ripple, a US-based enterprise blockchain company, and the XRP Ledger Foundation reportedly maintain the two critical permissioned validator lists governing network participation.

Bons argued that this system means XRP is reliant on permissioned entities rather than an open, permissionless network. He drew a comparison to Canton’s blockchain network, noting that while both platforms control validators through permissions, Canton is more transparent about its governance model.

Mini dictionary: Proof of Authority (PoA) is a blockchain consensus mechanism where a set of approved accounts, rather than anonymous or permissionless participants, are responsible for validating transactions and creating blocks. Authority is usually granted to entities selected by a central organization, often leading to greater speed and efficiency but with decreased decentralization compared to Proof of Work or Proof of Stake models.

Allegations of misrepresentation and centralizationThe Cyber Capital founder took issue with what he described as Ripple’s portrayal of $XRP as a decentralized network. He contended that externally, crypto researchers do not recognize $XRP as decentralized, viewing it as one of the most centralized blockchain projects.

He emphasized that “crypto researchers outside the $XRP ecosystem generally consider the token’s decentralization narrative a ‘bad joke’,” arguing that convincing retail investors otherwise misleads the market in a way akin to investment fraud.

Bons pointed to the token’s supply distribution as further evidence of his claims. He said Ripple originally allocated the entire $XRP supply to itself and has gradually sold tokens to the public—a process raising further concerns over centralization and the potential for manipulation.

Calls for greater decentralizationSumming up his position, Bons warned that concentrated authority within blockchains, such as he sees in $XRP’s design, could be exploited. He encouraged users to migrate to alternative blockchains that prioritize genuine decentralization, scalability, and sound governance.

According to HTX market data, STRK (Starknet) has extended its 24-hour gain to 55%, briefly breaking above $0.12 and currently trading at $0.11, leading the altcoin market rally. On the news front, StarkWare CEO Eli Ben-Sasson stated at Token2049 and in subsequent remarks that blockchains need post-quantum readiness and cryptographic agility to counter threats from quantum computing and AI acceleration. He clarified that Starknet is actively considering multiple options, including separating from Ethereum to become an independent Layer 1 (L1) chain, so as to independently control the pace of security migration, with the goal of achieving full quantum resistance by 2027 — earlier than Ethereum’s planned timeline. This "shift to L1 + quantum resistance" narrative quickly became a market focus, driving STRK’s consecutive sharp rally. On the technical and ecosystem front, the v0.14.4 mainnet launched on October 5, expanding SNIP-36 single-proof capacity to approximately 1.1 billion L2 gas, enabling proof verification for larger-scale off-chain computations; the strkBTC incentive program went live on October 2 (with the first 100 bridged BTC covering bridging fees and receiving weekly airdrops), further strengthening the Bitcoin-related narrative.

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Ledger-linked attackers deposited 2,990 ETH into Tornado Cash, then bridged the funds to ZEC via NEAR Intents.

On-chain detective Specter revealed in his personal channel that an attacker address, implanted via unauthorized hardware into a Ledger hardware wallet linked to CryptoBilis, deposited 2,990 ETH (valued at approximately $7.45 million) to Tornado Cash between October 9 and 10. Monitoring data shows the attacker had earlier dispersed the funds to 14 addresses, then cross-chain converted the funds to the ZEC network via NEAR Intents for further privacy processing. Signs of address correlation were observed during the fund transfers: some withdrawal transactions reused the wallet addresses used for prior deposits, while other withdrawals were initiated by wallets linked to the wallet that paid gas fees during the theft, enabling researchers to trace the fund flow.

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List of High-Risk Ledger Resellers Disclosed, Regional Supply Chain Risks Draw Attention After CryptoBilis Incident

After hardware wallet manufacturer Ledger confirmed that devices sold by its Southeast Asian distributor CryptoBilis contained unauthorized hardware implants, analyst Darkfost has compiled a "Ledger Dealers to Watch" list, identifying nearby merchants whose supply chains may also be impacted, including Lazada, Shopee, Tokopedia, Bhinnekon, and Metapod. The list marks CryptoBilis as suspended, while the risk exposure of other dealers remains unknown. Darkfost stressed this is speculative, not confirmed, but advised users who purchased Ledger devices from these dealers in the past six months to transfer their assets to secure locations before the issue is resolved. Ledger previously stated the incident appears limited to this single distributor and its local market, adding its own infrastructure, systems, and services were not breached, and investigations are ongoing. Darkfost also recommended users willing to inspect their devices themselves refer to disassembly guides to verify if the hardware has been tampered with.

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Ledger Confirms Over $86 Million in Crypto Assets Lost in Hardware Supply Chain Attack Incident

Hardware wallet manufacturer Ledger confirmed today that unauthorized hardware implant attacks may have caused affected users to lose more than $86 million in crypto assets. Earlier, Ledger verified that affected user devices contained unauthorized hardware implants, prompting distributor CryptoBilis to suspend sales of its inventory.

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Next Week's Macro Outlook: CPI Data Tests Fed’s Stance on Pausing Rate Hikes, IMF’s Walsh Speech Takes Center Stage

Next week, global markets will focus on the U.S. September CPI data to assess whether the Federal Reserve maintains its "discontinuous rate hike" stance. While most Fed officials believe another rate hike may be possible this year, recent comments indicate no urgency to act at consecutive meetings. Market pricing for a rate hike on October 28 has fallen to around 19%, while a December rate hike is fully priced in. Geopolitically, the stalemate between the U.S. and Iran and escalating tensions in Yemen continue to support oil risk premiums, with the U.S.-Russia diesel supply deal having limited short-term impact. Below is a key event calendar: Tuesday: Speech by Cleveland Fed President Patrick Harker; Fed Governor Christopher Waller speaks at the India Bloomberg New Economy Forum; U.S. September NFIB Small Business Confidence Index, ADP employment change for the week ending September 26, September existing home sales annualized total; OPEC releases its monthly oil market report. Wednesday: U.S. September CPI and core CPI; Fed officials’ pre-Brown Book comments; Boston Fed President Susan Collins and Fed Governor Michelle Bowman deliver speeches; IEA releases its monthly oil market report. Thursday: U.S. API crude oil inventories for the week ending October 9; U.S. initial jobless claims for the week ending October 10, September retail sales, September PPI and core PPI, October New York Fed and Philadelphia Fed manufacturing indexes; G20 Finance Ministers and Central Bank Governors Meeting. Friday: Fed Chair Jerome Powell attends the IMF Annual Meeting in Bangkok and holds a fireside chat with IMF Managing Director Kristalina Georgieva; Cleveland Fed President Patrick Harker speaks again; U.S. September Import Price Index, industrial production; U.S. EIA crude oil inventories for the week ending October 9.

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A crypto whale takes a long position on BTC, with unrealized profit exceeding $10 million.

According to TradingBeats monitoring, Hyperliquid whale address 0x8ea8…edbc holds 1,000 BTC long positions, with the position valued at approximately $83.04 million. The address uses 3x full leverage, with an average entry price of around $72,771, current unrealized profit of roughly $10.27 million, and a position return rate of about 37.1%. The address already held around 800 BTC long positions as early as May 11, with an unrealized profit of approximately $5.3 million at that time, before increasing the position size to 1,000 BTC. As of press time, the BTC contract mark price is approximately $83,037, some 14.1% higher than the address’s average entry price. The estimated liquidation price for the position is around $50,382, roughly 39.3% lower than the mark price.

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A crypto whale traded with 1000x leverage on Papertrade, racking up cumulative losses of roughly $1 million.

According to TradingBeats’ monitoring, address 0x6f25...4acc has recorded a cumulative trading volume of roughly $10.301 billion on Papertrade, with historical trading losses of around $933,200 and currently holds no open positions. All 1,058 settled positions of the address utilized 1000x leverage; 37 were liquidated, leading to total margin losses of approximately 361,000 USDC, involving BTC and ETH. Separately, the address has staked about 84.98 million PAPER tokens, making up roughly 1.59% of the platform’s total staked amount, and has cumulatively claimed around 223,900 USDC in rewards.

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Altcoins

11 October 2026 | 11:32 Most perpetuals trades end with a simple result: the trader wins or loses. Papertrade adds a second outcome by issuing PAPER after eligible losses, tying its token model directly to the way its market settles trades.

Key Takeaways Eligible trading losses may trigger PAPER issuance under the protocol’s emission rules. PAPER does not replace the USDC that was lost on the trade. The same loss-funded pool is responsible for paying traders who win. The model needs both reliable winner payouts and a sustainable reason to hold PAPER. A perpetuals market built around one shared pool Papertrade is a perpetuals venue built on Hyperliquid infrastructure. Traders take leveraged positions on crypto prices without buying the underlying asset, while the platform’s settlement model relies on a shared USDC reserve called the Martingaler LP.

Like other leveraged perpetuals, the product can magnify a small price move, accumulate funding costs and liquidate an underfunded position. These are the mechanics involved in trading crypto with leverage. Papertrade adds a separate token outcome: an eligible loss may trigger the issuance of PAPER.

The USDC loss remains real. PAPER gives the trader a separate asset whose eventual value depends on the protocol’s activity, token supply, demand and the terms available to holders.

What a $100 loss leaves behind

If a trader loses $100, the USDC loss can help replenish the shared Martingaler LP. PAPER may then be issued according to the protocol’s live emission rules. The token does not restore the $100; it gives the trader a separate asset with an uncertain future value.

What PAPER leaves behind after a loss That difference is important because a token reward can be mistaken for compensation. It is better understood as a new position created after the trade has already closed. Its price may rise, fall or remain illiquid, and a trader who sells it immediately could receive far less than the USDC lost.

Papertrade’s materials describe PAPER staking as a route through which holders may participate in protocol revenue. Whether that creates durable value depends on activity, fees, token issuance, market demand and the live terms of the staking system. Traders should check the current documentation and contracts for reward formulas, transferability and restrictions before relying on any promotional description.

The model therefore places two questions in front of a losing trader. First, how much USDC could be lost through leverage? Second, does holding the PAPER received afterward make economic sense once dilution, liquidity and the protocol’s revenue are considered?

The same pool must pay the traders who win PAPER’s story cannot be separated from the pool behind the market. The USDC that enters after losses helps support the liquidity needed to settle winning positions, connecting the token mechanism to the platform’s ability to pay traders.

Papertrade’s whitepaper describes a queue for situations in which the pool does not have enough immediately available USDC to cover every profitable withdrawal. In that scenario, a winning trader may need to wait for the pool to receive further liquidity. Bankless described the same mechanism at launch as a first-in, first-out payout process.

Such a queue is a disclosed part of the proposed design, not proof that payouts will fail. It does mean that the market should be judged by its settlement record as well as its trading interface. A perpetuals venue is only as useful as its ability to deliver gains when traders are entitled to withdraw them.

A loss token can influence risk-taking The token may change how some traders approach a risky position. A person considering a highly leveraged trade could view PAPER as a possible residual benefit after a loss, particularly if they expect the protocol to grow and the token to gain demand.

That expectation can be dangerous if it becomes a reason to take a position that would otherwise be too large. PAPER is not a hedge with a defined payout, and it cannot reduce the USDC loss at the moment a liquidation or losing close occurs. Its future value must be weighed against the immediate, known cost of the trade.

There is also a supply question. Issuing more tokens after more losses may broaden participation, yet it can also dilute existing holders if protocol revenue and demand do not expand at a comparable pace. The model needs a credible connection between trading activity, settlement liquidity and value for PAPER holders; issuing tokens alone cannot create that connection.

Four places where Papertrade has to deliver First test

Can winners withdraw USDC?

The shared pool needs enough liquidity to meet profitable traders’ withdrawal claims without a prolonged queue.

Second test

Does PAPER have a reason to be held?

Its supply needs to stay connected to real demand, staking participation and protocol revenue rather than issuance alone.

Third test

How does the pool behave under pressure?

A market with more winning positions than losses could expose whether the payout mechanism works during an unfavourable trading period.

Fourth test

What do losing traders do with PAPER?

Consistent holding or staking would show a different kind of demand from immediate selling after each loss.

These measures offer a more useful view of Papertrade than token price alone. A rising PAPER price would not prove that the payout mechanism is robust, while a short period of smooth withdrawals would not settle the longer-term question of token supply and demand.

The model has two promises to meet Papertrade is trying to turn a familiar frustration in leveraged trading into part of its economic design. Instead of leaving every losing trader with only a reduced balance, it gives eligible participants a token that may have value if the venue builds lasting activity and revenue.

The approach can only prove itself if two outcomes hold together over time: profitable traders can access their USDC when due, and PAPER develops an economic role that does not rely on an ever-expanding flow of new losing trades. Until that evidence exists, PAPER should be treated as a speculative token received after a loss, rather than a recovery guarantee.

This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual futures and leveraged trading carry a high risk of loss. Product terms, token mechanics and eligibility rules may change.

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.

Filecoin is about to turn off its biggest token faucet. The six-year vesting schedule for Protocol Labs and the Filecoin Foundation ends on October 15, 2026, and it takes roughly 66.7 to 68 million FIL of annual new supply with it.

At the latest mining pace, yearly additions from vesting and block rewards combined would drop from about 89 million FIL to 21 million. That is a cut of roughly 75%.

What’s actually ending
When Filecoin launched in October 2020, two insider allocations were set to unlock in a straight line over six years. Protocol Labs, the company that built the network, received 300 million FIL. The Filecoin Foundation received 100 million FIL.

Split 400 million FIL across six years and you get the roughly 66.7 to 68 million FIL per year that is about to disappear from the issuance schedule. Once it stops, gross annual issuance is expected to fall from an estimated 88 to 89 million FIL to around 21 to 22 million FIL, depending on mining pace. All of that would come from block rewards.

Storage providers are paid under Filecoin’s dual minting model. That model has two parts: a “simple” component that releases tokens on a fixed decay schedule, and a “baseline” component tied to whether total network storage hits growth targets.

After October 2026, those two components become the only source of fresh FIL. New supply would then represent approximately 2% of circulating supply per year, depending on how many tokens get burned through network fees and how much FIL storage providers lock up as collateral.

Net supply could flatten, or even shrink
Filecoin has two built-in mechanisms that pull tokens out of circulation. Fees burn a portion of FIL permanently. Storage providers must also lock FIL as collateral to guarantee they will keep storing data, which takes those tokens off the market for the duration of their commitments.

Simulations cited in network analysis suggest net FIL growth could decline by as much as 86% to 119% from August 2026 levels by the end of 2027. A figure above 100% would mean net supply actually contracts, with burns and collateral locks removing more FIL than block rewards create.

The demand side is still small, but growing fast
Filecoin is positioning new products to grow paid demand. Those include Filecoin Onchain Cloud and Fil One. Annualized payments through Filecoin Onchain Cloud are expected to climb from $663 in January 2026 to $59,327 by August 2026.

What this means for FIL holders
Traders appear to have noticed the calendar. FIL prices have risen between 10% and 24% ahead of the supply cut, as investors position for less selling pressure from the vesting stream.

For the broader market, Filecoin is a useful test case. Many tokens launched in the same era with multi-year insider vesting schedules. The things to watch are concrete: whether paid usage on Filecoin Onchain Cloud keeps compounding after August 2026; how much FIL storage providers lock as collateral as the network grows; and whether fee burns become large enough to push net issuance toward the contraction scenario in the simulations.

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

US spot Bitcoin ETFs took in approximately $3 billion in net inflows between September 17 and September 25, 2026. That stretch ranks among the strongest buying periods since the funds launched in January 2024.

The burst did something months of grinding could not. It pushed the year’s flow tally out of the red.

Hedge funds, often cast as the fast money behind ETF surges, appear to have played only a minor role this time. The buying looks more like a broad institutional return than a trading desk making a short-term bet.

The numbers behind the rally The peak week alone delivered $2.4 billion in net inflows. That was the largest weekly haul since October 2025.

BlackRock’s IBIT led the pack with around $1.2 billion during that peak week. Fidelity’s FBTC added roughly $702 million, while ARK 21Shares’ ARKB brought in about $295 million.

The biggest single day came on September 21, 2026, when inflows hit nearly $999 million.

The rebound matters most against where flows stood earlier in the year. By mid-July, the funds were sitting on a year-to-date deficit of about $5.8 billion.

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By late September, that hole had become a modest net positive of about $934 million.

The flows lined up with Bitcoin’s price recovery. During the period, Bitcoin traded between $82,000 and $87,000.

A record quarter, then a cooldown Zoom out and the third quarter looks even stronger. Q3 2026 recorded $6.34 billion in Bitcoin ETF inflows, the highest of any quarter this year.

Cumulative net inflows since launch reached approximately $57-58 billion by early October 2026. Total assets under management sat around $105-110 billion over the same window.

The party did not last. Net outflows resumed in early October 2026, including a $244 million outflow on October 8.

Why the source of the money matters When the spot ETFs debuted in January 2024, they offered something new. Traditional investors could get Bitcoin exposure through a brokerage account, no crypto exchange or private keys required.

Who is buying shapes how durable a rally might be. Hedge fund flows often tie to basis trades, where funds buy ETF shares and short futures to capture a price gap. That kind of buying can unwind quickly once the spread closes.

Broader institutional demand tends to be stickier. If allocators are adding Bitcoin as a portfolio slice rather than a trade, the money is less likely to sprint for the exit at the first wobble.

The late-September data leans toward the second scenario.

What this means for investors For investors, the clearest signal is a shift in sentiment. Wiping out a deficit of about $5.8 billion suggests institutions still see Bitcoin as a legitimate portfolio holding, not just a speculative side bet.

The concentration in BlackRock’s IBIT also stands out. With around $1.2 billion of the peak-week inflows, the largest issuer kept widening its lead over Fidelity and ARK 21Shares.

Still, the October outflows serve as a reminder against reading too much into any single week. A $244 million exit on October 8 shows that sentiment can flip as fast as it arrived.

Bitcoin’s price range also deserves attention. Inflows clustered while Bitcoin recovered into the $82,000 to $87,000 band.

What to watch next is whether early October outflows prove to be a pause or a turn. If the year-to-date total of about $934 million slips back toward negative territory, the September surge will look more like a relief rally than a trend.

If inflows resume and cumulative totals push past the approximately $57-58 billion mark, the case for steady institutional adoption gets stronger.

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

Sat 10 Oct 2026 ▪ 7 min read ▪ by Ghiles A.

Summarize this article with:

On October 10, 2025, the cryptocurrency market suffered a brutal crash that led to nearly 19 billion dollars in liquidations. A few days after a historic record above 126,000 dollars, bitcoin quickly lost part of its value. One year later, traders have better tools to monitor risks. Yet, leverage, excessive positions, and the weight of derivatives continue to weaken the market.

In brief The crypto crash of October 10, 2025 caused nearly 19 billion dollars in liquidations. Bitcoin fell from 122,000 to 105,000 dollars in a few minutes. Leverage and excessive long positions amplified market risks. Traders have better tools to monitor open positions and funding rates. One year after the crash, derivatives continue to threaten the stability of the crypto market. Bitcoin faced the memory of the October 2025 crash On October 10, 2025, the market experienced one of its most violent episodes. After exceeding 126,000 dollars, bitcoin saw its price drop from around 122,000 to 105,000 dollars. Most of this decline happened within minutes. This rapid drop surprised many investors who were still anticipating a price increase.

The collapse caused about 19 billion dollars in liquidations on cryptocurrency markets. These liquidations affected traders who had taken large positions using leverage. Their bets were notably based on the continuation of the rise and on historical market cycles. When prices reversed, these positions suffered fast losses.

For Mark Connors of Risk Dimensions, the magnitude of the move surprised market participants. This former head of a hedge fund positioning product at Credit Suisse highlights the weight of trader positioning.

It was a very fast and brutal market peak that we didn’t expect; positioning was significant then, and it still is today.

According to him, investors had accumulated significant long positions before the crash. This concentration of bets increased their exposure when the market abruptly changed direction.

Leverage remains at the heart of market risks Before the crash, open interest approached its highest historical levels. This indicator measures the number of derivative contracts still active in a market. At the same time, many traders anticipated a new bitcoin rally. Some even considered targets between 250,000 and 400,000 dollars, relying on previous cycles.

However, the crash showed the limits of these expectations. Connors estimates that “the movement mainly came from derivatives rather than blockchain data.” In other words, price variations can result from financial positions taken on the asset, without directly reflecting actual demand. This distinction remains essential to understand rapid market moves.

Perpetual futures contracts illustrate this dynamic. They allow traders to speculate on price changes without directly holding the cryptocurrencies involved. These instruments still hold an important place in trading, while platforms have financial reasons to continue offering leveraged products. Consequently, the same mechanisms that can amplify an uptrend can also accelerate a downturn.

More precise monitoring tools for traders Since October 2025, market participants have had additional information to assess their exposure. Connors notably highlights progress in the analysis of order books and positioning. These data help traders better understand market structure. However, they do not allow predicting with certainty the next price movement.

Chris Sullivan, co-founder of Hyperion Decimus, recommends first limiting leverage use. He also advises monitoring open positions, funding rates, and general market sentiment. These indicators can reveal an excessive accumulation of bets in one direction. Their combination thus allows spotting certain situations where the market becomes more vulnerable.

Funding rates deserve particular attention on perpetual contract markets. They reflect the cost associated with maintaining certain positions and provide indications about trading conditions. Meanwhile, open interest informs on the extent of still active commitments. When these measures reach extreme levels, Sullivan recommends patience rather than hasty decisions, whether traders anticipate a rise or a fall.

Bitcoin holders must also protect their assets The lessons from the crash also concern investors who wish to hold their assets for a long time. Sullivan recommends that they buy their bitcoins, then transfer them off exchange platforms to a secure place of custody. This approach limits their direct exposure to risks linked to keeping funds on a trading platform. It also distinguishes holding the asset from speculating on its short-term price changes.

This caution does not mean investors can eliminate all risks. Rapid price moves remain possible, even when traders monitor their positions more closely. Connors reminds that leveraged products are still present in the market. A new episode comparable to that of October 10, 2025, thus remains possible, despite progress made in data analysis.

Increased visibility nevertheless constitutes a notable change since the previous crash. Traders can better spot certain imbalances and measure their exposure before making decisions. However, having better tools does not guarantee a sufficiently swift reaction or complete protection from losses. Risk management thus remains a central issue for investors active in derivatives markets.

The four-year cycle questioned after the fall The crash also challenged another market belief: the ability of the four-year cycle to guide price expectations. This cycle is notably based on the periodic reduction of rewards given to miners. Before October 2025, some investors believed this mechanism could herald new peaks. However, the severity of the drop showed this reference was not enough to explain market movements.

Connors considers that the four-year cycle has not disappeared but that it has evolved:

The four-year cycle is not dead; it has changed, and we can no longer rely on it as much as before.

According to him, investors can no longer base their confidence on this model as before. Economic and political factors may now play a larger role in bitcoin’s fluctuations. This evolution complicates forecasts based solely on historical trends.

Moreover, the development of institutional investment products has not eliminated the influence of derivatives on short-term prices. The arrival of new actors does not prevent speculative positions from causing rapid moves. One year after the crash, Connors nevertheless believes investors pay more attention to market structure. This awareness represents one of the main lessons of the episode.

As the first anniversary of the October 10, 2025 crash approaches, the market thus retains a better understanding of its mechanisms, without having removed its main sources of fragility. Future developments will notably depend on trader positioning, leverage use, and the weight of derivatives. For BTC, investors’ ability to manage these risks will remain decisive. The market survived this drop, but nothing guarantees that the next shock will produce the same consequences.

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

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Geneva, Switzerland, October 10, 2026 — TRON DAO, the community-governed DAO dedicated to accelerating the decentralization of the internet through blockchain technology and decentralized applications (dApps), participated in TOKEN2049 Singapore as Title Sponsor and in Blockworks’ Digital Asset Summit (DAS) Asia 2026 at the Marina Bay Sands. TRON Founder Justin Sun joined fireside discussions at both conferences, sharing his views on stablecoins, institutional adoption, AI-driven commerce, machine-to-machine payments and the need for quantum-resilient blockchain infrastructure.

On October 7, Sun joined Michael Ippolito, Co-Founder of Blockworks, on the main stage at DAS Asia 2026 for a fireside titled “In Conversation with Justin Sun.” Organized by Blockworks, DAS Asia is an institution-focused digital asset conference examining the intersection of traditional finance and the digital asset economy. The conversation covered the evolution of stablecoins, institutional adoption, agentic AI payments and TRON’s role in the global digital asset economy.

Sun highlighted the growing role of tokenized assets and stablecoins as practical financial infrastructure, particularly for cross-border payments and access to digital dollars and U.S.-based assets. He also discussed the emerging role of AI agents in the economy, predicting that within the near future, AI agents will increasingly make payments, purchase digital services and manage financial activity on behalf of users.

On October 8, Sun joined Kevin Follonier, Founder of When Shift Happens, for “Fireside Chat with Justin Sun” on the TOKEN2049 main stage. The discussion explored the future of blockchain, stablecoins, AI agents and the broader evolution of global finance. Sun also discussed the need to prepare blockchain networks for quantum computing, noting that TRON has already made meaningful progress toward post-quantum readiness, with end-to-end post-quantum signature support deployed on the Nile testnet.

Furthermore, pointing to the mathematics behind the cryptography that secures blockchain networks, Sun turned to the Justin Sun Prize, which he describes as the “Nobel Prize of the AI Era.” Structured as a zero-trust, decentralized academic bounty mechanism built around a “problem list,” the prize recognizes breakthroughs in fundamental disciplines verified through machine formal verification. It seeks to accelerate fundamental research through collaboration between humans and AI.

“AI agents using crypto will become the industry’s biggest use case within the next five years,” said Sun. “As AI agents begin to transact, pay and operate autonomously, blockchain will become the financial infrastructure behind them. TRON’s focus is to provide the fast, efficient and accessible settlement layer that can support this next generation of global finance.”

TRON DAO also hosted a dedicated booth at the conference, giving attendees the opportunity to connect with the broader TRON community and learn about the ecosystem’s work across stablecoin payments, decentralized applications and AI-driven financial infrastructure. Beyond the conference floor, TRON DAO also hosted a Creators and Media Networking Happy Hour, welcoming industry leaders for an evening of light bites and conversation.

Across both events, the discussions underscored TRON’s focus on building blockchain infrastructure for a rapidly evolving financial system being shaped by stablecoins, tokenized assets, AI agents and increasingly resilient digital-asset networks.

About TRON DAO

TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.

Founded in September 2017, the TRON blockchain has experienced significant growth since its MainNet launch in May 2018. Today, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin, which currently exceeds $94 billion. As of October 2026, the TRON blockchain has recorded over 407 million in total user accounts, more than 15 billion in total transactions, and over $28 billion in total value locked (TVL), based on TRONSCAN. Recognized as the global settlement layer for stablecoin transactions and everyday purchases with proven success, TRON is “Moving Trillions, Empowering Billions.”

TRONNetwork | TRONDAO | X | YouTube | Telegram | Discord | Reddit | GitHub | Medium | Forum

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Yeweon Park

[email protected] 

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Shiba Inu's layer-2 network, Shibarium, saw a sudden spike in activity as the daily number of transactions rose in the last 24 hours. Shibariumscan data shows the number of transactions jumped from 970 on Oct. 8 to 2,440 on Oct. 9, a 151% growth.

This jump comes after a huge decline in the number of transactions, which was 5,710 on October 6. Activity on Shibarium has been on the rise gradually, with the number of transactions steadily climbing since the start of October.

This steady increase went on for six days, after which a sharp drop ensued. This inconsistency in transaction activity raises questions about the recent increase and whether it marks the start of a sustained recovery in Shibarium usage.

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According to a notice on ShibariumScan, there is ongoing reindexing which may account for the haphazard nature of the data, although this is not certain. The notice stated that 56% of blocks have been indexed so far.

Regardless of the exact reason, the 151% surge puts Shibarium's transaction activity back in focus as the Shiba Inu ecosystem continues to pursue greater utility.

Shiba Inu priceOn the first anniversary of the 10/10 flash crash, which resulted in the largest liquidation event in crypto history, Shiba Inu is currently trading in the green, up 1.24% in the last 24 hours to $0.00000546 and down 4.05% weekly.

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Shiba Inu price returned to the green on a daily basis after completing a three-hour death cross, putting the dog-themed cryptocurrency's short-term price action back in focus.

A death cross occurs when a shorter-term moving average falls below a longer-term moving average; in this case, the 50 MA on the 3-hour chart has fallen well below the 200 MA, completing the bearish signal.

Shiba Inu marked four days of decline from a high of $0.000006 on October 5 before rebounding on Friday. The price drop saw Shiba Inu trade below its 50-day moving average and briefly fall below the daily MA 200 before recovering above it.

Bulls made an attempt to recover the 50 DMA early Saturday, with the SHIB price reaching $0.000005519 before a retreat. A successful attempt in this regard will be watched for a continuation of Shiba Inu's rebound in the upcoming sessions.

Altcoins

10 October 2026 | 19:13 Worldcoin rose 14% in 24 hours and moved back above $0.54, reversing part of its recent pullback while leaving a larger resistance zone near $0.60 ahead.

Key Takeaways WLD has moved back above the $0.54–$0.55 Fibonacci area. The broader direction remains upward inside a rising channel. Price stays above its 50-, 100- and 200-day moving averages. World is expanding its financial app and World ID use cases beyond the web. $0.54 has become WLD’s first recovery test CoinMarketCap showed WLD up about 14% over 24 hours at the time of writing. The Coinbase daily chart placed the token near $0.56 after it recovered from the decline that followed its earlier push toward $0.62.

The move has returned WLD to the $0.54-$0.55 area, where the 0.236 Fibonacci retracement sits near $0.54. Buyers now need to keep price above that band if the latest advance is to become more than a quick rebound from the recent drop.

Because the October 10 daily candle was still forming, a close above the zone would carry more weight than the intraday move alone. A close back underneath it would send attention to the lower support areas inside the broader advance.

WLD remains in a rising channel WLD has traded inside a rising channel since August. A few daily wicks have pushed above or below its boundaries, but the broader direction remains upward because each larger pullback has stopped above the previous one.

WLD recovers above $0.54. / Chart source: TradingView, WLD/USD on Coinbase. The channel’s lower area becomes more relevant if WLD falls again, particularly where it approaches the $0.44-$0.48 support cluster. That range combines the 50-day moving average, a deeper Fibonacci level and the lower part of the channel.

WLD has also shown that it can move sharply when the broader crypto market is weak. Its earlier 51% rise while Bitcoin and Ethereum were falling shows how quickly the token can separate from the market’s main trend – something that we are also seeing today, while Bitcoin fights to reclaim $83,000 after dropping to $80,000.

WLD’s daily price map

$0.54-$0.55: Reclaimed 0.236 Fibonacci area and the level buyers now need to hold.

$0.49-$0.50: The next lower Fibonacci zone and a previous consolidation area.

$0.44-$0.48: The 50-day SMA, 0.5 Fibonacci level and lower region of the rising channel.

$0.57-$0.58, then $0.60–$0.62: The immediate hurdle followed by the recent swing-high resistance zone.

Moving averages support the trend, while RSI stays moderate WLD remains above its 50-day SMA near $0.44, 100-day SMA near $0.40 and 200-day SMA near $0.37. The 50-day line sits above the other two, supporting the improvement in WLD’s medium-term trend.

Daily RSI near 58 is above neutral, although it remains slightly below its smoothing line around 60. Momentum has improved from the pullback without matching the stronger pace that carried WLD toward $0.60 earlier this month.

A move through $0.57-$0.58 would show whether that strength is returning. Until then, WLD has recovered support without yet clearing the range that stopped its last advance.

World is adding more places to use its network World has released two recent updates that broaden where its technology can be used. Their importance for WLD will depend on whether they attract regular activity after the announcements fade.

On September 17, World began rolling out World Money in more than 150 countries. The self-custody app combines stablecoin balances, payments, trading, Mini Apps and eligible Earn programmes, although features and asset availability vary by location.

That rollout gives the network a larger financial front end. If users adopt those payment and wallet features, WLD could gain more practical places to be held and used across the ecosystem.

World ID is also moving toward physical AI World announced on September 30 that peaqOS had integrated World ID, allowing compatible machines to request a privacy-preserving credential from the person they are serving. The project demonstrated the idea with a delivery robot in Seoul that opens its compartment only for the intended recipient.

World described the delivery example as a demo, while saying developers can already explore the integration through peaqOS. Together with World Money, the update gives World two different routes for adoption: everyday financial activity for users and identity checks for machines and services.

Neither development sets a short-term WLD price target. Their longer-term value lies in whether they create recurring reasons to use World’s products, which could give future token moves a stronger adoption backdrop than trading momentum alone.

WLD’s next chart decision sits above $0.54 Holding the $0.54-$0.55 area through the daily close would keep $0.57-$0.58 and then $0.60-$0.62 in focus. A loss of the reclaimed band would bring $0.49-$0.50 back into view before the deeper $0.44-$0.48 cluster.

This article is for informational purposes only and does not constitute investment 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.

Bitcoin için zincir üstü veriler, piyasada toparlanma ihtimalini güçlendiren sinyaller üretmeye başladı. BIT tarafından geliştirilen kurallara dayalı piyasa modeli, iki aydır yüzde 67 net uzun pozisyon seviyesini korurken beş önemli gösterge de tarihsel olarak boğa piyasalarıyla ilişkilendirilen bölgelere geçti. Ancak Bitcoin’in yakın zamanda yaklaşık 7.000 dolar gerilemesi, yükseliş beklentisinin henüz kesinleşmediğini gösteriyor.

BIT Modeli Neden Yeniden Boğa Piyasasına İşaret Ediyor? BIT, 9 Ekim tarihli paylaşımında zincir üstü modelinin son durumunu açıkladı. Model, 1 Ekim 2025’te yüzde 100 net uzun pozisyonla hareket ederken 1 Kasım’da yüzde 33’e geriledi ve 1 Aralık’ta sıfıra indi. Bitcoin’deki düşüş sürecinin büyük bölümünde bu seviyede kalan model, 1 Eylül 2026’da yeniden yüzde 67’ye yükseldi.

Model, böylece aynı pozisyon oranını üst üste iki ay korudu. BIT’e göre beş göstergenin eş zamanlı olarak tarihsel açıdan yükselişle ilişkilendirilen seviyelere ulaşması, en son Ekim 2025’te görülen bir tabloyu yeniden ortaya çıkardı. Bu gelişme, Bitcoin döngüsünde toparlanma ihtimaline işaret etse de bütün göstergelerin olumluya dönmediği özellikle vurgulanıyor.

Bitcoin Maliyet Göstergeleri Ne Söylüyor? İlk gösterge, kısa vadeli gerçekleşen fiyat. Bu ölçüm, yakın zamanda alınan Bitcoin’lerin ortalama maliyetini tahmin ediyor. Bitcoin, Ekim 2025’te 112.300 dolar seviyesindeki bu ölçütün altına gerilerken Ağustos 2026’da 68.800 dolar seviyesinden yeniden üzerine çıktı. Güncel gösterge değeri 74.319 dolar olarak hesaplanıyor.

İkinci gösterge olan True Market Mean, piyasada aktif şekilde kullanılan sermayenin maliyet tabanını izliyor. Bu değer 77.460 dolar seviyesinde bulunurken CoinGecko verilerindeki Bitcoin fiyatı yaklaşık 82.000 dolardı. BIT, fiyatın bu eşiğin üzerinde kalıcı biçimde işlem görmesinin yükseliş senaryosunu daha güçlü hale getirebileceğini belirtiyor.

Bu iki gösterge, yatırımcıların maliyet seviyeleriyle mevcut fiyat arasındaki ilişkiyi değerlendirmeye yardımcı oluyor. Ancak fiyatın bu eşiklerin üzerinde bulunması, tek başına kalıcı bir yükseliş trendini garanti etmiyor.

MVRV, NUPL Ve VDD Göstergeleri Neden Önemli? Üçüncü gösterge olan MVRV, Bitcoin’in piyasa değerini gerçekleşen değeriyle karşılaştırıyor. MVRV okuması 0,20 seviyesinde bulunuyor. Bu ölçüm, piyasanın mevcut değerlemesini zincir üstündeki maliyet verileriyle birlikte değerlendirmek için kullanılıyor.

Dördüncü gösterge NUPL, yatırımcıların gerçekleşmemiş kâr ve zarar durumunu ölçüyor. NUPL yeniden pozitif bölgeye geçerek Ekim 2025’ten bu yana ilk kez bu seviyeye ulaştı. Bu değişim, toplam yatırımcı grubunun kâğıt üzerindeki kâr durumunun iyileştiğine işaret ediyor.

Beşinci gösterge ise Value Days Destroyed (VDD). Bu ölçüm, Bitcoin birimlerinin ne kadar süredir tutulduğunu ve değerlerini dikkate alarak zincir üzerindeki hareketlerini izliyor. VDD de yükselişle ilişkilendirilen bölgeye geçti. Böylece beş göstergenin tamamı aynı anda olumlu sinyal üretmeye başladı.

Bitcoin İçin Yükseliş Senaryosunu Hangi Riskler Bozabilir? Olumlu zincir üstü verilere rağmen Bitcoin’in fiyat performansı baskı altında. CoinGecko verilerine göre Bitcoin yaklaşık 82.000 dolardan işlem görürken son yedi günde yüzde 4,5, son bir yılda ise yüzde 32’den fazla değer kaybetmişti. Fiyat, 87.000 doların üzerine çıkmayı başaramadıktan sonra yaklaşık 7.000 dolar geriledi.

Bu düşüşle aynı dönemde ABD hükümetine ait önemli miktarda BTC’nin Coinbase Prime’a aktarılması, 7 ve 8 Ekim tarihlerinde spot Bitcoin ETF’lerinden toplam 731 milyon dolarlık çıkış yaşanması ve 1 milyar doları aşan gerçekleşmiş kâr satışları öne çıktı.

BIT, modelin henüz tamamen uzun pozisyona geçmediğini belirtiyor. Bazı göstergeler hâlâ yükseliş sinyali vermediği için Bitcoin’in kısa vadeli gerçekleşen fiyatın ve True Market Mean seviyesinin altında kalıcı biçimde gerilemesi erken bir uyarı olabilir.

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

Son Dakika kripto para haberleri için hemen tıkla.

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

Papertrade, a fully on-chain perpetual futures exchange built on HyperEVM, went live on October 10, 2026. Bitcoin futures open interest on the platform climbed to $3 billion shortly after launch.

A fast start, measured in notional dollars Trading opened at 10 a.m. ET, or 14:00 UTC. In under 10 minutes, the exchange had recorded $14.4 billion in notional trading volume.

Ether futures open interest reached $2.66 billion, trailing Bitcoin’s $3 billion. Activity was concentrated almost entirely in those two markets.

Open interest is the total value of positions still open at a given moment. Volume counts every trade, including positions opened and closed seconds later. Both figures are notional, meaning they reflect the full size of leveraged bets rather than the cash traders actually posted.

That distinction matters a lot here. Papertrade offers leverage of up to 1,000x on its synthetic perpetual contracts.

At 1,000x, a trader can control $1,000 of exposure with $1 of margin. So billions in notional activity can rest on a far smaller pool of real deposits.

Before launch, the exchange collected pre-deposits estimated at approximately $85 million to $138 million. That money came from more than 11,000 addresses.

How the machine is built Papertrade does not use a traditional orderbook. Positions open and close atomically, in a single step, rather than being matched against resting orders from other traders.

Prices are pulled from the midpoint of Hyperliquid’s best bid and offer. The design aims to avoid slippage and conventional trading fees.

To handle expected launch-day congestion, initial trades were routed through Papertrade’s own frontend. Whitelisted relayers supported that flow.

Risk limits are built in. Each market side carries $1 billion in open-interest headroom, and individual positions are capped at $10 million in atomic size.

The house starts with nothing The most unusual feature sits on the other side of every trade. Papertrade’s house liquidity pool began empty.

That pool is meant to grow as traders lose money. Losing positions feed the house, and the house pays out winners.

The model therefore leans on trader losses or delayed settlement to fund payouts. Combined trader balances and house liquidity are not all available to pay winning trades.

The exchange also carries a profit haircut, or asymmetric profit-and-loss fee, inherited from earlier trading models. In plain terms, winners may not walk away with their full gross gain.

A token minted from losses Papertrade’s native token, PAPER, launched with no initial supply. It comes into existence only when traders realize losses.

While the liquidity pool holds less than $2 million, the protocol mints 100 PAPER for every $1 lost. That rate declines as the pool grows.

Transfers are restricted. Initially, PAPER can only be moved for staking.

What this means for traders and rival venues Papertrade runs on HyperEVM and prices off Hyperliquid, so it is effectively layering a new risk model on top of an existing market’s price discovery. Pricing is only as reliable as the reference market, and any disruption on Hyperliquid’s side could flow straight into Papertrade’s contracts.

The house liquidity pool starts at zero and is fine when traders lose on aggregate. A sharp, one-directional move in Bitcoin or Ether could flip that, with payouts depending on delayed settlement and the haircut mechanics.

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

Agentic payments on the XRP Ledger (XRPL) have recorded a rapid surge, surpassing 13 million transactions, according to Chandler Fang, cofounder of t54ai and previously a product lead at Ripple. Fang noted this growth in a recent X post, describing faster-than-anticipated adoption of agent-driven payments across the XRPL ecosystem.

Transaction growth and merchant adoptionFang pointed out that agentic payment volumes have soared from roughly 1 million transactions in July to over 13 million as of early October. This sharp rise highlights strong momentum in onchain settlement facilitated by merchant agents on XRPL.

Ripplex is a core developer arm within Ripple focusing on the expansion and technical advancement of the XRP Ledger, a decentralized blockchain network designed for fast, low-fee value transfer between currencies.

J.A. Akinyele, RippleX head of engineering, stated that the XRPL has processed 13,489,468 agentic transactions supported by 168 participating x402 merchants at present. These transactions have collectively settled 6,982.32 XRP and 12,009.98 RLUSD, Ripple’s stablecoin pegged to the US dollar.

Akinyele had previously predicted that agentic transactions would cross 10 million, a benchmark now significantly exceeded. He now sees 100 million agentic transactions as a “sooner-than-expected” milestone for the XRPL network.

Mini dictionary: x402 merchants are service providers authorized on the XRPL to facilitate agentic onchain payments using the x402 protocol, which enables autonomous agents to transact with digital assets automatically.

Date/PeriodTransactionsx402 MerchantsXRP SettledRLUSD SettledJuly 2024~1,000,000Not specifiedNot specifiedNot specifiedCurrent (Oct 2026)13,489,4681686,982.3212,009.98Real-world usage and future outlookFang envisions that with the 13 million transaction milestone achieved, the next stage for agentic payments will bring more real-world merchants and services onto the blockchain. He anticipates this growth will be supported by autonomous agents handling payments in both XRP and RLUSD, settling transactions via the x402 protocol directly on the XRPL.

Developers and agents are already utilizing XRP Ledger’s AI toolkit to pay for APIs, data access, and compute resources, which enables the creation of new onchain products and services.

Agentic payments on the XRP Ledger have grown from 1 million to over 13 million in just a few months, with hundreds of merchants now participating and settling in XRP and RLUSD.

Akinyele discussed these developments at the XRP Seoul 2026 conference, which convened last week. In his keynote, he focused on the expanding role of the AI Agent Economy and its potential to impact not just payments but also broader digital services running on the XRPL.

Akinyele also stated that these agentic payments now represent approximately 25% of all activities recorded on the XRP Ledger, underlining the growing importance of automated agents within the network.

Infrastructure advancements to support growthIn response to surging demand, Ripple is actively developing infrastructure customized for agents. According to Akinyele, these features include verifiable digital identities, strict permission and spending rule enforcement, and secure smart wallets. These enhancements are intended to facilitate safe and efficient settlement for both XRP and RLUSD, with confirmation typically completed in 3 to 5 seconds.

Ripple is building specialized agent infrastructure for verifiable identities, compliance controls, and fast-settling digital wallets to meet demand for agentic payments.

As autonomous payments and the integration of artificial intelligence accelerate, XRPL appears positioned to capture more real-world use cases, especially as network participation broadens and merchant integrations expand through agentic solutions.

Extreme bullish positioning in the derivatives market can cut both ways.

Notably, Ethereum’s [ETH] current market structure is a good example. According to the data from CoinGlass, over $177 million in ETH long positions were liquidated on the 8th of October, which marked the largest long squeeze since early June.

With this in mind, ETH’s derivatives market may be set up for another squeeze. Lookonchain recently highlighted that smart trader, with a reported 100% win rate and $9.26 million in total profits, is back in action. After the market dip, the trader opened a 20x leveraged long position on 12,000 ETH worth $29.88 million. The position is now sitting on an unrealized profit of $626,000.

Source: X The key takeaway? Other traders are leaning bullish too.

Bitfinex whales’ ETH long positions are rising, while the Ethereum Long/Short Ratio crossed above 1 for the first time after three days of negative readings. This points to a shift toward bullish positioning. However, if too many traders crowd into long, another sharp move lower could trigger a fresh wave of liquidations.

From a technical lens, with Ethereum [ETH] down 8% this week, the violent bullish positioning may lead to another bull trap, potentially pushing the price toward $2.1k if support breaks. But does this aggressive long positioning mean that traders are anticipating a catalyst that the broader market has yet to price in?

Ethereum: Hidden catalyst or crowded trade? Ethereum’s recent weakness may not be ETH-specific, as altcoin rotation could be behind the sell-off too.

Technically speaking, ETH is down almost 8% in the week, while Solana [SOL] has corrected by over 9%. Moreover, Bitcoin dominance has climbed back above 60%, putting pressure on the altcoins. However, if BTC.D fails to break through this resistance again; it could clear the path for an altcoin recovery, which may explain why traders are still building bullish Ethereum positions.

On the supply side note, Binance’s ETH reserves have reduced from nearly 4 million to below 3.5 million, thus recording a 6-month low. The drop in the ETH reserves on Binance may add to upward pressure on the price if Bitcoin dominance fails to rise and capital rotation begins to take place back into altcoins. 

Source: CryptoQuant Given this setup, Ethereum’s bullish positioning could be more than a fluke.

On-chain liquidity across Ethereum also remains strong. According to Token Terminal, Ethereum added $243.4 million in stablecoin market cap over the last seven days, leading all networks. This could encourage fresh buying activity, particularly with ETH reserves on exchanges continuing to deplete, which could reduce selling pressure, giving bulls more breathing room to rally prices.

This makes the current setup different from the previous extended squeeze. If capital continues to flow into ETH, a breakout in the ETH/BTC pair could serve as the next catalyst for upside. This indicates that traders are positioning ahead of a potential shift in momentum that the broader market has yet to price in.

Final Summary Rising ETH longs increase liquidation risks, but falling exchange reserves could support a recovery. Growing stablecoin liquidity and a possible drop in Bitcoin dominance could boost ETH if capital flows back into altcoins.

Cardano price rose 6.80% to $0.257 over 24 hours on Saturday, outperforming Bitcoin as network activity increased. 

ADA is above $0.25, placing the $0.30 mark back in the spotlight following 20% gains in the last month.

On October 7 and 8, Santiment recorded 27,500 and 27,200 daily active addresses, respectively. Both readings were roughly 70% above September’s weekday average, reflecting a rise in addresses sending or receiving ADA. 

Bitcoin price remained close to $82,800, Ethereum price was close to $2,494, and XRP was close to $1.40.

Cardano’s On-Chain Activity Surges as Active Addresses Jump The Cardano network is experiencing increased activity, with the number of daily active addresses increasing significantly above the weekday average in September. On the 7th and 8th of October, Santiment reported about 27,500 active addresses and 27,200, respectively. Both the readings were approximately 1.7 times the September weekday readings, which was more interaction of the public blockchain.

Another milestone of the network, which was launched in 2017, is the data indicated by CardanoScan, which is that cumulative transactions have surpassed 125 million. A previous snapshot had epoch 660 transactions close to 450,000, as compared to 130,000 to 160,000 in recent epochs.

In the meantime, a report on October 3 with reference to DeFiLlama pegged the volume of the weekly decentralized exchanges at 37.14 million, which is 112% higher. SundaeSwap recorded $23.51 million and Minswap recorded $6.59 million in the same seven days period.

Will Cardano Price Reach $0.30 After Reclaiming $0.25? The ADA price surged to $0.256 on October 10, with its latest four-hour candle showing a 0.79% gain. The cardano price has regained its position above the $0.230 level and has surged again above the highlighted $0.250 level. 

The first resistance target is at $0.27. Four consecutive hours in the close position above that might open up a retest of the recent level of $0.280.  The ADA long-range prediction target is at $0.300, which is equal to the upper horizontal level and upward projection.

The support level of $0.250 offers a starting point of support following the rebound that crossed the level. A lower level would reexpose the area of $0.230 and undermine the short term recovery situation.

Source: TradingView The MACD line was close to minus 0.002 above its signal line, which is around minus 0.004. Its positive 0.002 histogram indicates the momentum can be improved. The two lines were however, below zero, and the momentum recovery was not complete. 

The Chaikin Money Flow also increased to 0.09 having fallen to the negative side.

Cardano-linked privacy network Midnight expands its foothold in Japan following the listing of the NIGHT token on OKCoinJapan (OKJ), the Japan branch of OK Group, a global cryptocurrency exchange conglomerate that includes OKX and OKCoin.

In an X post that shared Midnight's X account's initial post, Input Output highlighted that more access is coming for Midnight in Japan, as the NIGHT token will be available on OKCoinJapan starting October 13, 2026.

More access to NIGHT in Japan. 🇯🇵 From October 13, NIGHT will be available on @OKCoinJapan, another step forward for @MidnightNtwrk's growing presence in Japan and its work to bring programmable privacy to everyone.

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— Input Output Group (@IOGroup) October 10, 2026 OKJ expands access to NIGHT in one of the world's most established digital asset markets, being a registered crypto-asset exchange in Japan. Following Midnight's listing on S.BLOX, this marks another step in Midnight's growing presence in Japan, bringing NIGHT to more users looking to explore privacy-enhancing infrastructure.

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In August 2026, Midnight's NIGHT token was listed on S.BLOX, a Sony Group company and the first exchange to support it in Japan. The new listing on OKJ is a major milestone for Midnight's expansion into the Japanese market, as it gives local users another way to access NIGHT.

This week, permissionless smart contract deployment went live on the Midnight mainnet, giving builders more freedom to deploy contracts directly and enabling applications to deploy contracts on behalf of users.

Cardano onchain activity picks upIn a recent post, Santiment corroborated that onchain activity for Cardano is picking up.

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ADA daily active addresses reached 27,500 on October 7, 2026, and 27,200 on October 8, about 1.7x the September weekday average, though still below the late August peak. The jump lined up with the CIP-0113 token standard going live on mainnet on October 7.

Cardano settled 542,551 transactions on October 8, according to Chainspect, which averages 6.28 TPS on its busiest day of the past seven days. In a major network milestone, Cardano has surpassed 125 million transactions on mainnet; almost 1 million transactions were added in the current epoch alone.

At the time of writing, Cardano's ADA was up 6.47% in the last 24 hours to $0.244 and up 4.07% weekly, according to CoinMarketCap data; Midnight was up 9% in the last 24 hours to $0.049 following the listing news.

Stablecoin card spending reached $4.31 billion in Q3 2026, and one network handled nearly a quarter of it. TRON processed approximately $998 million in card transactions, or 23.2% of the total, according to data from CryptoRank and Paymentscan reported on October 9, 2026.

The quarter by the numbers Total stablecoin card volume rose 33% from $3.24 billion in Q2 to $4.31 billion in Q3.

TRON led the pack with its roughly $998 million. The Base network came in second at around $636 million, and BNB Chain took third with about $469 million.

Together, those three networks accounted for nearly half of all stablecoin card volume during the quarter.

The most dramatic move came from further down the list. Tether’s Plasma payment network generated roughly $236 million in card volume, up about 250% from the prior quarter.

Why TRON keeps showing up in payments data A stablecoin card works like a prepaid or debit card, except the balance behind it is held in a dollar-pegged token such as USDT or USDC. When the user pays at a store, the card spends from that stablecoin balance. The underlying blockchain is where the money actually settles, which is why the CryptoRank and Paymentscan data breaks volume down by chain.

The research describes TRON as a pivotal liquidity and settlement layer for USDT, Tether’s dollar-pegged token. If a large share of the USDT supply already lives on TRON, card programs built around that token naturally route activity there.

What this means for the stablecoin payments race The research ties this growth to continued expansion in stablecoin card usage, notably USDT and USDC, amid persistent market volatility since 2024.

TRON’s position looks solid on paper, but a 23.2% share is a lead, not a lock. Base and BNB Chain together still outpaced TRON’s volume.

Plasma is the wildcard worth watching. A network backed by Tether, the issuer of USDT, posting roughly 250% quarterly growth hints that the stablecoin issuer itself may want a bigger role in payment rails.

There are also limits to what one quarter of data can tell anyone. Card volume is a single slice of stablecoin activity, and quarterly figures can swing with new product launches, promotions, or shifts in which issuers report through data providers.

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

Polkadot [DOT] has extended its bullish recovery by recording a 10.93% to $1.27 over the last 24 hours. The move comes just two days after the token price action rebounded from key EMA support at around $1.02.

Interestingly, the bullish advances follow a 54% reduction in annual token issuance and the launch of a native stablecoin, two developments that could strengthen the network’s long-term outlook.

At the same time, the network’s increasing Open Interest (OI) and a growing preference for leveraged long positions also point to increased trader participation. Could the token’s sustained buying pressure turn these developments into a lasting DOT recovery?

Tokenomics changes strengthen Polkadot’s outlook The reduction in annual token issuance marks a significant shift in Polkadot’s tokenomics. Fewer new tokens entering circulation equates to reduced selling pressure. Its circulating supply currently ranks 36th among the L1 tokens.

Source: Token Terminal Meanwhile, the launch of a native stablecoin could expand activity across the ecosystem. Stablecoins support payments, decentralized finance (DeFi) applications, and liquidity, potentially creating new use cases for Polkadot.

Together, these developments offer investors additional reasons to reassess DOT’s prospects after its prolonged price weakness.

Derivatives data reveals a strong preference for longs Zooming down to the Polkadot’s derivative data, its OI has also increased 15% to $78 million as of writing, suggesting traders are opening new positions as the token advances.

Source: Coinalyze Notably, long accounts now represent 73% of total leveraged positions, according to the recent Polkadot’s Long/Short data, suggesting that most traders and investors are betting on further gains for the token.

Source: Coinalyze Can DOT sustain its recovery above $1.27? On the daily chart, DOT has rebounded from support near $1.02 to reach $1.27, marking a notable improvement in its short-term structure. Besides, the token is now trading above all its key EMA support, pointing to potential buyer dominance continuation in the short run.

Holding above reclaimed support could strengthen the case for further gains, while renewed selling could expose the token to another test of lower levels.

All in all, Polkadot’s issuance reduction, stablecoin launch, and increased derivatives activity provide potential catalysts for continued price appreciation to $1.75.

Source: TradingView Final Summary DOT prices have jumped by 10.93% to $1.27, extending its two-day recovery from EMA support near $1.02. The recent network upgrade paired with surging open interests and buyer dominance, points to a continuation rally.

Since falling to a low of $7.00, Uniswap has exhibited upside momentum on the charts, closing at higher highs for two consecutive days.

In doing so, the altcoin rose to a local high of $7.54 before a slight slip. At the time of writing, Uniswap was trading at around $7.52 after rising slightly by 1.26%.

However, trading volume continued to decline, dropping by 47%. This hinted at reduced market activity as investors waited for a clear market direction across the board. 

Uniswap whale transfers $13.18 million in UNI With Uniswap on its back foot, some whales may be choosing to exit too. According to Lookonchain, for instance, a trader withdrew 1.79 million UNI, worth $13.18 million, from Venus Protocol and deposited it on Binance.

The trader bought UNI a year ago at an average price of $9. After the recent rally, these holdings saw significant gains. 

Source: Arkham However, following the latest trend reversal, the trader’s holdings were sitting at a loss at press time. If sold at the press time levels, he would realize approximately $3 million in losses. 

The trader’s decision to make such a transfer could allude to a lack of confidence in the market. However, the transfer alone is not a confirmation that a sale occurred. 

Typically, selling by large holders increases the available supply and can add further downside pressure.

Is the pressure cooling down? Despite the potential selling pressure from the trader, other investors, particularly in the spot market, appeared to have a different view of the market.

Source: Cryptoquant While Uniswap traded below $8, traders continued to accumulate the altcoin. According to CryptoQuant’s Exchange Netflow data, the metric remained negative for three consecutive days and continued to fall. 

Over the past day, for example, the altcoin’s Exchange Netflow fell to a low of -624K. The declining Netflow suggested that more assets have recently left exchanges.  

Source: Cryptoquant Spot Taker CVD further seemed to support this observation. The altcoin’s Taker CVD remained positive over the past week, suggesting that buyers extended their dominance. 

Typically, sustained spot buying can absorb some of the selling pressure and help prevent further price declines.

What’s next for UNI? Although some buying activity has returned, the renewed demand has not been strong enough to trigger a trend reversal.

At the time of writing, the market was still leaning bearish. For instance, Uniswap’s Relative Strength Index (RSI) remained in bearish territory at 46.

At the same time, UNI traded below the 20-day EMA and was testing the 50-day EMA. Holding below the short-term MA could hint at the prevailing pressure, but the 50-day EMA could sit as a strong support. 

Source: Tradingview The prevailing market conditions suggested that demand remains insufficient to trigger a notable rebound. This leaves the altcoin at a risk of further price drop or extended consolidation.

Having said that, Uniswap is likely to hover between $7.1 and $7.5. On the other side, if demand strengthens enough, the altcoin could reclaim $8 and target $8.2.

Final summary A trader withdrew 1.79 million UNI, worth $13.18 million, from Venus Protocol and then deposited it on Binance. Uniswap [UNI] rose slightly to $7.5, but the market momentum is still leaning bearish. 

14h47 ▪ 5 min read ▪ by Eddy S.

Summarize this article with:

Solana generates $38.2 million in revenue on dApps in seven days, compared to Ethereum’s poor performance which no longer holds up, even when adding up its entire ecosystem. Are we witnessing the beginning of a new era in the crypto market?

In brief $38.2 million revenue on dApps for Solana in seven days, compared to $11.7 million for Ethereum. Ethereum, Base, Polygon and OP Mainnet combined make $21.2 million, compared to $38.2 million for Solana. In August 2026, Solana was already number 1 for the month with $143 million, or 38% of the total onchain according to DefiLlama. See you on October 31, 2026, for the month’s closing which will tell if this crypto lead still holds. Solana Outperforms Ethereum on dApps in 7 Days Solana earns more than three times what Ethereum earns on dApps in 7 days, $38.2 million versus $11.7 million according to Token Terminal, in a ranking published by Solana Hub on October 10, 2026. Hyperliquid, a very fast crypto trading platform, comes second with $14.8 million. Ethereum still makes the podium but not on the highest step.

Why follow this figure? Because it can signal strong activity that generates money for the crypto network, beyond the tokens we buy hoping for an increase. However, it does not count the number of orders placed. Also watch the scope because the ranking follows entities of different natures (blockchains, platforms, ecosystems), it does not compare ten identical blockchains.

RankNetworkApplication revenue over 7 days (million dollars)1Solana38.22Hyperliquid14.83Ethereum11.74BNB Chain6.65Base4.36Robinhood4.27Polygon4.08OP Mainnet1.29Avalanche0.87410Near0.665Source: Token Terminal, ranking published by Solana Hub on X, data from the last 7 days as of October 10, 2026. Why do Crypto Users and Developers Choose Solana? Because crypto transactions cost very little there and go through quickly, which allows trading applications to operate at large scale. In August 2026, two trading terminals, Axiom (about $24 million) and FOMO (about $14.6 million), generated nearly $38.6 million of the $143 million of application revenue for the month, according to DefiLlama. According to our calculations, that represents 27% of the total.

The effect is like a snowball because the more crypto traders trade, the more applications (dApps) earn. The more they earn, the more other teams come to build in the same place. Solana is also called monolithic; everything happens on a single chain, with a single reserve of money available for exchange. This can facilitate liquidity flow and transaction execution.

Is the Ethereum Ecosystem Underestimated by its Main Network? Partly. Over seven days, Ethereum with its $11.7 million, represents only a part of its ecosystem’s activity. Base ($4.3 million) and OP Mainnet ($1.2 million) are Ethereum Layer 2s, and Polygon ($4.0 million) is a neighboring network, whose PoS network has a distinct technical status from a classic Layer 2. According to our calculations, this extended scope totals $21.2 million. But even with this extended scope, Solana still holds a $17 million lead.

Crypto : Has Solana Definitively Beaten Ethereum? Not yet… A seven-day ranking does not prove a lasting reversal. Except that Solana is not new to success against Ethereum because in August 2026, it was already number 1 in dApp revenues, and the official crypto network account made this known on X: 

Solana is number 1 for application revenues in August with $143M. 38% of all onchain application revenues.

But revenues don’t tell everything. They do not measure liquidity, security, value locked in applications (TVL), or the number of active users. Especially since Solana still has points to prove. These revenues mainly come from trading, so from an activity that follows the appetite for risky assets. So these performances will have to be watched over three to six months to know if they last.

The competition between Solana and Ethereum pushes the entire crypto sector to move faster, and Solana is no longer a mere challenger on dApp revenues. The real test will come at the month’s close, October 31, 2026. In your opinion, will Ethereum regain first place thanks to its Layer 2s, or is SOL the new king of dApps?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

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.

Celo's Buyback Engine Keeps Running@Celo has now repurchased approximately 9,100,000 $CELO tokens from the open market, with around 600,000 of those tokens bought back in the past week alone. The pace underscores just how much momentum the protocol has built since its tokenomics overhaul earlier this year.

The buybacks stem directly from the CELOccelerate proposal, which , making it one of the most decisive votes in the network's history.

How the Mechanism WorksThe mechanics are straightforward. In practice, this means 100% of net sequencer revenue and stablecoin gas fees are continuously converted into $CELO purchases for the Community Fund.

The results have been notable beyond the buyback figures.

With buybacks compounding week over week and fee revenue continuing to climb, the CELOccelerate framework is increasingly looking like a model for how L2 protocols can tie token value directly to real network usage.

Sources:
CELOccelerate Tokenomics Proposal, Celo Governance Forum
Initiating Ongoing Celo Chain Revenue Transactions, Celo Governance Forum
Celo Token Transparency Filing, Blockworks

Arbitrum recorded the largest increase in stablecoin market capitalization among blockchain networks within the past 24 hours, adding $127 million. This surge points to rising stablecoin liquidity on the network, which analysts say could stimulate trading activity and expand decentralized finance (DeFi) participation.

Stablecoin growth and DeFi implicationsFigures shared by RWA Foundation, an organization focused on advancing real-world asset adoption in blockchain, show Arbitrum outpacing other major blockchain networks in stablecoin market-cap growth during the latest daily period. Stablecoins, which are digital tokens pegged to the value of fiat currencies such as the US dollar, serve as a backbone for DeFi, supporting trading, lending, and value transfers.

Rising stablecoin availability on Arbitrum may enhance the capital pool accessible to decentralized exchanges and lending protocols. This development could also make the network more appealing for users seeking lower transaction fees compared to some alternative blockchains.

However, growth in stablecoin capitalization does not guarantee immediate or sustained network activity. The reported increase reflects a climb in stablecoin supply rather than confirmed inflows or active usage of the Arbitrum ecosystem.

Stablecoin liquidity remains a vital component of DeFi services, as users often rely on these dollar-pegged assets to protect against volatility and to facilitate trades efficiently.

A broader stablecoin base allows decentralized applications on Arbitrum to tap into larger reserves of capital, which could foster deeper participation and more robust market activity. Analysts note that if stablecoin growth is paired with elevated transaction and lending volumes, it would indicate more active ecosystem engagement.

Importantly, the presence of additional liquidity on Arbitrum does not necessarily mean immediate value accrual for its governance token, ARB. The ecosystem could expand operationally even if direct demand for ARB remains unchanged.

Sustained growth in both stablecoins and on-chain applications would present a stronger case for long-term network adoption compared to a single day’s metric.

Mini dictionary: RWA Foundation — A non-profit group driving the integration of real-world assets such as stablecoins and tokenized securities with blockchain technology, aiming to bridge traditional and digital finance.

Analyst view: Key technical level for ARBCrypto analyst Bitcoinmeraklsi identified a potential inverse head-and-shoulders pattern emerging on the ARB token’s chart. In this technical setup, the neckline acts as a key resistance, and Bitcoinmeraklsi highlighted $0.23 as the level to watch.

The analyst noted that ARB has tested the presumed right-shoulder support and responded positively. If ARB manages to break above the $0.23 resistance, a bullish confirmation could follow, potentially attracting more buyers.

Bitcoinmeraklsi points to $0.23 as the neckline for an inverse head-and-shoulders formation, stressing that a decisive breakout could give bulls the upper hand and improve the technical setup for ARB.

However, failure to clear this resistance would leave the pattern unconfirmed. A decline through the right-shoulder support would weaken the optimistic scenario, emphasizing the technical importance of the $0.23 area for ARB’s direction.

TokenResistance LevelPattern TypeIndicatorARB$0.23Inverse head-and-shouldersBreakout needed for confirmationNetwork adoption outlookArbitrum’s increase in stablecoin assets highlights a positive development within its ecosystem. However, for ARB’s price prospects, analysts are monitoring whether the token can definitively surpass the resistance identified in technical analysis.

If stablecoin growth supports higher and lasting DeFi participation, it could reinforce the case for wider network adoption. Still, for ARB itself, a convincing move above $0.23 would provide a clearer signal to the market.

Until any breakout materializes, sector observers suggest stablecoin momentum and price structure should be viewed separately—one demonstrates network usage potential, while the other reveals investor appetite for the ARB token.

Photo: Rostislav Uzunov / Pexels

Hyperliquid, a decentralized derivatives protocol, has surpassed $1.4 billion in cumulative revenue, with more than $1.26 billion directed towards open-market buybacks of its native asset, HYPE, according to a recent report by @WuBlockchain. This substantial financial maneuver highlights Hyperliquid’s robust revenue generation capabilities and its commitment to supporting the market price of HYPE through buybacks. The protocol’s financial figures point to a strong linkage between fee generation and HYPE demand, facilitated by the buyback mechanism. Markets appear to interpret this financial performance as supportive of potential price increases for HYPE, reflecting positive sentiment around Hyperliquid’s financial health.

Key Takeaways Hyperliquid’s cumulative revenue has exceeded $1.4 billion, suggesting significant financial health and market activity. Over $1.26 billion of this revenue has been used for HYPE buybacks, indicating strong support for the asset in the open market. Market pricing suggests participants view this development as consistent with scenarios where Hyperliquid’s price could increase. What to Watch The market for Hyperliquid reaching $100 by December 31, 2026, currently priced at 55.5% YES, may indicate growing confidence in the asset’s future value. Key indicators to watch include any announcements of partnerships or technological advancements, which could further bolster market sentiment. Conversely, negative developments such as security breaches or regulatory challenges could influence market perceptions and pricing. Monitoring these factors will be crucial in assessing the likelihood of Hyperliquid hitting its price targets.

Term Structure

Contract Odds Δ since publish Volume 24h December 31 54% -1.5¢ $144 View market → January 1 2027 2.2% 0.0¢ — View market → January 1 2027 1.5% +0.1¢ — View market → January 1 2027 2.9% 0.0¢ — View market → January 1 2027 1.6% 0.0¢ — View market → January 1 2027 5.5% 0.0¢ — View market → January 1 2027 3.5% 0.0¢ — View market → January 1 2027 4% 0.0¢ $101 View market → January 1 2027 9.5% 0.0¢ $40 View market → January 1 2027 7% 0.0¢ — View market → Updated 5min ago