World Liberty Financial’s USD1 stablecoin has shed over $400 million in market capitalization over the past two weeks, driven by large redemptions on Ethereum and BNB Chain.
On Monday, CoinGecko data showed USD1’s market capitalization at about $4.02 billion, down from $4.43 billion on Oct. 6. That’s a decline of approximately $401 million, or 9.1%. World Liberty Financial’s proof-of-reserves dashboard separately showed approximately $4.01 billion in reserves.
The decline extends a period of concentrated redemptions on Ethereum and BNB Chain, according to blockchain research firm Onchain Benchmark. The research platform found that nearly $200 million in BNB Chain redemptions originated from a single unidentified address, although they could not establish who controlled the funds or why they were redeemed.
Despite the redemptions, USD1 maintained its dollar peg throughout the period examined by Onchain Benchmark, trading between $0.998 and $1.000. Onchain Benchmark found no evidence of a sustained depegging event, indicating that the decline in circulating supply was not accompanied by a significant loss of the token’s dollar value.
USD1’s 30-day market cap chart. USD1 supply decline outpaces major stablecoins on Ethereum According to Onchain Benchmark, Ethereum accounted for $184.60 million in net USD1 redemptions across 63 token burns between Oct. 6 and Oct. 15. BNB Chain recorded $200.43 million across 12 burns.
On Ethereum, more than 99% of tokens sent for redemption passed through a wallet labeled BitGo, USD1’s current issuer and custodian, while the BNB Chain transfers from the unidentified address were made in batches of $30 million to $50 million.
The reductions were not offset by new issuance on Solana, where USD1 supply remained unchanged at about $1.42 billion during the nine days reviewed by Onchain Benchmark.
“The next tests come with the change of issuer. When World Liberty’s trust company opens, it will take on a token whose size depends on the decisions of a few large holders, under a charter whose legal footing is being argued in court,” Onchain Benchmark said. “Whether fresh mints on Solana, or anywhere else, rebuild the total, or October marks the size USD1 carries into its new issuer, is the question the next weeks of supply data will answer.”
Transfers between Ethereum and BNB Chain totaled less than $1 million, according to the report, suggesting the missing supply wasn’t simply shifted between those networks.
USD1’s supply contraction on Ethereum was steeper than that of several other US dollar-denominated stablecoins between Oct. 6 and Oct. 15. USD1 supply on the network fell 11.45%, compared with declines of 4.93% for USDe, 2.18% for USDC and 0.76% for circulating USDT.
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In brief An address first funded in September 2013 moved 411.45 BTC, worth about $33.4 million, to a new wallet on Sunday, its first outgoing transfer ever. The coins cost about $54,000 when Bitcoin traded near $130, and the transfer went to an unlabeled address, not an exchange. Galaxy tagged the address as one of 39,069 named in a New York lawsuit by “Noah Doe” seeking ownership of dormant wallets as abandoned property. Another long-sleeping Bitcoin whale has stirred, and this one is named in a lawsuit claiming its coins were abandoned.
An address beginning with "13Coop" that had never sent a single coin since it was first funded on Sept. 11, 2013, moved 411.45 BTC, worth roughly $33.4 million, on Sunday, according to Galaxy Research. Arkham data shows the coins landed in a single new address, where they remain.
Myriad: How high will Bitcoin go? Click to make your prediction.When the wallet was funded, Bitcoin traded around $130, according to Arkham, meaning the stash cost about $54,000. Galaxy put the holder’s average cost basis near $127 and the paper gain at more than 64,000%. It’s unclear whether the owner plans to sell, since the transfer went to an unlabeled address, not an exchange.
Galaxy tagged the sending address as “Noah Doe #970,” marking it as one of 39,069 dormant addresses named in a New York lawsuit filed this year by a pseudonymous plaintiff called Noah Doe and two Wyoming companies.
🏚️ 💤 Address awakened — dormant 13+ years — 411.45 BTC sent
This address had never sent coins (first funded 2013-09-11, 13.1y ago); it just spent 411.45 BTC ($33.44M) in block 972,036
Address: 13Coop8xFbYj9JR9WyF5EqzGa9GiZmxs7C
Coins moved: 411.45 BTC in 2 UTXOs — all held…
— Galaxy Research (@glxyresearch) October 18, 2026
The plaintiffs argue that the wallets, which hold about 3.8 million BTC, qualify as abandoned property under the state’s lost-and-found law, even though they hold none of the private keys.
Galaxy also flagged the address as one of those “dusted” in a 2025 campaign that sent tiny amounts of Bitcoin carrying embedded messages to dormant wallets, which Galaxy has described as groundwork for the abandonment claim. Arkham’s data shows a string of those dust deposits, some labeled as phishing.
Each move chips away at the lawsuit’s premise. Spending coins requires the private keys, which suggests at least some of the targeted wallets are anything but abandoned. Galaxy head of research Alex Thorn has said the pace of dormant “Noah Doe” coins moving onchain has been accelerating month over month.
The wallet joins a growing list of old coins on the move. Bitcoin’s oldest coins have been waking up at an unusual clip in 2026, according to Galaxy Research data.
Just a little over a week ago, a Satoshi-era wallet mined in 2010 moved for the first time in 16 years. In late September, about $161 million in decade-old Bitcoin was transferred over the course of roughly two weeks. And just last week, a whale moved a whopping $377 million after holding through every major market crash since 2020.
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Bitcoin’s recent decline has not undermined its broader recovery prospects, as reduced leverage and easing selling pressure suggest the market remains structurally healthy, according to Yusuf Fakhro, partner at ARP Digital.
Bitcoin is trading near $82,700 after recovering from a recent drop below $80,500, outperforming Ethereum and the broader altcoin market despite ongoing macroeconomic uncertainty.
The leading crypto asset fell from approximately $86,000 before stabilizing in the low $80,000 range, as weakness in technology stocks and elevated Treasury yields weighed on investor appetite for risk assets.
Fakhro attributed the decline primarily to broader macroeconomic pressures rather than crypto specific factors in commentary shared with Crypto Briefing, noting that Bitcoin’s correlation with the Nasdaq has climbed to its highest level since June.
Despite the downturn, Bitcoin outperformed Ethereum and the wider altcoin market, finding support near the average acquisition price of spot Bitcoin exchange traded fund investors.
Lower leverage supports Bitcoin’s recovery
Fakhro said derivatives market conditions suggest Bitcoin has absorbed recent selling without experiencing a major liquidation cascade.
Funding rates have fallen to their lowest levels since June, while open interest has declined to five month lows, indicating traders had already reduced leveraged exposure before the latest decline.
The analyst argued that reduced leverage leaves the market in a healthier position, lowering the risk of forced selling during another period of volatility.
He also pointed to changes in Bitcoin’s ownership structure, suggesting that substantial amounts of older supply have moved into the hands of investors who accumulated near current prices and remained invested through the recent market downturn.
With fewer persistent sellers, Fakhro believes a recovery in demand could support further gains once broader market sentiment improves.
He maintained his bullish outlook after previously identifying accumulation opportunities when Bitcoin was trading in the mid $60,000 range.
Inflation and rising oil prices complicate Fed outlook
Bitcoin’s next major test could come from the Federal Reserve’s October 27 and 28 policy meeting, as persistent inflation and elevated energy prices complicate the outlook for interest rates.
US consumer prices increased 3.7% annually in September, accelerating from 3.4% in August and exceeding economists’ expectations of 3.6%. Core inflation, which excludes food and energy, reached 2.6%, reflecting continued price pressures across the economy.
Meanwhile, oil prices have remained elevated amid disruptions to shipping through the Strait of Hormuz and escalating tensions in the Middle East.
Brent crude surged to approximately $110 per barrel last week before retreating toward $108 on Monday, as traders assessed potential additional Russian oil supplies following changes to US sanctions.
Higher energy costs have reinforced inflation concerns, raising questions about whether the Fed will need to maintain restrictive monetary policy for longer.
According to CME FedWatch probabilities reported Monday, traders assigned approximately an 85% chance that the central bank would keep interest rates unchanged at 3.75% to 4.00% this month, with roughly 15% odds of a quarter point increase.
Despite expectations for an October pause, markets continue to price in the possibility of additional tightening before year end, with December rate hike probabilities approaching 92%.
Elevated borrowing costs and persistent inflation could continue weighing on risk assets, including Bitcoin, particularly if energy prices resume their upward trajectory.
For Fakhro, however, the recent decline has not undermined Bitcoin’s broader recovery prospects.
The analyst considers weakness toward the low $80,000 range a potential accumulation opportunity, supported by reduced leverage, diminishing selling pressure and stronger demand than the rest of the crypto market.
He cautioned that a decisive break below that support area would warrant a more defensive outlook, while the upcoming Fed decision could determine whether Bitcoin extends its recovery or faces another period of macroeconomic volatility.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Strategy continues its financial strategy by combining bitcoin purchases and preferred stock buybacks. Between October 12 and 18, Michael Saylor’s company acquired 267 BTC for 22.1 million dollars. At the same time, it dedicated 193.1 million dollars to repurchasing STRC securities. This operation comes as Strategy maintains a significant bitcoin reserve, and its leader anticipates a market return to a bullish phase.
In brief
Strategy acquires 267 bitcoins for 22.1 million dollars, bringing its reserves to 848,517 BTC.
Michael Saylor’s company repurchases 1.94 million preferred STRC shares for 193.1 million dollars.
Strategy increases its authorization to repurchase digital credit securities from 2 to 3 billion dollars.
Michael Saylor anticipates a return of the bull market, despite macroeconomic obstacles weighing on bitcoin.
Strategy buys 267 bitcoins and strengthens its reserves
Michael Saylor’s company Strategy purchased 267 bitcoins between October 12 and 18, at an average price of 82,900 dollars per unit. The company thus invested an additional 22.1 million dollars in the leading cryptocurrency. According to a document submitted Monday to the Securities and Exchange Commission (SEC), its reserves now total 848,517 BTC. This new move confirms the continuation of its acquisitions despite larger expenditures dedicated to preferred stocks.
To finance this purchase, Strategy primarily used the 22 million dollars obtained from the sale of 140,872 MSTR common shares. This operation allowed it to fund its acquisition without mobilizing a significant portion of its existing cash reserves. Meanwhile, the company reserved its available funds for repurchasing STRC securities. This allocation shows that the company pursues two distinct financial objectives.
However, the amounts involved illustrate a notable gap between the two operations. Strategy dedicated 193.1 million dollars to the repurchase of 1.94 million preferred STRC shares. This amount is nearly nine times the investment in new bitcoins. The company also raised its authorization to repurchase digital credit securities from 2 to 3 billion dollars.
STRC buybacks exceed bitcoin purchases
Since the start of the fourth quarter, Strategy has spent 459.2 million dollars repurchasing STRC shares. Over the same period, it invested 72.3 million dollars, acquiring 851 bitcoins. Buybacks therefore represent more than six times the spending on cryptocurrency. This difference confirms the growing role of preferred stock transactions in the company’s recent financial decisions.
STRC is a variable-rate preferred stock designed to pay regular dividends. Strategy aims to repurchase shares trading below their par value of 100 dollars to support their price. This policy partly explains the emphasis on these transactions. It also allows the company to influence the value of its shares while maintaining its bitcoin reserves.
To cover its financial commitments, Strategy states it holds 4.83 billion dollars designated for preferred stock dividends and debt interest. It also has 447.3 million dollars in separate cash reserves. These reserves provide a margin to honor its payments. However, the evolving spending between cryptocurrency purchases and stock buybacks will remain an important element to monitor.
Saylor anticipates a return of a bull market
Despite these larger buybacks, Michael Saylor remains optimistic about bitcoin’s outlook. During a discussion held Saturday during ParaFi’s investor day, he stated, “We are entering a bull market again.” He notably mentioned the price returning above its 200-day simple moving average. This indicator is often used to observe long-term price trends.
Saylor also cited several factors that could restrain the market. According to him, restrictive trade, foreign, and monetary policies are obstacles for BTC. Conversely, growing adoption by banks and the tokenization of traditional financial assets could support its development. These elements fuel his expectations, without guaranteeing a sustained price increase.
In the markets, MSTR stock was up more than 2.5% in premarket Monday, according to Yahoo Finance data, after losing about 9.6% Friday, closing at 138.83 dollars. STRC shares gained nearly 0.8%, at 98.45 dollars, after a 1.8% decline in the previous session.
In the short term, Strategy is therefore expected to continue its trades between bitcoin accumulation and preferred stock management. The pace of STRC buybacks, the evolution of its reserves, and market conditions will determine the continuation of this policy. The sustained return of bitcoin above its technical benchmarks could also influence the company’s upcoming decisions.
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Kaspa’s KAS price prediction is getting a potential boost from two developments: a bullish technical setup and progress on the KCC-20 token standard. Add growing Bitcoin whale accumulation to the mix, and the bullish case gets interesting. But don’t confuse a promising combination with a confirmed breakout.
Kaspa Price Prediction Hinges on Channel Resistance$KAS Two Catalysts. One Direction 📈
Kaspa is poised to rebound off the upper boundary of the descending channel on the weekly timeframe.
In the meantime, the KCC-20 token standard is undergoing its final review. This will lay the groundwork for fungible tokens, wallets, and… pic.twitter.com/M0CSQLv4hC
— Lana Valentis (@LanaValentis) October 19, 2026 The weekly chart setup suggests KAS could rebound from the upper boundary of a descending channel. The proposed upside targets are $0.05, $0.075, $0.13, and $0.19. Each remains a high odds based potential milestone levels that can be reached contingent on bullish demand.
For now, the technical argument depends on whether the projected rebound actually develops. A falling-channel setup can attract bullish attention, but price action still has to do the heavy lifting.
KCC-20 Could Open New Development OpportunitiesMeanwhile, the KCC-20 token standard is undergoing its final review. Its finalization is expected to lay the groundwork for fungible tokens, wallets, and developer tools across the Kaspa ecosystem.
That’s potentially significant for ecosystem development. Still, final review isn’t the same as completed deployment or proven adoption. The real test will be whether the standard translates into meaningful developer activity.
Bitcoin Whale Accumulation Adds Another Bullish Factor for KAS🚨 BREAKING: BTC Whale & Key Stakeholder Holdings Hit Highest Level Since April
🐋 Bitcoin’s key 10 to 10K BTC wallets have accumulated aggressively since September 19th. They added roughly 88,987 BTC in one month and now collectively hold more than 13.69M BTC, their highest… pic.twitter.com/zuGozlQGMx
— Santiment Intelligence (@SantimentData) October 19, 2026 Santiment insights report that wallets holding between 10 and 10,000 BTC have accumulated roughly 88,987 BTC in one month since September 19. Their combined holdings now exceed 13.69 million BTC, the highest balance in six months.
That accumulation suggests major holders have been adding exposure despite market volatility. Historically, this wallet cohort has tracked major Bitcoin price trends, making its behavior worth watching. However, accumulation alone doesn’t guarantee an immediate rally.
KAS Needs Confirmation Before Bulls CelebrateA stronger Bitcoin market could support wider crypto sentiment, potentially benefiting KAS. Yet the relationship depends on market cycles and liquidity, and no direct price impact is assured.
The Kaspa price prediction ultimately rests on two catalysts: a confirmed channel rebound and progress toward KCC-20 finalization. With targets reaching $0.19, the setup looks bullish on paper. Whether the market delivers is another question.
Story Ends Here
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An early Bitcoin address first funded in September 2013 shifted 411.45 BTC, currently valued at approximately $33.4 million, to a new wallet on Sunday. This marks the first-ever outgoing transaction for the long-dormant account and adds to a recent uptick in activity among old Bitcoin wallets.
Whale movement traced to lawsuit over abandoned walletsThe address, which begins with “13Coop,” had not sent any Bitcoin since it was first loaded on September 11, 2013, according to data from both Galaxy Research and analytics platform Arkham. At the time, Bitcoin prices hovered around $130, making the initial value of the 411.45 BTC roughly $54,000. Galaxy analysts calculated the wallet’s average cost basis at about $127 per coin, giving the owner an unrealized gain of more than 64,000% after 13 years of inactivity.
The transferred coins are now located in a single, newly created address. Blockchain data shows no evidence that the receiver is linked to any known cryptocurrency exchange, leaving it unclear whether the funds are being prepared for sale or will remain dormant.
Galaxy Research tagged the sending address as “Noah Doe #970,” placing it among 39,069 dormant wallets named in a lawsuit filed earlier this year in New York by a plaintiff using the pseudonym Noah Doe, alongside two Wyoming-based firms.
Mini dictionary: Galaxy Research, the analytics arm of digital asset financial services firm Galaxy Digital, is known for tracking long-term trends in Bitcoin address activity and providing blockchain analytics and research.
In the New York lawsuit, the plaintiffs claim approximately 3.8 million BTC held by dormant wallets should be considered abandoned property under state lost-and-found law. However, the plaintiffs do not possess the private keys for these wallets.
Testing the lawsuit’s claimsAccording to Galaxy Research, the activation of these old wallets undermines the legal case, as spending coins requires possession of the private keys. This evidence shows at least some targeted wallets remain in active ownership. Alex Thorn, head of research at Galaxy, has observed a steady acceleration in the number of “Noah Doe” wallets showing on-chain activity month over month.
Galaxy also indicated that the wallet was one of those targeted in a 2025 “dusting” campaign. This scheme sent tiny amounts of Bitcoin embedded with messages to dormant addresses, possibly to help bolster the claim that such wallets were abandoned. Arkham analysis confirms a history of dust transactions, with some flagged as phishing attempts.
Every new transaction out of these addresses creates challenges for arguments that the wallets have been abandoned, according to industry observers.
Uptick in old coin movementsThe recent transfer joins a growing list of substantial sums moving out of long-inactive wallets. Data from Galaxy Research points to a notable acceleration in the awakening of Bitcoin’s oldest coins throughout 2026.
Barely a week ago, a Satoshi-era address mined in 2010 moved for the first time in 16 years. In late September, approximately $161 million in decade-old Bitcoin was shifted over two weeks. Last week, another whale moved $377 million after holding through all major market downturns since 2020.
This pattern indicates an emerging trend in the landscape of long-dormant crypto wallets and raises fresh questions about potential future movements as legal scrutiny intensifies.
Google has announced a revision to its financial products policy, specifically targeting cryptocurrency advertisements in the United Arab Emirates (UAE). Effective October 21, companies wishing to advertise crypto products in the UAE will need to secure licenses from approved authorities and obtain Google certification. This change aligns with the UAE’s existing regulations for virtual asset advertising, which mandate that unlicensed entities, including foreign firms, cannot promote virtual-asset services to UAE residents.
The updated policy impacts cryptocurrency exchanges and software wallets aiming to reach UAE users, requiring them to hold either a Virtual Asset Regulatory Authority (VARA) or Financial Services Regulatory Authority (FSRA) license. This move by Google is seen as a step towards enhancing regulatory clarity in the region, which may influence the adoption and perception of cryptocurrencies, including Bitcoin.
Market participants appear to view this development as supportive of a scenario where increased regulatory clarity could positively impact Bitcoin’s adoption and price trajectory. The current pricing in prediction markets reflects a modest expectation of Bitcoin reaching higher valuation thresholds, although significant uncertainty remains.
Key Takeaways
Google’s updated policy requires crypto advertisers in the UAE to be licensed and certified, consistent with local regulations.
This regulatory move is perceived as enhancing clarity, which could influence Bitcoin’s future price positively.
Market activity suggests a modest increase in confidence regarding higher Bitcoin valuations by the end of 2026.
What to Watch
Observers will closely monitor how this regulatory shift impacts crypto advertising and adoption in the UAE. The effectiveness of Google’s certification process and compliance with local licensing will be key indicators to watch. Additionally, any reactions from major cryptocurrency exchanges or wallet providers could provide further insights into the broader implications of this policy change. Markets will also be attentive to any subsequent regulatory developments in other regions that might influence the global crypto landscape.
Strategy bought the Bitcoin dip—again. The digital asset treasury giant disclosed Monday that it added more than $22 million worth of the cryptocurrency last week, as prices swung between roughly $80,000 and $84,000.
The latest purchase added 267 Bitcoin to Strategy’s total holdings, which are currently worth around $64 billion. The company also spent roughly $193 million buying back shares of STRC, one of its preferred stocks, which pays investors regular dividends. Its board also approved an additional $1 billion for preferred-share buybacks, bringing the total authorization to $3 billion.
Strategy’s latest acquisition comes a week after its previous purchase of $21 million worth of Bitcoin. Since August, the company has bought Bitcoin on six separate occasions, renewing its aggressive buying streak.
Its latest purchase comes amid sharp swings in Bitcoin’s price that briefly threatened to erase its gains over the past two months. In August, the cryptocurrency snapped its losing streak, climbing from roughly $63,000 to $77,000. By late September, it had topped $80,000 for the first time since May and reached a peak of about $86,000.
But over the past week, a series of tensions have fueled swings in Bitcoin’s price. Oil prices jumped Friday as attacks on shipping in the Strait of Hormuz raised fears of supply disruptions, adding to inflation concerns. Prices fell Monday after President Donald Trump waived some Russia-related sanctions and tariffs, raising hopes that more fuel would reach global markets.
Technology stocks also sold off as investors questioned whether the AI boom could last. The Nasdaq fell more than 2% Friday, but regained most of those losses by Monday morning.
But Strategy’s latest purchase shows the company is continuing to build its holdings despite the market’s swings, in line with executive chairman Michael Saylor’s long-standing preference for holding Bitcoin. “You do not sell your Bitcoin,” he said last October.
Strategy briefly departed from that stance earlier this year, however, selling Bitcoin on four separate occasions during a bear market that pushed the cryptocurrency’s price as low as $58,000 in June.
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Bitcoin rebounded early in the day Monday, briefly crossing over $83,000 as falling U.S. Treasury yields and lower oil prices helped risk assets begin the week higher. The flagship cryptocurrency pared gains later in the day, rising 1.2% to $81,844. Today's price action comes after a losing week that saw bitcoin fall as low as $80,112.
U.S. Treasury yields fell in Asian trade Monday, allowing yields to remain comfortably below recent multidecade highs at the long end of the curve. Oil prices also pulled back after Friday's gains as traders weighed a U.S. decision to waive newly imposed sanctions on Russia against persistent Middle East supply risks. But cryptocurrency investors remain on edge, as metrics show that new buyers of bitcoin remain in short supply.
Fund traders are not hungry for bitcoin exposure, with last week finishing with bitcoin ETFs having a net outflow of $228.4 million, according to data from Coinglass. "The average ETF holder remains underwater relative to their estimated $84,358 cost basis," said analysts with Bitfinex in a note published Monday. The firm adds that increased leveraged bets on bitcoin by investors leaves bitcoin open to a new rush of liquidations, which if they materialized would bring the price below the $80,000 mark.
For 2027, many analysts said they expect bitcoin prices to climb back above the $100,000 mark. Such a rebound would likely provide support to gains in the wider crypto market, said Bret Kenwell, an analyst with eToro Group. "A sustained rebound could help drive broader gains across the crypto space," said Kenwell in a note Monday.
Write to Joseph Wilkins at [email protected] and Kirk Maltais at [email protected] (MORE TO FOLLOW) Dow Jones Newswires 10-19-26 1401ET Copyright (c) 2026 Dow Jones & Company, Inc.
Bitcoin rebounded early in the day Monday, briefly crossing over $83,000 as falling U.S. Treasury yields and lower oil prices helped risk assets begin the week higher.
The flagship cryptocurrency pared gains later in the day, rising 1.2% to $81,844. Today's price action comes after a losing week that saw bitcoin fall as low as $80,112.
U.S. Treasury yields fell in Asian trade Monday, allowing yields to remain comfortably below recent multidecade highs at the long end of the curve. Oil prices also pulled back after Friday's gains as traders weighed a U.S. decision to waive newly imposed sanctions on Russia against persistent Middle East supply risks.
But cryptocurrency investors remain on edge, as metrics show that new buyers of bitcoin remain in short supply. Fund traders are not hungry for bitcoin exposure, with last week finishing with bitcoin ETFs having a net outflow of $228.4 million, according to data from Coinglass.
"The average ETF holder remains underwater relative to their estimated $84,358 cost basis," said analysts with Bitfinex in a note published Monday. The firm adds that increased leveraged bets on bitcoin by investors leaves bitcoin open to a new rush of liquidations, which if they materialized would bring the price below the $80,000 mark.
For 2027, many analysts said they expect bitcoin prices to climb back above the $100,000 mark. Such a rebound would likely provide support to gains in the wider crypto market, said Bret Kenwell, an analyst with eToro Group.
"A sustained rebound could help drive broader gains across the crypto space," said Kenwell in a note Monday.
Write to Joseph Wilkins at [email protected] and Kirk Maltais at [email protected]
Can bitcoin reach 100000 dollars before the end of 2026? Bitwise considers this scenario still possible thanks to institutional demand, while LO forecasts a price between 85000 and 95000 dollars in the face of the return of inflation and rate hike risks.
In brief Bitwise believes that bitcoin could exceed 100000 dollars before the end of 2026. Institutional purchases and ETFs support the upside prospects for Bitcoin. LO forecasts a price between 85000 and 95000 dollars by the end of December. US inflation and the risk of new Fed rate hikes are slowing the market. Sustained crossing of 90000 dollars could accelerate the rebound towards 100000 dollars. Arguments supporting bitcoin at 100000 dollars Ryan Rasmussen, head of research at Bitwise, maintains a positive view despite the pullback of bitcoin around 82000 dollars. He believes that several underlying factors can support the market in the last weeks of 2026.
The analyst summarizes his scenario in a cautious statement :
We believe bitcoin will end the year higher, potentially above 100000 dollars.
This projection is based on several drivers :
Purchases made by institutional investors via ETF ; Accumulation of bitcoins by some companies ; Search for rare assets in the face of inflation ; Increase in public debt ; Progressive improvement of the US regulatory framework. Cryptocurrency investment products have recorded about 11.1 billion dollars in inflows since mid-July, according to James Butterfill, head of research at CoinShares. US spot bitcoin ETFs would have received nearly 6 billion dollars in the third quarter, including about 3.5 billion dollars in August.
This demand can reduce the amount of bitcoin available on the market. However, it does not guarantee an immediate rise. Butterfill points out that purchases have slowed and a real rebound will require regular institutional inflows.
A move from 82000 to 100000 dollars would represent an increase of close to 22%. Such a move remains possible in a volatile market, but it requires a significant improvement in the financial climate before December 31.
US inflation weakens the bullish scenario LO takes a more reserved view. Adam Morgan McCarthy, head of research at the company, rather expects bitcoin to evolve between 85000 and 95000 dollars until the end of the year.
This caution is mainly explained by the latest US data. The consumer price index rose by 0.6% in September compared to August and by 3.7% year on year. Core inflation, which excludes food and energy prices, increased by 0.3% over one month and by 2.6% year on year.
The rise in gasoline played a major role. This component jumped 9.1% in September and accounted for more than half of the monthly increase in prices. These figures reinforced fears of a new tightening of US monetary policy.
The Federal Reserve had already raised its key rate by 25 basis points in September, to a range of 3.75% to 4%. A new hike would make risk-free investments more remunerative and reduce the liquidity available for volatile assets like bitcoin.
According to McCarthy, a return of BTC towards 100000 dollars would require a drop in oil prices, a slowdown in inflation, and a change in expectations regarding the Fed. The market would notably have to abandon the hypothesis of a rate hike in December in favor of a pause.
The 90000 dollar threshold could revive the market Derivatives offer a third scenario. Luca Invernizzi, trader at Laser Digital, a Nomura subsidiary, believes that the recent retreat removed some of the most fragile leveraged positions. This purge could make the market more stable if buyers return.
The 90000 dollar level now constitutes an important technical zone. Sustained crossing could force traders betting on a decline to buy back bitcoin to close their positions. These forced purchases could accelerate the rebound towards 100000 dollars.
Conversely, the absence of new flows into ETFs and persistent inflation would limit this potential. Investors will therefore watch the next Fed decisions, energy prices, and institutional inflows.
The forecasts of Bitwise and LO are not certainties. They describe two trajectories that depend primarily on the macroeconomic context. Before aiming for 100000 dollars, bitcoin must first retake 90000 dollars and maintain this level despite rate pressure.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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Strive has expanded its Bitcoin reserves, securing 4,045 BTC worth about $335 million last week as the leading cryptocurrency traded just below $81,000. The latest move brings Strive’s total Bitcoin purchases over the last two months to 15,462 BTC, valued at $1.27 billion.
Broader accumulation continues despite price uncertaintyBlockchain analytics firm Lookonchain reported that Strive acquired 4,045 BTC at an average price of $82,803 during the most recent week. Over the previous two months, Strive bought 15,462 BTC at a cumulative average of $82,417 per coin.
The company’s ongoing accumulation comes as the Bitcoin market faces significant uncertainty. Market watchers have noted that while corporate purchases like this can signal institutional confidence in using Bitcoin as a treasury asset, they do not necessarily lead to immediate price gains. Factors such as liquidity shifts, broader investor sentiment, and activity in both spot and derivatives markets also continue to influence Bitcoin’s short-term trajectory.
Strive, an investment management firm, has become increasingly active in the digital asset sector, drawing attention for its sizable and steady Bitcoin acquisitions.
Mini dictionary: Lookonchain, a blockchain analytics and monitoring platform, tracks and analyzes flows of digital assets across major chains, providing real-time insights and transparency for institutional and retail investors.
Traders are closely watching whether Bitcoin can maintain support at $80,400 or recover above $82,500 to signal renewed strength.
Technical structure and price levels in focusAt present, Bitcoin is trading near $81,000. Technical analysis by Bitcoin Meraklisi, a widely followed cryptocurrency analyst, highlights a critical support level at $80,400 and resistance at $82,500. If Bitcoin’s price drops below the $80,400 threshold, the next downside target becomes $78,500. Conversely, a move above $82,500 could create space for upward momentum, with $84,400 regarded as the level where the current bearish price pattern would no longer hold.
The 2618 pattern, based on Fibonacci retracement and extension levels, remains valid according to the analyst, with $80,400 already tested as an initial support. Traders are waiting for confirmation of a breakout or breakdown to determine Bitcoin’s near-term direction.
LevelSignificance$80,400Key support$82,500Immediate resistance$84,400Bearish pattern invalidation$78,500Next downside targetDespite Strive’s aggressive buying, there is no clear indication that these corporate purchases provide a floor for Bitcoin’s price. Analysts caution that the current costs and strategies of large-scale buyers like Strive are only one factor in a complex market structure.
“The costs associated with institutional accumulation may not translate directly into price stability or new support levels, as market direction is influenced by several intertwined factors.”
Short-term outlook and market dynamicsStrive’s acquisitions illustrate the interest among institutions to build Bitcoin positions, even while prices remain volatile and technical signals appear mixed. Whether this trend continues among other investment managers is yet to be determined, as comprehensive data on industry-wide institutional inflows remains limited.
Traders are focused on watching daily closing prices, key technical levels, and any shifts in volumes or on-chain flows, which could provide further clues to market sentiment and trend durability.
The next decisive movement in Bitcoin’s price will likely provide stronger signals about whether current support holds or a new leg down is forthcoming. Both bulls and bears are closely tracking the $80,400 and $82,500 marks for actionable signs.
As institutional accumulation continues and technical volatility persists, Bitcoin’s market direction remains highly dynamic heading into the new week.
Bitcoin’s climb toward the $90,000 mark has drawn renewed attention as diplomatic efforts between the United States and Iran appear to enter a critical phase. On Monday, Bitcoin traded near $82,000, while market participants monitored ongoing negotiations that could impact global risk sentiment and energy markets.
US-Iran negotiations enter critical weekOfficials from the US and Iran are engaged in high-stakes talks mediated by Qatar and Pakistan, with sources cited by Al-Araby Al-Jadeed anticipating possible progress in the coming days. However, neither government has set a clear timetable or confirmed a peace agreement.
The negotiations follow months of heightened tensions in the Strait of Hormuz, a strategic maritime passage for oil and gas exports. Both countries are seeking mutual concessions, yet major sticking points remain, particularly regarding Iran’s nuclear activities and US sanctions policies.
Iranian Foreign Minister Abbas Araghchi reiterated Tehran’s offer to reopen the Strait of Hormuz if the US meets specific conditions, including lifting sanctions on oil trade, ending port blockades, and addressing regional conflicts. According to Reuters, Araghchi indicated the waterway could reopen within seven days upon agreement.
US Vice President JD Vance has urged Tehran to reduce uranium enrichment activities, but Iranian officials have rejected concessions on this front, signaling no imminent breakthrough. Maritime security remains a top concern for Iran, while Washington prioritizes curbing Iran’s nuclear program.
The Strait of Hormuz is vital for global energy markets, handling a fifth of worldwide oil and liquefied natural gas trade before recent disruptions.
Mini dictionary: Strait of Hormuz, a narrow waterway between Oman and Iran, represents the world’s most critical oil chokepoint, with a significant portion of global crude and natural gas passing through its waters.
Oil prices, shipping volumes and geopolitical risksEnergy markets have responded to the shifting geopolitical landscape, with Brent crude falling to $108 per barrel and US West Texas Intermediate sliding to $101 per barrel. Data from research firm Kpler show Gulf oil exports dropped from over 20 million barrels per day to 8.5 million, reflecting shipment disruptions and ongoing sanctions policies.
CommodityPrevious PriceCurrent Price (Oct 19)Shipping VolumeBrent CrudeN/A$108/barrel–US WTIN/A$101/barrel–Gulf Oil Exports>20M barrels/day8.5M barrels/dayDecreasedMounting risks around the Strait and isolated incidents involving commercial tankers have heightened caution among traders. These factors, alongside the global stance on Russian oil sanctions, continue to impact energy prices.
A potential de-escalation between the US and Iran could help stabilize shipping and reduce energy costs, which may further act to ease inflationary pressures. However, analysts caution that lower oil prices do not necessarily drive cryptocurrency values higher.
Bitcoin price outlook and institutional sentimentBitcoin recently rebounded to about $82,000 but remains below the target zone of $82,500 to $90,000, requiring a move upward of nearly 9.1%. Optimism surrounding the US-Iran talks has increased risk appetite in some quarters, yet analysts highlight that a sustained rally will also depend on broader market factors.
Expectations for interest rates, inflation trajectories, and institutional inflows continue to play a decisive role in Bitcoin’s price. Progress in ceasefire negotiations alone is not considered enough to guarantee an upward trend for the cryptocurrency.
Positive developments in US-Iran war talks may boost risk-taking sentiment, but Bitcoin will still require demand for reaching such levels.
US midterms and Bitcoin’s historical trendsAs the US approaches the November 3 midterm elections, traders are increasingly attentive to moves in energy markets and foreign policy, though policymakers have made no commitments regarding a prospective US-Iran deal before election day.
Crypto analyst Ali Charts reviewed Bitcoin’s returns one month after the last four US midterm elections. Bitcoin posted 30.91% gains after the 2010 vote and 6.61% in 2014, while experiencing losses of 47.13% and 18.15% following the 2018 and 2022 elections respectively.
Year1-Month Return After Election2010+30.91%2014+6.61%2018-47.13%2022-18.15%Analysts emphasize there is no consistent electoral pattern for Bitcoin’s performance, citing changing economic factors and investor behaviors across election cycles. While historical data offers perspective, it should not be used to forecast future market moves.
Institutional predictions and market cautionMichael Saylor, executive chairman of Strategy, projected Bitcoin would surpass $100,000, attributing his view to ongoing institutional interest. He made this statement in an October 13 interview with Bloomberg.
The upside to $82,500-$90,000 needs around a 9.1% rise. However, ceasefire talk cannot initiate an upward trend on its own.
Despite these predictions, analysts stress the ongoing volatility and uncertainty in digital asset markets. Factors such as liquidity, macroeconomic news, and regulatory approaches continue to shape the landscape, making caution advisable for investors.
Two Bitcoin wallets dormant for more than 12 years moved about 417 BTC, worth $33.85 million, according to Lookonchain.
The movements brought Bitcoin held in the addresses for over a decade back into circulation between wallets. However, the available records do not say that anyone sold the coins or sent them to an exchange.
Two wallets account for the $33.85 million transfer
Arkham data show two main outgoing transfers. One address moved 248.854 BTC, valued at about $20.22 million, while the other transferred 167.84 BTC, worth around $13.63 million. Together, those transactions were 416.694 BTC.
The data also show earlier incoming transactions dating back roughly 12 and 13 years. For the larger wallet, the 248.854 BTC received was valued at about $88,460.
Moving Bitcoin does not confirm a sale
A crypto wallet transfer takes record of coins moving between addresses. But the transaction alone cannot tell why they moved or whether ownership changed.
In this case, the data does not identify the holders or show what they want to do. It also does not show exchange destination, which would suggest that the coins were being prepared for sale.
What can then be concluded defensibly is that two addresses associated with long-held Bitcoin saw huge outgoing transfers.
Bitcoin steadies near $82,000 after its pullback
Bitcoin traded around $82,152 at the time of this writing, following a retreat from recent highs near the $87,000 price area.
At the time of this writing, there were smaller price swings around the $81,000–$83,000 price level. This suggests that the decline had slowed down, but Bitcoin was yet to show a clear recovery sign.
Source: TradingView
The nearby area around $82,500 remained an initial hurdle, while the $80,000–$80,500 below it is an area to watch. If it is able to hold that lower area, it would help it preserve the recent stabilization it is seeing.
Final Summary
Lookonchain reported two long-dormant wallets moving about 417 BTC, worth $33.85 million.
Bitcoin traded near the $82,152 price level, but there was no link between its price performance and the transfers.
Super League stockholders have approved all proposals tied to Metaplanet‘s 2,100 BTC investment, clearing the way for the Nasdaq-listed company to be renamed Superplanet and become the Japanese firm’s U.S. Bitcoin treasury vehicle.
The proposals passed at Super League Enterprise, Inc.’s 2026 annual meeting of stockholders, held Friday and were disclosed Monday morning. The transaction itself was first announced in August.
Under the definitive agreement, Metaplanet, Inc. will contribute 2,100 Bitcoin and $2.5 million in cash through its wholly owned U.S. subsidiary, Metaplanet Holdings, Inc.
JUST IN: 🇯🇵 Japan's Metaplanet to buy Super League for 2,100 BTC and $2.5 million 👀
This will give the 2nd-largest corporate BTC holder a U.S. listed Bitcoin treasury platform! 🚀 pic.twitter.com/0gucAALjAX
— Bitcoin Magazine (@BitcoinMagazine) October 19, 2026
In exchange, Metaplanet receives 44,859,400 shares of common stock at $3.00 per share, along with preferred stock and warrants.
At closing, Super League will be renamed “Superplanet, Inc.” and trade on Nasdaq under the ticker symbol “SUPA.” Its advertising and media activation business will continue as a distinct operating segment, and Matt Edelman will remain chief executive officer.
Among the measures stockholders approved were the issuance of common stock and warrants to Metaplanet and the corporate name change. The proposals also included an increase in authorized preferred shares from 10 million to 100 million, according to a summary of the meeting posted on X.
“Super League stockholders have voted to approve the proposed Metaplanet transaction, an important step in our transformation from a Bitcoin treasury company into a global Bitcoin-native financial platform,” Metaplanet CEO Simon Gerovich wrote on X.
“Upon close, Superplanet will be our U.S.-listed Bitcoin treasury platform, providing direct access to U.S. capital markets and greater flexibility to opportunistically raise capital.”
Edelman framed the vote similarly in the company’s announcement: “Their approval brings us one step closer to redefining what this company can become.”
Closing is anticipated in the fourth quarter of 2026, subject to customary closing conditions, including required filings with the Nasdaq Capital Market. The shareholder approvals represent a required step but not the final one.
Super League said the arrangement is intended to establish conditions governing Metaplanet’s ability to dispose of its equity holdings following the transaction. The company did not provide details of exceptions to those restrictions in its announcement.
Metaplanet held 43,000 BTC as of August 18, describing itself as the third-largest corporate Bitcoin treasury among publicly traded companies. The combined structure is intended to give the group two listed Bitcoin treasury platforms — one on the Tokyo Stock Exchange, one on Nasdaq — each with its own investor base and reporting currency.
Super League connects brands with what it describes as a 3.3 billion-person global gaming population through advertising and branded content programs across gaming and digital media platforms. Metaplanet is a Tokyo-listed company building Bitcoin-based financial products and infrastructure.
Shares of Super League moved higher on the news.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Money determines where we live, what we can afford, and how wealth accumulates across generations. Yet the mechanisms that create and distribute it remain largely occluded, even as their consequences become harder to unsee. For Dutch artist Carlijn Kingma, investigative financial journalist Thomas Bollen, and monetary researcher Martijn Jeroen van der Linden, that disconnect became the impetus for The Waterworks of Money. This ambitious project maps the hidden architecture of the financial system through drawing and animation, rendering it understandable to the people living within it without flattening its complexity.
The Waterworks of Money depicts the financial system as a vast network of reservoirs, channels, and pumps, revealing how money moves through banks, governments, businesses, and households. Some areas receive an abundance of liquidity, while others remain perpetually dry. The resulting drawing operates simultaneously as an artwork, an educational tool, and an examination of financial power.
The project emerged from two years of research, including interviews with more than 100 experts across banking, government, academia, and monetary reform movements. Kingma spent more than 2,200 hours translating that research into an intricate architectural landscape. Bollen, whose investigative journalism examines the workings of the financial system, and van der Linden, whose academic research explores money and monetary reform, helped develop the economic research and narratives behind the work.
One of the project’s scenarios explores a monetary future shaped by bitcoin. As bitcoin enters traditional finance, an alternative monetary system either challenges existing structures of financial power or eventually becomes part of them, and the project’s collaborators have watched both happen.
Ahead of Bitcoin Amsterdam, November 5-6, where Bollen joins two panels, I sat down with all three of the project’s collaborators to discuss making money visible, the relationship between monetary systems and inequality, and bitcoin’s place in Europe’s financial future.
BMAG: The Waterworks of Money illustrates the financial system as a network of reservoirs, pumps, and channels, with some parts of society receiving abundant liquidity while others remain dry. After two years of research and interviews with financial experts, what surprised you most about how money actually works? What do you think the public most fundamentally misunderstands about it?
Thomas Bollen: What surprised me most is that many people inside the system know a great deal about their own corner of it: interest rate derivatives, asset management or mortgage lending. Very few of them can oversee the larger system in which they operate.
What is clearly not well understood is that banks create new money when they make a loan. They are not just intermediaries that pass on the savings of their depositors.
But can you blame ordinary people for that? During the research phase we spoke to many bankers and even a CEO of a major bank who did not know they were working for a money creating institution.
If we want to improve understanding we should start at our schools and universities. Many textbooks still get it wrong, and economics education hardly pays any attention to it. In 2022 even the Riksbank’s prize in economics (the Nobel prize that is not really a Nobel prize) was awarded for research that presents banks as mere intermediaries.
BMAG: One of the central ideas in The Waterworks of Money is that money doesn’t flow evenly through society. Housing affordability has become a major issue in Europe and the United States, while asset prices and financial wealth have increasingly outpaced wages. How much of this inequality results from the design of our monetary system, rather than broader economic forces?
Thomas Bollen: It is impossible to capture that in a precise number, because so many factors play a role. But it is quite clear that the money system exacerbated inequality enormously during all those years when credit was extremely cheap.
Ray Dalio, founder of the hedge fund Bridgewater Associates, summed it up in 2019: “Money is free for those who are creditworthy.” For everyone without money or creditworthiness, it was out of reach.
Cheap credit for rich people and large multinationals (who used it for share buybacks and M&A deals) drove up the price of shares, and of houses. Bank money creation produced a specific kind of inflation: asset inflation. Wealthy households and large multinationals, who already owned those assets, profited far more from it than people without them or small businesses that did not have the same kind of access to cheap credit as their larger competitors.
The Waterworks of Money, Carlijn Kingma
BMAG: The Waterworks of Money is filled with details that help explain how the financial system works. What was the most difficult part of the monetary system to illustrate? Did anything you learned during the research change how you approached the drawing?
Carlijn Kingma: The biggest challenge was the way all the parts are connected. How do you show that clearly?
Water is the obvious metaphor for money, and it takes you a long way. Liquidity, cash flows, money drying up: they are already in the language of finance. It was also great for connecting the different parts of the system, because I could draw the pipes and canals that run between them.
But in some places you need more than that if you want to be completely accurate. Money comes in many forms: commodity money, public money, private credit money, and further out short-term debt and repo contracts can also serve as money or near-money. It was not possible to draw that many different kinds of water running through the system.
BMAG: The Waterworks of Money has been shown to both art audiences and people interested in economics, including at Bitcoin Amsterdam last year. Have you noticed differences in how these audiences respond to the work? Has their feedback influenced how you think about the role of art in explaining complex ideas?
Carlijn Kingma: The response depends on what people already know. Visitors with more financial knowledge usually laugh more, because they catch all the small jokes. We renamed Basel III to “Babel III”, for instance, because the bank rules written after the crisis add up to about three bibles.
In our bitcoin future scenario, The Republic of a Thousand Coins, we put in a lot of jokes about central bankers. You can see Alan Greenspan there as an inflatable doll. That works best if you know who he is, and the bitcoin crowd knows far more about monetary history than the general public.
Above all, we noticed that art opens doors. The drawing gives people a visual starting point for a conversation. Even without any prior knowledge, the metaphor lets you see the social outcomes of how money flows.
BMAG: Your research has examined how financial crises can reinforce the influence of institutions considered too important to fail. More recently, you’ve explored the growing power of asset managers such as BlackRock and Vanguard. Are we witnessing a genuine transformation in how financial power operates, or have the same underlying problems simply taken new forms since 2008?
Martijn Jeroen van der Linden: Following the crisis of 2008, there was a general consensus among mainstream policymakers, think tanks and many economists that the banking sector needed to be repaired. In Europe, the influential de Larosière Group concluded that the causes of the crisis were excessive leverage, opaque securitisation, shadow banking risks, and fragmented supervision in the EU, and argued that “repair is necessary and urgent.” The banking repair consisted of new and stricter regulations, stronger coordinated supervision and new crisis management procedures. The underlying architecture remained unaltered, meaning that fundamental change never occurred.
But the architecture remained fragile. Take, for example, 2023. When Silicon Valley Bank and Credit Suisse got into trouble, the crisis playbooks developed after 2008 stayed in the drawer. The US authorities guaranteed all SVB deposits, including the more than 90 percent above the insured limit. In Switzerland, the state backed the rescue of Credit Suisse by UBS.
Advocates of banking repair often claim to have made the system safer. But the inherent fragility of funding long-term loans with runnable bank deposits is still there. Even with all the regulation, you cannot prevent a bank run, and that fragility is precisely what they refuse to solve. The banking system only survives because of massive public safety nets and privileges given to banks.
Large powerful non-banks have indeed emerged but they do not play a pivotal role in money and payments. This is a key distinction between the two sectors.
BMAG: Bitcoin began as an attempt to create money outside the control of governments and banks. Today, it’s increasingly held through investment funds and traditional financial institutions, including some of the same powerful asset managers examined in your recent work. Does this integration strengthen bitcoin’s ability to change the financial system, or risk reproducing the concentration of power it originally sought to challenge?
Martijn Jeroen van der Linden: As a financial asset, bitcoin has benefited from investments from traditional financial institutions. But the increasing use of bitcoin as an investment has compromised its promise of an alternative payment system.
At the same time, bitcoin and the rise of stablecoins have challenged the banks on their payment infrastructure. The banks are now innovating too: look at Wero, the payment wallet that a group of European banks launched in 2024. That is a change. But it is something different from the structural reform of money and banking.
BMAG: Your project imagines bitcoin as an alternative to the existing monetary system. Amsterdam also has a remarkable history of monetary experimentation, from the development of modern financial institutions to David Chaum’s pioneering work on private digital cash decades before bitcoin. Given that history, how do you see bitcoin’s role in Europe’s financial future? Has your perspective changed since you began working on the project?
Thomas Bollen: What I appreciate about bitcoin’s design is that it resembles full reserve banking. A bitcoin is not a claim on something else, so it carries no risk of a bank run. Bank deposits are: they are a promise that you can withdraw your money at any moment, while the bank can never keep that promise to all its customers at once.
We can learn a lot from our history. The Amsterdamsche Wisselbank, founded in 1609 and often seen as the world’s first central bank, started out as a full reserve bank: every bank guilder was backed by coins in its vault. It went under only after it secretly began lending more and more to the Dutch East India Company.
That is the risk of every monetary experiment: it can go in the wrong direction. In the crypto world, all kinds of companies started copying the banks. They lent out their customers’ bitcoins, while those customers still saw their coin-balances in their accounts. Sam Bankman-Fried’s FTX shows how this practice can go horribly wrong.
Detail: Republic of a Thousand Coins, Carlijn Kingma
Thomas Bollen will participate in two panel discussions at Bitcoin Amsterdam on November 6, 2026, on the Treasury Stage. Europe’s Monetary History & Future: Austrian Economics, Banks & Bitcoin (11:00–11:30 AM), alongside Rahim Taghizadegan and Willem Middelkoop, and Staat vs. de Markt: Hoeveel Overheid Hebben We Nodig in Geld? (1:55–2:25 PM), alongside Paul Buitink and Simon Lelieveldt.
Watch the full two-part animated exploration of The Waterworks of Money on YouTube and support the project by purchasing a signed, limited-edition print by Carlijn Kingma or making a donation toward its continued research at waterworksofmoney.com/buy.
The Bitcoin Museum & Art Gallery (BMAG) organizes international exhibitions, auctions, and artist collaborations exploring bitcoin and its cultural implications. Learn more at museum.b.tc.
Join us at Bitcoin Amsterdam, November 5–6, 2026. Get your tickets here and use code BA26-BMAG20 for discounted admission.
In his latest X post, Michael Saylor has announced another Bitcoin purchase.
For context, in Q3, Strategy bought 1,666 BTC, bringing its total holdings to 847k BTC. That said, it is worth noting that the purchases were relatively modest compared to Strategy’s large-scale accumulation campaigns in early 2024.
Nevertheless, Strategy (MSTR) does not seem to be cooling down since it bought another 250 BTC between the 5th and 11th of October, taking its total holdings to 848,250 BTC.
In this light, Saylor’s latest post indicates that the biggest Bitcoin DAT is building on this momentum, signaling continued conviction in BTC.
Source: X However, it is the timing of this move that makes it particularly interesting.
Strive has also been ramping up its BTC accumulation in October. The company acquired 3,311 BTC between the 5th and 9th of October, and then 2,822 BTC, raising its share to 35,595 BTC.
Together with Strategy’s latest purchase, this may indicate that institutional appetite for Bitcoin [BTC] is growing across the board, rather than coming from a single company.
So, what exactly is smart money betting on?
Is this just “buying the fear,” or is some of the institutional money realizing something that the rest of the market has yet to realize
Notably, key on-chain signals suggest this accumulation trend could have more to it than meets the eye.
Bitcoin’s relative strength puts a Q4 recovery on the radar Saylor’s latest signal is in harmony with several positive on-chain developments.
From a technical perspective, Bitcoin’s consolidation around $80k comes as the crypto market’s RSI is in a weak zone. This is a bearish sign, suggesting that selling pressure is dominating the market, so long-term investors can take advantage of the weakness and buy BTC at a discount.
Notably, a similar scenario has been observed before, which led to accumulation periods.
According to AMBCrypto, this is where the chart below begins to show how quickly market sentiment is turning. The stock market Fear & Greed Index fell from 46 to 18, and now moves into extreme fear. The Nasdaq sentiment score also declined from 77 to 53, falling from extreme greed to neutral.
Both are near 30-day lows, suggesting that risk appetite for U.S. equities has turned sharply lower.
Source: X Meanwhile, BTC/Silver is bouncing off a multiyear support trendline. The last two times the pair bounced from this level, it rallied over 1,200% in 2021-22 and 412% in 2024-25. Since the ratio follows Bitcoin’s performance against Silver, this could be an early sign of BTC regaining strength against the metal.
What makes this setup interesting is the broader market backdrop. The US equity space is cooling off, crypto RSI is weak, and if Bitcoin can hold, it could very well benefit from its relative strength as investors readjust their exposure. With the midterm elections approaching, this could help Bitcoin serve as a macro hedge.
Against this backdrop, Saylor’s latest BTC buy signal could be a move to get ahead of a potential wave of institutional buying in Q4.
Final Summary Strategy and Strive continue buying Bitcoin despite market uncertainty.
Bitcoin’s strength against silver could signal a potential Q4 recovery.
Crypto market analyst Mino issued a direct appeal to the XRP community, warning holders to prepare themselves emotionally for heightened volatility in the weeks ahead. Her message, shared on X, quickly attracted strong engagement from XRP supporters, many of whom responded with personal investment approaches and perspectives.
Personal warning based on experienceIn her public statement, Mino reflected on her own journey in the crypto market. She wrote, “You are about to enter a period of time where your mental capacity is about to be tested to the max. You will have $XRP highs, lows, do you cash out, do you hold. It’s going to be a long road.”
Mino encouraged XRP investors to be mentally prepared, citing, “I have been there, lost everything and started from scratch. XRP holders, this one was for you. Stay strong.”
Mino, known for her forthright commentary within the XRP community, highlighted that she rarely discusses her personal experiences publicly due to the criticism it often brings. Despite this, she chose to reach out to the community directly for this message.
Ripple’s XRP, a digital asset used for cross-border payments, frequently experiences significant price swings, making emotional resilience a recurring topic among holders.
Mini dictionary: Ripple, a fintech company headquartered in San Francisco, is the developer of the XRP Ledger and XRP token, designed for high-speed, low-fee global money transfers.
Community members highlight discipline and planningThe post sparked a wave of responses from XRP holders, several of whom emphasized their own methods for managing crypto market fluctuations. Scott Taylor, one active participant in the discussion, commented that while XRP often receives a laser focus, the entire crypto sector, including Bitcoin, is experiencing a downturn. Taylor asserted, “Utility will win in the end.”
SERGIO Miguel Fernandes PEREIRA took a pragmatic view on market positioning, explaining, “XRP starts at $0.50, and the reality is we’re accumulating between $0.50 and $1.50, taking advantage of this opportunity for good accumulation. The price won’t rise much until 2028; we have to take advantage of this to build our portfolio.”
A segment of XRP holders is capitalizing on the current price range, planning incremental accumulation while anticipating limited price movement in the near term.
Investor Jose Bobba pointed out his own experience by referencing a higher entry price, saying he bought XRP at $2.26 and underlining that patience is essential for long-term holders.
Emotional preparedness and structured executionLong-term community contributor Zoid advocated for having a defined strategy regardless of market conditions. He wrote, “Have a plan and stick to it,” and advised others to establish tiered levels for selling. Zoid also referenced broader macroeconomic challenges, mentioning, “Triffin’s dilemma has backed them into a corner they cannot get out of. They are out of time.”
Mini dictionary: Triffin’s dilemma refers to the economic conflict that arises when a currency, such as the US dollar, serves as both a global reserve currency and a national currency, leading to a conflict between domestic monetary policy and global financial stability.
At present, XRP trades close to $0.50. Many community members remain focused on maintaining discipline and executing well-defined plans as they await the next significant move in the market.
XRP may be nearing the end of its months-long correction after breaking above a contracting wedge near $1.30.
The chart suggests that three separate timing counts within the correction are reaching their limits at the same time, which raises the probability of a price recovery.
XRP trades at $1.3094 after hitting a session low of $1.3002 on the 12-hour chart. The decline followed a double corrective pattern that began after XRP reached $1.70 in August. The latest price action suggests that the final wave of this pattern may be ending.
XRP Double Zigzag Correction Nears Its End XRP’s decline from its August high of $1.70 developed through two corrective waves, each following a three-part a-b-c zigzag pattern, with an x-wave linking the two formations.
The first zigzag began with wave a, which took XRP from $1.70 to $1.34 by Sept. 2. Wave b then pushed the price back up to $1.49 before wave c sent it down to $1.31. The connecting x-wave appears near the Sept. 16 peak of around $1.65.
The second zigzag started at the Sept. 16 peak of $1.65. Wave a drove XRP down to $1.45 by Sept. 24, while wave b brought a recovery to $1.52 by Oct. 6. Wave C then began and carried the price toward the recent low of $1.30. This final decline may now be completing the broader double zigzag pattern.
Terminal Wedge Forms Within Wave-C The final wave-c of the second zigzag developed into a terminal impulse. This pattern has five internal waves that form a contracting wedge, not the more typical structure of a standard impulse. The chart marks these waves from 1 to 5, with their highs and lows narrowing into a cone as the price moves lower.
The waves overlap, which confirms the terminal interpretation and shows the pattern is different from a conventional impulse. Wave 3 contains a large internal b-wave, while wave 4 develops over a relatively short period.
Despite these features, the contracting shape and overlapping price movements confirm that the pattern may mark the final stage of the decline.
The terminal formation began near $1.40 and moved through five stages toward the current region above $1.30. Wave 5 of c, the final sub-wave of the entire double zigzag, appears to be completing near the $1.3002 low.
XRP correction nears its end as three clocks expire at once The True Williams Alligator also suggests a possible change in trend. Its three smoothed lines read 1.3585, 1.3304, and 1.3112, which place them close together just above the current price. This clustering can occur when a trend approaches its end.
Three Correction Clocks Reach Their Limits Together The correction’s timing also suggests an imminent reversal. The double zigzag as a whole is approaching its expected time limit, while wave-c is nearing its own. At the same time, the fifth wave of the terminal impulse is reaching the end of its projected duration.
These three timing counts operate at different levels of the same price structure, but they eye the same period in late October 2026. Their alignment confirms the case for a possible turning point because several parts of the correction are reaching their expected limits together.
However, timing alone cannot confirm that XRP has reached a lasting bottom. The price must support the technical outlook by holding near $1.30 and continuing to show signs of recovery.
XRP Price Targets Range From $2 to $3 If the double zigzag correction has ended, a standard price projection method points to a possible rally toward $2 to $3. This method uses the length of the August upsurge, applies extensions of 100% to 161.8%, and projects the resulting distances upward from the corrective low near $1.30.
The chart marks a Fibonacci extension at $2.1529, which makes it the first major target within the projected range. The price path also extends toward $2.80 and above, showing how far XRP could rise if the expected recovery gains strength.
Meanwhile, the timing projection predicts a possible local top around mid-November 2026. If the pattern plays out as expected, XRP could recover relatively quickly from its current level. A move back toward $1.40, where the terminal impulse began, would provide an early sign that the recent low may hold.
XRP Must Hold $1.30 Support The bullish case depends on XRP holding the $1.30 area. A break below the recent low of $1.3002 would weaken the current wave count and require a fresh assessment of the correction. Such a decline would not automatically rule out a broader recovery, but it would suggest that the correction may need more time to finish.
There is also uncertainty about the August rally that started the current price structure. It is not yet established whether that move marked the first wave of a new uptrend, a corrective wave-a, or part of a larger sideways pattern that is still in progress.
Upbit, South Korea’s largest crypto exchange, reported a 15.5% weekly volume drop to 8.35 trillion won. XRP outpaced Bitcoin and USDT as Korean traders favored the token amid cooling activity.
Lower volume typically means thinner order books, which can still amplify price moves when larger orders reach a thin market.
XRP Leads a Cooling Market on UpbitTrading volume is the total value of assets bought and sold on an exchange over a set period. Upbit’s weekly figure fell to 8.35 trillion won (~$6.28 billion), according to Upbit DataLab.
The decline covers the week ending October 18, 2026. It marks a clear cooling after stronger periods earlier in the autumn.
Yet the more striking detail sits inside the totals. CoinGecko data show XRP finishing as the week’s most-traded asset, outpacing both Bitcoin and the stablecoin USDT. Korean retail traders have long favored XRP on won-denominated pairs, and this week’s data reinforces that pattern.
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Upbit Trading Volume Dips to 8.35 Trillion Won Weekly. Source: Upbit DataLabEven as overall liquidity thinned, a disproportionate share of the remaining activity concentrated on XRP. That left Bitcoin in second place and USDT third.
The slowdown was not isolated to Upbit. Broader data from major South Korean platforms showed a steeper collective drop of nearly 20% in the preceding week. Measured against that backdrop, Upbit’s 15.5% decline appears relatively moderate.
Daily snapshots showed Upbit’s 24-hour volumes swinging between roughly $340 million and more than $1.2 billion. Those swings then settled into the quieter weekly total reported.
Top Crypto Exchanges in South Korea. Source: CoinGeckoWhat Could Come Next for Upbit Volume?Lower overall volume typically means thinner order books, which can amplify price moves when larger orders hit the market. A single sizable order can trigger sharper swings when it meets a thin market. Traders watching Upbit should therefore read the weekly total alongside daily data.
For traders watching the competitive landscape, the DataLab numbers highlight a recurring theme.
On Upbit, XRP often challenges or surpasses Bitcoin, even though it ranks far lower by global market cap.
Stablecoin volume remaining elevated also points to traders rotating between risk assets and dollar-pegged tokens as sentiment cooled. This shift keeps capital ready to move back.
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XRP Overtakes Bitcoin on Upbit as Weekly Trading Volume Sharply Falls. Source: CoinGeckoLooking ahead, market participants will monitor whether weekly volumes stabilize near the 8.35 trillion won level or continue to slide. They will also watch whether XRP keeps its top ranking in the next reporting window.
The supply of XRP available across cryptocurrency exchanges has climbed close to its annual peak, even as the token’s price struggles with volatility and downward momentum. According to the latest data from blockchain analytics firm CryptoQuant, XRP exchange reserves have surged to 11.81 billion tokens as of October 17, representing one of the highest levels recorded over the past twelve months.
Exchange reserves stay elevatedCryptoQuant data revealed that XRP’s aggregate reserves on major trading platforms remain considerably higher than average. While this level has not reached a new yearly high yet, the available supply remains near its upper range observed for 2023.
Market analysts say the elevated exchange reserves suggest that more tokens are accessible for potential trading or selling. Such trends are often interpreted by traders as an indication of increasing selling pressure, especially if not accompanied by rising demand.
XRP’s substantial exchange reserves and the current lack of a meaningful price rebound have prompted market participants to question whether the token’s high supply is a result of intensified selling activity.
The timing coincides with broader weakness in the digital asset sector, as many cryptocurrencies experience a protracted pullback. XRP itself has struggled to recover from recent lows, adding to concerns about the ongoing influx onto exchanges.
XRP derivatives activity drops on BinanceAlongside the increase in XRP reserves, data shows a significant decline in leveraged trading positions for XRP on Binance, the world’s leading cryptocurrency exchange by trading volume. As of October 17, open interest (OI) for XRP futures on Binance dropped to $453 million, a decrease of 15.8% compared to the $538.1 million recorded on October 4.
This reduction in open interest indicates that market participants are closing out or liquidating their leveraged positions, reflecting waning enthusiasm or increased caution in trading the token’s derivatives.
Binance, based in Malta, is widely recognized for its extensive digital asset offerings and high liquidity, serving as a major hub for both spot and derivatives trading in the crypto industry.
Mini dictionary: Open interest (OI) refers to the total number of outstanding derivative contracts, such as futures or options, that have not yet been settled. It is a key measure of activity and liquidity in a derivatives market.
The combination of persistently high XRP reserves on exchanges and a significant reduction in derivatives positions adds to bearish sentiment around the token.
DateXRP Exchange Reserves (billion)Binance XRP Open Interest ($ million)October 4Not specified538.1October 1711.81453Market observers continue to track these onchain and derivatives metrics for signals of potential shifts in trend amid ongoing volatility within the crypto sector.
Michael Passalacqua, Senior Advisor and Head of the Innovation Task Force at the Commodity Futures Trading Commission (CFTC), recently outlined the agency’s efforts to establish a unified federal oversight framework for crypto exchanges. Passalacqua delivered these remarks in a video interview circulated by the crypto analyst X Finance Bull, offering insight into what potential regulatory shifts could mean for XRP holders.
Federal oversight and the CLARITY ActPassalacqua stated that the CFTC aims to introduce a single national regulatory framework, enabling crypto asset exchanges to opt into federal supervision under the agency’s oversight. The public comment period for this proposal runs until December 14, and input from stakeholders remains open.
He referenced bipartisan support for granting the CFTC regulatory authority over the crypto asset sector, pointing to the CLARITY Act as a significant milestone in these developments. The CLARITY Act seeks to clarify how digital assets are regulated at the federal level, designating clear jurisdiction for agencies such as the CFTC.
Passalacqua emphasized that “the goal of this is to provide a federal option for crypto asset exchanges to opt into a national uniform framework under the CFTC’s oversight.” He noted that bipartisan support exists for the CFTC to regulate the crypto asset industry.
Mini dictionary: CLARITY Act, proposed US legislation aiming to clarify the regulatory status of digital assets and establish a clear framework for oversight by federal agencies, notably the CFTC.
XRP’s commodity classification and regulatory contextXRP was officially classified as a digital commodity by both the US Securities and Exchange Commission (SEC) and the CFTC on March 17. This designation places XRP within the regulatory perimeter the CFTC intends to oversee under the proposed federal framework.
In October, the CFTC introduced Regulation CTX and Regulation CAM, which address areas such as exchange registration, market surveillance, customer asset protection, margin requirements, and custody. These regulations are designed to strengthen oversight surrounding digital commodities like XRP.
Institutional adoption and growing infrastructureX Finance Bull highlighted that substantial institutional infrastructure for XRP is already in place. Major entities, including Bitwise, Grayscale, Franklin Templeton, 21Shares, CME Group, Ripple Prime, and EDX Markets, maintain exposure to XRP or offer related services. This infrastructure serves as a foundation for broader institutional participation.
Between December 2025 and June 2026, Bitwise’s XRP ETF holdings increased significantly from around 131.22 million XRP to 286.84 million XRP, reflecting elevated institutional demand. CME Group currently supports both standard XRP futures and Micro XRP futures, alongside options contracts. Ripple Prime facilitates institutional access to XRP and RLUSD trading, derivatives, financing, and liquidity services.
Mini dictionary: CME Group, a global markets company offering trading in various asset classes including cryptocurrency futures and options.
InstitutionXRP ServicesRecent ActivityBitwiseXRP ETFHoldings rose to 286.84 million XRP (June 2026)CME GroupXRP futures, micro futures, optionsOffers XRP derivativesRipple PrimeSpot, derivatives, liquidity for institutionsSupports XRP and RLUSD tradingGrayscale, Franklin Templeton, 21Shares, EDX MarketsXRP exposure & servicesActive in XRP ecosystemProjected demand and institutional momentumLooking ahead, X Finance Bull projected a surge in potential institutional demand for XRP as regulatory clarity advances. If 100 institutions allocate $25 million each to XRP, acquisition demand would total $2.5 billion. Doubling both the number of institutions and allocation size to 200 and $50 million each would increase demand to $10 billion.
He described current US regulatory steps as building the necessary “rails” to streamline XRP’s institutional trading, hedging, financing, and custody. The ongoing CFTC public comment period will conclude December 14, with impending regulatory changes expected to further shape XRP’s institutional landscape.
US spot XRP ETFs just had their first losing week in months. The funds recorded $1.84 million in net outflows for the week ending October 16, 2026, ending a 13-week run of consecutive inflows.
The streak had been running since early July. This is the first week of negative flows since mid-July, which means the products went through most of a summer and early fall without a single net-negative week.
One fund, one day, one withdrawal Most of the damage came from a single product on a single day. Canary Capital’s XRPC saw $2.47 million leave on October 16.
That one withdrawal was bigger than the net outflow for the whole week. Put plainly, without that session, the week would likely have closed in positive territory.
The rest of the week was fairly calm. Other sessions saw flat activity or modest inflows, including a mid-week gain of approximately $740,400.
Putting $1.84 million in context Cumulative inflows into US spot XRP ETFs since their launch in November 2025 total approximately $1.8 billion. Measured against that, last week’s net outflow works out to roughly a tenth of a percent of everything that has flowed in.
Total net assets across the products sit at around $1.47 billion to $1.57 billion, depending on the reporting date. The gap between cumulative inflows and current assets reflects how the value of the underlying XRP holdings has moved since money arrived.
The issuer leaderboard has stayed fairly stable. Bitwise, Franklin Templeton, and Canary Capital lead by inflows and assets under management, while Grayscale and 21Shares trail behind.
The wider market was not helping XRP funds did not have a rough week in isolation. Bitcoin, Ethereum, and Solana ETFs also reported withdrawals amid broader volatility in the crypto market. XRP itself traded near $1.30 during the period.
What this means for XRP ETF investors There are a few things worth tracking from here.
Breadth of flows. If next week’s outflows, should there be any, spread across Bitwise, Franklin Templeton, Grayscale, and 21Shares rather than concentrating in one fund, that would point to a broader shift in sentiment. Concentrated moves are easier to dismiss.
Canary Capital’s XRPC specifically. A single large redemption can be a one-off portfolio decision. Repeated large redemptions from the same product would suggest something more persistent, whether a reallocation by a major holder or a preference for competing issuers.
The cross-asset picture. Because Bitcoin, Ethereum, and Solana ETFs were also bleeding, XRP flows are likely to keep tracking overall risk appetite in crypto. If the broader ETF complex stabilizes and XRP funds keep losing money, that would be a more meaningful warning sign than this week’s dip.
The XRP price. With XRP near $1.30, fund flows and price action can feed each other. Weak prices can prompt redemptions, and redemptions can add selling pressure on the underlying asset.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
XRP has made its debut on X with a 10-second logo video, drawing public welcomes from Ripple and the XRP Ledger Foundation on Oct. 19.
Summary
XRP debuted on X with a 10-second logo video and the message “hello, world. It’s about time.”
Ripple welcomed the account, citing over a decade of work alongside XRP Ledger contributors.
The XRP Ledger Foundation greeted the account with “New era” and an animated terminal graphic.
The debut post had drawn 52,900 views when the supplied screenshot was captured.
Ripple described its work on the XRP Ledger alongside thousands of other contributors when it quoted the new account’s opening message.
XRP opens with a brief greeting and logo video
The XRP account’s first post carried a short greeting.
A screenshot of the post shows a metallic XRP symbol against a dark background. The captured post had 52,900 views at the time the image was taken.
Ripple’s response appeared minutes later. Its quoted post included the original greeting and the same logo video.
“For over a decade, we’ve built on the XRP Ledger alongside thousands of others.”
The company followed that statement with a welcome to the new account. In its own response, the XRP Ledger Foundation used the phrase “New era” and welcomed XRP with an animated terminal graphic.
Neither welcome described a product launch, token distribution, or change to the ledger’s transaction rules.
XRP Ledger changes require validator approval
XRPL’s technical documentation describes a formal voting process for changes to the network’s transaction rules. Validator operators can configure their votes, while only votes from trusted validators count toward amendment approval.
An amendment must retain support from more than 80% of trusted validators for two weeks before activation. If support falls below the threshold, the waiting period restarts, according to the documentation.
A historical example appeared on Aug. 12, when crypto.news previously reported that Ripple had backed bundled protocol fixes. At that point, fixCleanup3_3_0 had eight affirmative votes among 35 trusted validators on the default list, short of the 29 needed to exceed 80%.
The package covered corrections involving vaults, lending, automated market makers, the permissioned decentralized exchange, checks, and pseudo-accounts. The August figures describe that voting snapshot, not the amendment’s status today.
Earlier software changes affected node operators
In July, the ledger activated a maintenance amendment after 30 of 35 trusted validators supported fixCleanup3_2_0. The July 29 coverage put support at 85.71%, with five votes against.
XRPScan warned that nodes running version 3.1.0 or earlier would become amendment-blocked until their operators upgraded. The report said self-custody holders did not need to exchange their tokens or move funds because of the amendment.
Version 3.2.0 renamed the reference server software from rippled to xrpld. The accompanying migration involved configuration filenames, database paths, packages, scripts, and service settings, according to that coverage.
Ripple’s US brokerage services include XRP trading
Ripple’s commercial operations include services beyond ledger development. An Oct. 8 examination of its US prime brokerage services described over-the-counter spot execution involving XRP, RLUSD and other assets, with cross-margining against derivatives.
The same coverage examined Ripple’s Oct. 6 announcement that Brevan Howard funds would use Ripple Prime for brokerage, clearing and financing across asset classes. Brevan Howard’s roughly $35 billion in managed assets represented its firmwide business, not a disclosed balance transferred to the brokerage.
The announcement did not disclose an XRP allocation by those funds. Ripple’s August Delta One launch offered total return swaps referencing US-listed equities, indexes, and digital assets.
XRP price was up 2.4% over the day, exchanging hands at $1.30 at press time.
Ripple CEO Brad Garlinghouse has admitted that the collapse of the CLARITY Act hurt. He also says XRP no longer needs Congress to settle the question that hung over it for years.
Speaking during celebrations for Evernorth’s Nasdaq listing, Garlinghouse said the bill’s failure “definitely stung.” He added that he had personally put a lot of energy into getting the crypto market structure bill through Congress.
“We Have Clarity”
Garlinghouse said XRP holders are in a stronger position than the failed vote suggests. He pointed to the outcome of Ripple’s long court battle with the SEC, saying the federal judge wrote in her opinion that “XRP is not a security.”
“So, we have clarity,” he said.
That ruling came from Judge Analisa Torres in July 2023. She found that XRP is not a security by itself and that Ripple’s sales of XRP on public exchanges were not securities offerings. She also ruled, however, that Ripple’s direct sales of XRP to institutional investors did count as unregistered securities sales.
Regulators Are Filling The Gap
The CLARITY Act failed a Senate cloture vote 49 to 50 on September 15. Garlinghouse said the SEC and CFTC have stepped into rulemaking to cover what the bill was meant to do. He said there are also lessons to learn from what went wrong in Congress.
Can A Future Regulator Undo It?
Garlinghouse acknowledged that a future SEC or CFTC chair could take a harsher stance on crypto. He said that is possible, but argued that years of progress cannot simply be rolled back.
When the interviewer described it as being unable to “put the genie back in the bottle,” Garlinghouse agreed.
Why It Matters For XRP
Without a law from Congress, crypto’s rules now come mostly from regulators and courts. Rules made by agencies can be changed by future leadership more easily than an act of Congress. For XRP specifically, Garlinghouse is relying on the 2023 court ruling as the foundation for its legal status.
Story Ends Here
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The XRP cryptocurrency has finally made its official debut on X (formerly Twitter) under the coveted @XRP handle, drawing enthusiastic reactions from Ripple executives and the broader XRP community.
The account announced its arrival with a brief message: "hello, world. It’s about time."
The long-awaited debut was quickly acknowledged by Ripple, which has been closely associated with the cryptocurrency since its early days.
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"For over a decade, we've built on the XRP Ledger alongside thousands of others," the blockchain company wrote on X.
"Good to see you here, @XRP," Ripple added.
Ripple CEO Brad Garlinghouse also welcomed the account, making it clear that its arrival had been anticipated for quite some time.
"This one has been a long time coming… Welcome @XRP!" Garlinghouse wrote, accompanying his message with a short video.
At the time of the announcement, XRP was trading at approximately $1.30, having gained 2.11% over the preceding 24 hours.
XRP joins other major coins Despite XRP's long history as one of the cryptocurrency industry's most recognizable digital assets, the dedicated @XRP account had not previously established an official presence of this kind on the platform.
According to its profile, the newly launched @XRP account is jointly managed by Ripple and the XRP Ledger Foundation (XRPLF).
"XRP is the native token of the XRP Ledger (XRPL), a decentralized blockchain built for payments," the account's description reads.
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The profile also includes a disclaimer stating that its content does not constitute investment advice.
Despite joining X only earlier today, the account has already attracted 21,700 followers while following just 42 accounts. Its followers include Vijay Khanna and Ripple Stablecoin Tracker, among others.
With its debut, XRP joins other major cryptocurrencies that already have dedicated accounts on the social media platform.
Bitcoin's @Bitcoin account, which joined in August 2011, has amassed millions of followers. Ethereum also maintains a dedicated @ethereum account, managed by the Ethereum Foundation, while Dogecoin has its own @dogecoin account, which dates back to December 2013.
Ripple [XRP] is trading around the $1.30 level, with the altcoin only up by a percent in the past 24 hours. The sentiment is down around 6% even though the number of mentions and engagements was substantial, at around 100.83K.
Despite the slowness in the price of XRP, what happened overnight proved there could be something beneath.
Transaction volume explodes as South Korean traders dominate
As per sentiment data, XRP Ledger transaction volume exploded from around $832 million to $49.66 billion. Over the past week, volume was ranging below the $1 billion mark. This was more than a 50x increase in just a few hours.
This surge in the total dollar value of coins transferred on-chain coincided with a rebound from $1.25. The massive change in volume could mark the bottom for XRP even though it was yet to be confirmed.
Source: Ali Charts/X
Of this volume, most of the exchange transactions came from South Korean traders. Even with the general market looking ugly, XRP/KRW was the top spot pair by volume, beating Bitcoin [BTC].
As per CoinMarketCap, the pair accounted for 10.18% of the total, which is equivalent to $55 million, while BTC was at 7.82% with $42 million. This showed Asian traders were buying XRP over BTC as the price jumped from $1.25 to $1.30.
Will XRP call Options push prices up?
Further analysis of the Options data indicated that buyers were dominating activity. As per data from Deribit, calls were double the number of puts, that is, at 31,327 against 16,628.
The notional Open Interest (OI) was $62.30 million for a Put/Call Ratio of 0.53. The largest notional value of XRP was worth $4.22 million, placing the $2 target area into focus.
Source: Deribit
While Options positioning leans bullish, buyers are beginning to appear in the most important areas. These bulls are defending the $1.25 support zone once again despite selling pressure from whales.
It bounced off the $1.25 demand area but faces rejection at $1.30. The altcoin needs to stay above this level with the Money Flow Index (MFI) in support. The MFI rallied from oversold territory to 49.
Additionally, the Bull Bear Power (BBP) also flipped green, though the momentum was still fresh. Now, the altcoin has had the longest streak of green 4-hour sessions since the 12th of October.
Source: XRP/USDT on TradingView
Therefore, XRP appeared to be headed toward $1.40, and the building momentum suggests a move toward $1.50. Otherwise, the altcoin may fall back to $1 if the support zone is lost.
Final Summary
XRP Ledger transaction volume exploded from $832 million to $49.66 billion over the night.
XRP call Options are double puts, which set up the altcoin to reclaim $1.40 or higher if $1.25 can hold.
Crypto analyst Mason Versluis expects XRP to climb to between $5 and $10 during the next major market rally. Versluis, known for his insights into digital assets, urged the community to set realistic price targets for the token, challenging more extravagant projections circulating in the crypto space.
Moderation after previous high forecastsIn a recent video shared on his X account, Versluis discussed his revised outlook for XRP, explaining that his earlier price expectations were excessively optimistic. He acknowledged that he once supported predictions of XRP reaching $500, $1,000, or even $10,000 in an upcoming cycle but has since adopted a more cautious stance.
Versluis stated, “I used to be one of them”—referring to influencers who champion very high price targets—before clarifying that he now sees those milestones as unrealistic in the near future.
Versluis emphasizes that while he still believes in XRP’s long-term growth potential, investors should expect a more moderate surge in the next cycle, saying, “Not saying it couldn’t reach those one day, but the next one, you should expect $5 to $10 conservatively.”
He drew a clear line between distant, long-term possibilities and what he regards as reasonable for the upcoming market run, encouraging holders to remain grounded in their price expectations.
Comparison to other forecastsVersluis’ targets diverge from the more aggressive predictions made by some cryptocurrency commentators, who suggest XRP could reach triple or four-digit territory in just one cycle. Rather than support such outlooks, he suggested that dramatic price gains would be difficult to achieve quickly due to current market dynamics.
He also criticized content creators who persist in promoting extremely high targets for XRP without adequately considering the token’s circulating supply and market capitalization.
Community reactions and supply concernsDiscussions surrounding Versluis’ forecast sparked diverse reactions. Some community members responded positively to the prospect of a multi-dollar rally, while others questioned whether XRP would surpass its previous highs at all.
User cryptos_smalls dismissed the $5 to $10 projection, pointing to XRP’s current circulating supply of 63 billion tokens and an annual increase of about 4 billion. They argued that such tokenomics might exert downward pressure on price and highlighted that XRP has never traded above $4.
Jonezy contributed to the debate by referencing Ripple’s monthly escrow releases. Ripple, the fintech company that developed XRP, regularly unlocks a set amount of tokens from escrow, though the exact quantity sold varies each month. This process, according to the commenter, could introduce additional selling pressure during major market rallies.
X Finance Bull shared an optimistic view, stating that any strong price move would be significant for those who have held XRP through extended periods of underperformance.
The range of community reactions underscores the uncertainty that continues to surround XRP’s future price development. Performance in the next cycle will depend on a complex mix of supply, demand, market sentiment, and liquidity.
Mini dictionary: Ripple is a US-based financial technology company that created XRP, a digital asset used primarily for cross-border payments and settlement. Ripple maintains an escrow system for XRP to release tokens gradually into the market.
While wild price projections for XRP continue to circulate, Versluis has shifted to a more measured approach, stating that expectations of $5 to $10 are a more reasonable goal in the next market surge.
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XRP has staged a moderate rebound, rising 2.15% in the past 24 hours to trade at $1.30, following an increase in ledger activity and a decisive recovery above the $1.28 support level. The token’s short-term prospects have drawn attention as analysts and traders watch key price zones and on-chain developments.
XRP support levels and analyst outlookAli Charts, a market analyst known for tracking digital asset markets, identified $1.25 as a potential bottom for XRP after on-chain transaction values surged to $49.7 billion. This uptick in network activity coincided with the token’s rebound from oversold conditions.
XRP’s transaction volume on its public ledger soared while prices hovered near the $1.25 support, with the total value of on-chain movements reaching $49.7 billion. This pattern aligned with the ongoing market recovery.
Data from CoinMarketCap shows XRP sustaining gains at $1.30, up 2.15% on the day. The token’s relative strength index (RSI), which measures price momentum, registered at 36.94, reflecting a recovery from its recent slide and holding just above the 200-day moving average of $1.28.
Trading volume grew by 48% over the previous day, suggesting increased market engagement. However, analysts cautioned that a bounce from oversold levels does not guarantee a long-term reversal and stated that XRP must maintain support above $1.28 while attracting sustained demand to bolster its bullish outlook.
XRP exchange reserves reach yearly highResearch firm CryptoQuant reported aggregate XRP exchange reserves rose to 11.81 billion on October 17, placing them in the 99th percentile for the past year. High reserves typically indicate a substantial amount of tokens available for trading on exchanges, yet this metric does not reveal holders’ intentions regarding potential sales.
“For now, the clearest reading is that leverage has reset faster than exchange supply has,” according to CryptoQuant analyst CryptoOnchain, commenting on the shift in trading dynamics.
Open interest in XRP futures on Binance, the world’s largest cryptocurrency exchange by trading volume, dropped from $538.1 million on October 4 to $453 million on October 17, marking a 15.8% decrease. During this period, long liquidations amounted to $25.7 million as XRP prices fell from $1.52 to $1.29.
Binance’s leverage ratio in XRP trading fell from 0.205 to 0.170, and funding rates remained negative on more than half of the observed days, suggesting the rapid unwinding of leveraged bullish positions.
Although aggregate exchange reserves hit a high, Binance’s specific reserves remained low at 2.67 billion XRP, just the 30th percentile over the year. This indicates that most of the reserve build-up occurred on other platforms.
Mini dictionary: Open interest, a measure of outstanding futures or options contracts, reflects the number of active positions that have not been settled. Changes in open interest help gauge trader conviction and overall market sentiment.
XRP price outlook and potential resistanceMarket focus now shifts to whether XRP can maintain its foothold above the $1.28 support level. A sustainable move above this mark could bring resistance at $1.34 and $1.40 into play, with further upside potential toward $2 if momentum continues.
Analyst XRP Update identified a key weekly support range between $1.22 and $1.34. If buyers defend this zone, price targets of $1.50 to $1.70 are possible, with long-term resistance at $2.09 and $2.32. These targets remain conditional on continued demand and favorable technical developments.
CryptoQuant data indicated that whale trading volume—representing large-scale transactions—fell by 44% week over week, while the number of tokens transferred declined by 37%. This reduction in major transactions underscores investor caution amid recent volatility.
Despite short-term signs of recovery, elevated exchange reserves and lower on-chain activity suggest that XRP’s broader trend remains uncertain for now.
XRP and Bitcoin Price trends reflected improving sentiment as traders awaited the Federal Reserve’s October 27–28 interest rate meeting.
Bitcoin traded near $81,700, while XRP remained above $1.30 as the overall cryptocurrency market recovered.
The overall market capitalization of cryptocurrencies increased 1.07% in 24 hours to reach 2.73 trillion during a wider relief rally.
FedWatch Puts October Rate Hold Probability at 82.8% CME FedWatch shows that traders prefer the Federal Reserve interest rates to remain at the same level during the October 28, 2026, meeting. The chart gives a probability of 82.8% to remain in the existing target range of 3.75% to 4.00.
fedwatch In the meantime, there is a 17.2% chance of an increase in the rates and a zero chance of a decrease. The target range would be increased to a quarter-percentage-point between 4.00% and 4.25%, which is an increase.
FedWatch computes these probabilities based on the prices of federal funds futures contracts, which are an expectation of the monetary policy by traders. The numbers reflect market anticipations and do not affirm the decision of the Federal Reserve.
Bitcoin Whales Add 88,987 BTC as Holdings Hit Six-Month High Bitcoin wallets with 10-10,000 BTC have added about 88, 987 coins within the last month, according to Santiment. Their combined holdings surpassed 13.69 million BTC, reaching the highest level since April.
Santiment data September 19 accumulation is an indication that there is increasing exposure of major holders even though the prices are volatile. Further accretion would help sustain confidence in cryptocurrency markets, but growing whale balances will not give any assurance of a Bitcoin price recovery.
Bitcoin and XRP Price Prediction: Key Levels and Targets to Watch The daily chart of Long-term BTC projection indicates the first level of resistance at $82,000, and a successful breakout would attract attention to $85,000. Additional gains may aim at the peak of September at $87,395 should renewed purchasing momentum be enhanced. Support is at $80,600, and a long run failure would push the focus to $79,000.
Source: TradingView XRP price must defend $1.29 to limit further losses after its recent decline. Any fall below that floor will open up $1.256 as the next lower point. The initial resistance to recovery attempts is at $1.35, $1.40, and $1.50.
Recapturing such obstacles would enhance the prospects of XRP but its daily RSI of about 37 remains an indication of poor momentum. The two assets require increased buying power in order to maintain gains beyond their short-term resistance levels.
XRP, Bitcoin and Ethereum Funds Record Net Outflow As per the data provided by SoSoValue, XRP spot ETFs experienced net outflows of $2.47 million on October 16. Canary XRPC explained the withdrawals and total assets in the XRP funds were at 1.47 billion.
Source: Sosovalue data Bitcoin spot ETFs have registered net withdrawals of $229 million between October 1216, with the BlackRock IBIT registering 165 million. Ether funds showed greater withdrawals with the net outflows amounting to 320 million during the same reporting period.
The numbers represented the third week of outflows of Ethereum ETFs, continuing the trend of withdrawals. Combined, both Bitcoin and Ethereum spot ETFs had $549 million withdraw their money over the five trading days.
The bank’s dollar deposit token, which debuted on Base last year, is aimed at large crypto firms and financial institutions, a JPMorgan blockchain executive told Bloomberg.
JPMorgan brings its JPM Coin deposit token to Ethereum
Original Photo by Precious Madubuike on Unsplash
Posted October 19, 2026 at 11:15 am ET.
JPMorgan is launching JPM Coin, its dollar deposit token, on Ethereum and will offer it to the bank’s institutional clients there, the bank said in a statement on Monday, Bloomberg reported.
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Why Ethereum
Ethereum’s liquidity, and the fact that the bank’s clients are already on it, decided the pick, said Emma Landriault, global head of Kinexys Labs at JPMorgan’s blockchain unit Kinexys.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault was quoted by Bloomberg as saying in an interview. “It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions.”
Who It’s For
Landriault reportedly told Bloomberg that JPM Coin is aimed at two groups. One is big crypto firms that pay onchain. The other is financial institutions active in tokenized assets, which can use the token as onchain cash to close out those trades or post it as collateral against them.
The token represents U.S. dollar deposits at JPMorgan. It debuted last year on Base, a blockchain affiliated with Coinbase. Clients can use it to move dollars in seconds at any hour, any day, where a transfer can otherwise take several days and runs only within business hours.
A Public Chain for a Private-Network Bank
Tokenization, the practice of representing funds, bonds, stocks and similar assets on a blockchain, is not new for banks, which have been trying it for over a decade. A large share of those trials ran on permissioned systems where banks control access. JPM Coin’s move to Ethereum puts it on a public chain, though holding it remains restricted.
JPMorgan already operates its own private blockchain, the Kinexys Blockchain Deposit Account network, where corporate clients transfer dollars, euros, pounds and several other currencies. According to JPMorgan, daily volume on that network tops $7 billion; Bloomberg reported that the bank’s payments arm as a whole handles around $12 trillion in daily payments.
Companies outside banking are also issuing digital dollars. Last month, Open Standard launched Open USD (OUSD), a dollar stablecoin backed by Visa, Mastercard, Stripe and others, on Ethereum, Solana, Base and Tempo.
Related Listen: ‘Trust Me, Bro’: Why Canton Is No More Private Than JPMorgan Is Private
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
JPMorgan Chase’s tokenized US dollar deposit, JPM Coin, is going live on Ethereum after first launching on Base, the Coinbase-backed layer 2 network, nearly a year ago.
The expansion challenges the idea that banks must use private blockchains to meet compliance requirements, according to Edwin Mata, CEO and co-founder of Brickken.
Commenting on the move, he said compliance depends on how blockchain technology is implemented and that public networks could give banks greater opportunities to integrate with lending platforms, collateral management systems and other financial services.
“I expect this will encourage more institutions to explore tokenization as a way to improve liquidity, expand access to financial services and make capital circulate more efficiently,” Mata said in a Monday note.
“The great winner here is actually the small banks. Major institutions like JPMorgan have spent years investing in research, development and testing, but that work has helped make tokenisation technology far more accessible and affordable for everyone else. We’re seeing implementation costs fall significantly, with some providers even offering models that reduce upfront fees, allowing smaller institutions to experiment without the enormous investment that was once required,” the CEO stated.
Mata said stablecoins have played a role in pushing banks to innovate, but he expects the benefits of tokenization to spread across the financial sector, including smaller banks and businesses. Brickken’s experience, he added, shows that access to this infrastructure is no longer limited to the largest institutions.
Issued through Kinexys, JPMorgan’s blockchain unit, JPM Coin represents a US dollar deposit held at the bank and is redeemable at a one-to-one rate.
The stablecoin-like token allows clients to transfer funds outside standard banking hours, settle trades and tokenized-asset transactions, post collateral and use programmable payment functions through smart-contract-enabled blockchain infrastructure.
JPMorgan has evaluated launching a standalone public stablecoin but has not committed to issuing one, with the bank citing customer demand and regulatory developments as factors in any future decision.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Ethereum Price rose 1.16% to $2,407.30 over 24 hours, holding above $2,390 as the broader crypto market advanced. The total cryptocurrency market capitalisation rose 1.2% to $2.74 trillion, with Bitcoin price trading at $81,917.
JPMorgan has launched JPM Coin on Ethereum as part of a move to offer tokenized dollar deposits to institutional investors
On October 19, Tom Lee’s BitMine announced 12,535 ETH in weekly purchases, worth approximately $30.3 million. The company is getting closer to its 5% target share of the Ethereum supply.
Now focus shifts to the Federal Reserve’s interest rate decision, which could create market volatility.
JPM Coin Goes Live on Ethereum, Enabling 24/7 Institutional Transfers
JPM Coin has been expanded to Ethereum mainnet by JPMorgan Chase, offering more block-chain payment options for its institutional clients. The deposit token is a dollar pegged token and can be transferred and settled nearly instantly, 24 hours a day.
JPM Coin is managed by Kinexys and it went live on Base in 2025 and later on Ethereum’s mainnet. The product is still only offered to approved institutions, unlike the stablecoins that can be traded on public markets.
Wall Street Is Bringing Bank Deposits to Ethereum
JPMorgan Chase is expanding JPM Coin to Ethereum mainnet, bringing its bank-backed digital dollar to institutional clients
Why this matters for $ETH:
• Real financial infrastructure: JPM Coin represents actual bank deposits, enabling near-instant, 24/7 transfers and settlements
• Ethereum adoption: Bringing JPM Coin to Ethereum extends the network’s role in traditional financial infrastructure and institutional settlement
• Institutional demand: More financial institutions using Ethereum could strengthen its position as a settlement layer for tokenized assets and digital money
JPM Coin first launched on Base in 2025. It operates through JPMorgan’s Kinexys platform and is permissioned, not a publicly traded or decentralized stablecoin
Ethereum’s opportunity goes beyond DeFi. If major banks increasingly use ETH infrastructure to move money and settle transactions, the network could become a critical bridge between traditional finance and onchain markets
— Ethereum Daily (@ETH_Daily) October 19, 2026
Beyond decentralized finance, the launch may boost Ethereum’s standing in the institutional payments and tokenized asset settlement space. It is a reflection of the attempt of linking the traditional banking system with blockchain markets by means of regulated digital currency.
Can Ethereum Price Reclaim $2,500 as Bearish Momentum Eases?
The ETH price surged to $2,780, with recent candles showing consolidation following a prolonged decline.
The momentum indicators indicate a potential early stabilization while the four-hour chart suggests sellers are still in control. Repeated rebounds have struggled to recover earlier trading levels, leaving ETH below the marked $2,500 resistance.
Source: TradingView
The relative strength index (RSI) was at 46, which is slightly higher than its average of 44.28.
The MACD line was at −13.04, which was above the signal line that was at −15.29, and the histogram was at +2.25. The combination indicates that bearish pressure is decreasing, but neither line has crossed the zero line.
An Ethereum long-term prediction of a 4-hour close above $2,400 may further solidify the recovery and move $2,500 into view. If the resistance is cleared, then this could pave the way toward the previous trading area around $2600.
On the downside, $2,330 is the marked support level after multiple tests in October. Failing to hold that floor may allow the psychological $2,300 level to come into play.
Ethereum ETF Investors Withdraw $69.68 Million Through BlackRock’s ETHA
Ethereum exchange-traded funds (ETFs) had net outflows of $69.68 million on October 16, SoSoValue data shows. The ETHA fund of BlackRock reported the majority of the outflows, with other listed funds seeing no net daily flows.
Source: Sosovalue data
Their total trading value was $645.81 million, combined net assets valued at $14.95 billion. The cumulative net inflows summed to $12.94 billion, and assets accounted for 5.07% of the market cap for Ethereum.
For most of the past decade, the world’s largest bank treated public blockchains the way a cautious driver treats a busy highway: something to be watched from a distance, never entered. That posture changed again on Monday, October 19, 2026, when JPMorgan Chase said it is bringing JPM Coin, its dollar deposit token, onto Ethereum mainnet. The move puts the bank’s on-chain cash rail on the same public network where its tokenized money-market funds already live.
JPM Coin, which carries the ticker JPMD, is a deposit token rather than a stablecoin. JPMorgan describes it as commercial bank money in tokenized form: each token is a claim on U.S. dollar deposits held at the bank, issued only to approved institutional clients and never offered to retail users. The token first went live on Base, Coinbase’s Ethereum Layer 2 network, in November 2025 after a pilot that began in June. Ethereum mainnet is its next stop.
The Quiet End of a Decade-Long Hesitation
The bank whose chief executive once dismissed bitcoin as a fraud has been walking this path in measured stages. Its blockchain unit, rebranded from Onyx to Kinexys in November 2024, now says it has processed more than $4 trillion in cumulative transactions and moves an average of roughly $7 billion a day. The rebrand mattered less than the direction of travel: a permissioned private network first, then Base, now Ethereum’s mainnet, with a phased Canton Network integration still to come.
JPM Coin itself is not new. JPMorgan first announced the token in 2019 as a way to move money between institutional accounts in near real time, and for years it ran inside the bank’s own private network, away from the public eye. The decision to take that token onto a public Layer 1, rather than keep it walled off behind bank rails, is the part that took six years, and it is the part that tells you the market’s center of gravity has shifted.
The choice of Ethereum was not subtle. Kinexys said the network’s “established depth of onchain liquidity and tokenized assets” made it a natural next public blockchain. That is a bank speaking the language of a market: it is going where the liquidity and the tokenized collateral already sit, rather than asking institutions to come to a private rail and wait.
What JPM Coin Is, and What It Is Not
The distinction between a deposit token and a stablecoin is the whole story. A stablecoin such as USDC or USDT is issued by a non-bank issuer and backed by reserve assets. JPM Coin is a direct liability of JPMorgan Chase as a federally chartered bank, subject to banking regulation and existing deposit frameworks. It cannot be traded on public exchanges, and it is not available to retail users. A token can run on a public blockchain while remaining restricted in who may hold it.
“Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows,” Emma Landriault, global head of Kinexys Labs, said in JPMorgan’s Monday statement. She told Bloomberg the bank expects crypto-native companies to use JPMD for blockchain payments, while financial institutions would use it to settle trades and post collateral against tokenized assets.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault added. “It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions.”
The Cash Leg Finally Meets the Securities
Here is the gap this move closes. J.P. Morgan Asset Management has already tokenized money-market funds on Ethereum, including the My OnChain Net Yield Fund, but the cash used to settle those tokenized interests could previously move only on Base. Now the deposit token and the securities can settle on the same mainnet, removing a settlement hop that made little sense once the funds themselves lived on Ethereum.
Matthew Dawson, co-founder of Ethereum Institutional, made the point directly. “We’re delighted to see J.P. Morgan Payments bring JPM Coin to Ethereum,” he said. “It builds on a clear trajectory: JPM Coin is already live on Base, J.P. Morgan Asset Management has tokenized money market funds on Ethereum, and the Kinexys platform itself is built on Ethereum Virtual Machine technology.”
Ethereum remains the largest blockchain by the value of assets locked in its applications, roughly $50 billion per DefiLlama, and that is the infrastructure JPMorgan is now plugging its cash rail into. The bank’s payments division handles about $12 trillion a day overall, which puts the $7 billion daily Kinexys figure in proportion: it is a sliver of JPMorgan’s total flow, but it is the sliver that now runs on public-chain rails.
The Arithmetic of a $7 Billion-a-Day Rail
At an average of $7 billion a day, Kinexys would move roughly $2.55 trillion a year. That number matters because it shows how quickly the platform’s throughput has scaled against its $4 trillion cumulative total. The two figures can only coexist if most of that volume arrived recently, which is the pattern of an institution accelerating rather than coasting.
That acceleration is the context for JPMorgan’s broader crypto build-out, which has run from bitcoin ETF holdings to a full institutional tokenization push. It also sits inside a wider Wall Street movement that has turned tokenization from a pilot program into balance-sheet plumbing, the kind of shift covered in our look at DTCC’s tokenization service.
What Monday Did Not Settle
JPMorgan has not said how many clients will use JPMD on mainnet at launch, nor how much of the token will be issued through the new deployment. The Ethereum expansion is separate from the Canton Network plan announced in January with Digital Asset, which remains a phased integration without a completed launch date. And JPMD stays permissioned: the network is public, but the token is not.
For all the symbolism, the announcement changes nothing for retail users, who still cannot hold or trade JPMD, and it does not turn JPMorgan into a crypto-native bank overnight. What it does is place the bank’s cash rail and its tokenized securities on a single public settlement layer, a technical step with consequences measured in settlement risk rather than in price action.
The next observable signals are the first named clients transacting on Ethereum mainnet, any disclosure of JPMD issuance on the network, and whether the Canton rollout follows. None of that is guaranteed by Monday’s announcement. What is no longer in question is the direction: the largest U.S. bank has decided its cash rail belongs on the same public network as the tokenized assets it settles, and the rest of Wall Street is watching to see how fast the plumbing actually moves.
Polygon added Besu as a supported CDK configuration on October 19, 2026, giving banks and other institutions a documented deployment path for private chains connected to Agglayer. Polygon says the configuration is ready for production on Ethereum mainnet, with testnet and devnet setups available for evaluation.
The release pairs the standard Besu client and QBFT consensus with Agglayer’s bridge infrastructure. An institution or consortium runs the validators and decides which accounts can transact. Transaction data stays inside that private infrastructure. The bridge connection is included from genesis, instead of being added after the network starts operating.
Polygon’s public documentation sets out the limits of the bridge’s security. The pessimistic proof limits what a connected chain can withdraw from the shared bridge. Internal transactions still depend on the chain’s own validators, and their data is not posted to Ethereum.
What the bridge proves
The CDK Besu overview describes a sovereign-mode deployment using the AggchainECDSAMultisig consensus contract. It supports settlement on Sepolia or Ethereum mainnet and includes an optional consortium configuration. The runbook creates a new chain with both the bridge and Global Exit Root contracts already in its genesis.
The proof checks that a chain cannot withdraw more than it deposited. Polygon presents that accounting limit as protection for other connected chains when a member chain fails or is compromised. A compromised chain can still lose its own deposits. The documentation explicitly says the pessimistic proof does not prove the chain’s internal state transitions.
That leaves execution under the private ledger’s controls. Besu validators maintain the chain’s state, while account permissioning determines who can use it. Polygon points institutions that require every state transition to be proven toward its CDK configuration on op-reth, which supports full zero-knowledge execution proofs. The Besu path uses pessimistic proofs only.
Settlement continues after the chain produces a block. Agglayer requests a pessimistic proof generated on the Succinct Prover Network. Once that proof is verified, the certificate settles on Ethereum. The bridge service then picks up the settled transfer and the asset is claimed on the destination chain. A local block and a completed cross-chain claim are separate stages of this process.
A dedicated RPC node serves the connection so the validators can stay off the public network. Polygon’s deployment instructions direct aggkit, the bridge service and users to that node. Operators must include their hostnames in its host allowlist. The public documentation covers the machinery that handles settlement and the network access configuration operators need to run it.
Consortium approvals remain explicit
The consortium option separates block production from certificate approval. Each member operates its own QBFT validator and retains its validator key. Changes to membership go through a validator vote. Polygon recommends four or more validators for testnet and mainnet; a single-validator devnet stops if that validator fails.
Certificate approval uses a separate signer set. The AggchainECDSAMultisig contract requires M of N registered signers to approve each certificate. One member runs the proposing aggsender. Other members run aggsender validators that check the certificate against their own view of the chain before approving it. This consortium authorization process applies alongside the bridge’s proof requirements.
The order of addresses in the signer list also determines whether certificates can be sent. The first address in the consensus contract’s signer list must be the aggsender address. Otherwise, the aggsender refuses to send certificates. Operators must satisfy that requirement as well as the shared approval threshold.
Account permissioning must also cover the services that keep the connection working. When an operator enables an account allowlist, the instructions require adding the aggoracle and ClaimTxManager addresses before starting aggkit and the bridge service. Every validator and RPC node must use the same allowlist. The institution must configure its user admission policy at the infrastructure level, beyond front-end access.
Deployment has compatibility and key requirements
The documentation calls for aggkit 0.9 or later. Earlier versions recompute block hashes in a way that never matches a QBFT block hash, preventing aggkit from building a certificate. The prerequisites runbook explains that the mismatch causes the bridge syncer to drop blocks carrying bridge events.
Finality settings need a Besu-specific configuration too. QBFT finalizes each block when it is produced, but Besu does not serve the safe and finalized block tags used in other execution setups. The instructions require every aggkit block-finality setting to use LatestBlock. These are deployment requirements published with the release, not findings from an independent test of a running chain.
The prerequisites also distinguish devnet examples from production key handling. Although example commands pass private keys directly on the command line, the runbook instructs testnet and mainnet operators to use a keystore or hardware wallet instead. It warns against putting private keys in shared terminals or committing environment files that contain them.
Polygon singles out the deployer, admin and Aggchain manager keys as especially sensitive, calling compromise of any of them unrecoverable. Validator node keys also authorize block signing. The deployment guide assigns responsibility for custody of these keys to the operator, alongside the protection provided by the bridge proof.
The software uses the standard Besu client. Polygon says operators have no proprietary client to adopt, no fork to maintain and no revenue share owed on network activity. Its rollup-creation instructions begin with the Agglayer integration process, which produces the combined.json artifact required for the later genesis steps.
Existing Besu networks follow a different route. The documentation directs chains with their own history to Agglayer Outpost and says that path is outside this new-chain runbook. Polygon asks existing operators to contact its team about connecting their networks; the published CDK Besu procedure covers starting a new one.
In brief
JPMorgan launched JPM Coin on Ethereum for institutional clients, which can redeem the token for dollars at any time; it first launched on Coinbase's Base network in November 2025.
The bank expects crypto firms to use the token for payments and financial institutions to use it to settle trades and post collateral, with only vetted counterparties allowed to hold it.
Kinexys has handled over $4 trillion in transactions and about $7 billion a day, versus roughly $12 trillion a day across JPMorgan's payments business.
JPMorgan Chase is putting JPM Coin on Ethereum, which gives its biggest clients a way to move dollars in seconds on a Sunday night as easily as on a Tuesday morning.
A normal wire between banks only moves during business hours and can take days to land, which is why JPMorgan started experimenting with blockchain technology. The idea is using JPM Coin to cut that wait to seconds.
Myriad: Where does Ethereum go next? Click to make your prediction.The token is a deposit token, so each unit stands for a dollar already sitting in a JPMorgan account, and the bank's site says clients can redeem it for dollars at any time with no lock-up. A stablecoin, by contrast, is a token pegged to the dollar by a private company that holds the reserves somewhere else.
Only vetted, approved counterparties can hold JPM Coin, so this is not a coin anyone can buy on an exchange.
JPMorgan first put the token on Base, a cheaper and faster network built on top of Ethereum and incubated by Coinbase, in November 2025. That followed months of testing with Mastercard and Coinbase, and holders can now move the token between the two networks.
In January, the bank also said it would bring JPM Coin to Canton Network, a privacy-focused blockchain built for financial markets. It has also issued two tokenized money-market funds on Ethereum, in December 2025 and May 2026, which are funds holding short-term debt that are represented as tokens.
Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain unit, pointed to the money and tokenized assets (traditional investments such as shares, debt and funds, issued as blockchain tokens) already circulating on Ethereum, where about $50 billion sits in applications, according to DefiLlama.
Crypto firms are expected to use the token for payments, while financial institutions can use it to pay for trades in tokenized assets or to post collateral, meaning a guarantee against a deal.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault told Bloomberg. Matthew Dawson, co-founder of Ethereum Institutional, called the move “a clear signal that institutional finance is moving onto public, verifiable infrastructure.”
The bank is also fighting for the same customers as stablecoin issuers. A consortium of more than 100 companies including Visa, Stripe, and Mastercard launched its own dollar stablecoin last month, while Kinexys co-head Naveen Mallela has said deposit tokens are “a compelling alternative” to stablecoins because they “can be yield-bearing,” meaning they can pay interest.
Kinexys, the unit behind the token, has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day, against roughly $12 trillion a day across JPMorgan's wider payments business.
JPMorgan, Citigroup and other large banks plan to launch a shared 24/7 tokenized deposit network as early as the first half of 2027.
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In brief
JPMorgan launched JPM Coin on Ethereum for institutional clients, which can redeem the token for dollars at any time; it first launched on Coinbase's Base network in November 2025.
The bank expects crypto firms to use the token for payments and financial institutions to use it to settle trades and post collateral, with only vetted counterparties allowed to hold it.
Kinexys has handled over $4 trillion in transactions and about $7 billion a day, versus roughly $12 trillion a day across JPMorgan's payments business.
JPMorgan Chase is putting JPM Coin on Ethereum, which gives its biggest clients a way to move dollars in seconds on a Sunday night as easily as on a Tuesday morning.
A normal wire between banks only moves during business hours and can take days to land, which is why JPMorgan started experimenting with blockchain technology. The idea is using JPM Coin to cut that wait to seconds.
Myriad: Where does Ethereum go next? Click to make your prediction.The token is a deposit token, so each unit stands for a dollar already sitting in a JPMorgan account, and the bank's site says clients can redeem it for dollars at any time with no lock-up. A stablecoin, by contrast, is a token pegged to the dollar by a private company that holds the reserves somewhere else.
Only vetted, approved counterparties can hold JPM Coin, so this is not a coin anyone can buy on an exchange.
JPMorgan first put the token on Base, a cheaper and faster network built on top of Ethereum and incubated by Coinbase, in November 2025. That followed months of testing with Mastercard and Coinbase, and holders can now move the token between the two networks.
In January, the bank also said it would bring JPM Coin to Canton Network, a privacy-focused blockchain built for financial markets. It has also issued two tokenized money-market funds on Ethereum, in December 2025 and May 2026, which are funds holding short-term debt that are represented as tokens.
Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain unit, pointed to the money and tokenized assets (traditional investments such as shares, debt and funds, issued as blockchain tokens) already circulating on Ethereum, where about $50 billion sits in applications, according to DefiLlama.
Crypto firms are expected to use the token for payments, while financial institutions can use it to pay for trades in tokenized assets or to post collateral, meaning a guarantee against a deal.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault told Bloomberg. Matthew Dawson, co-founder of Ethereum Institutional, called the move “a clear signal that institutional finance is moving onto public, verifiable infrastructure.”
The bank is also fighting for the same customers as stablecoin issuers. A consortium of more than 100 companies including Visa, Stripe, and Mastercard launched its own dollar stablecoin last month, while Kinexys co-head Naveen Mallela has said deposit tokens are “a compelling alternative” to stablecoins because they “can be yield-bearing,” meaning they can pay interest.
Kinexys, the unit behind the token, has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day, against roughly $12 trillion a day across JPMorgan's wider payments business.
JPMorgan, Citigroup and other large banks plan to launch a shared 24/7 tokenized deposit network as early as the first half of 2027.
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Join 72,000+ readers
Create an account to save your articles.
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Tom Lee sees crypto’s recent weakness as part of a broader selloff in AI stocks and Asian markets, as investors pull back from risk.
BitMine Immersion Technologies (BMNR) said on Monday its crypto, cash, and equity holdings were worth $15.1 billion on October 18, down from $16.2 billion a week earlier.
Most of that total is Ethereum (ETH). BitMine marked its Ether at $2,365 per token, using Coinbase prices, against $2,544 in the prior update. That is its lowest weekly mark since the update for August 16, according to its SEC filings.
The company bought 12,535 ETH over the week, taking its treasury to 6,041,481 tokens. That equals 4.9% of the 122.1 million ETH in supply, short of BitMine’s 5% goal. The buy nearly matched the 12,532 ETH BitMine added in the week to October 11.
Cash and marketable securities fell to $582 million, the fourth weekly drop in a row from $714 million on September 20. BitMine’s release gives no reason for the cash decline.
Lee Cites AI Stock Selloff Chairman Tom Lee warned in a post on X on October 13 that a slump in South Korean equities could hit crypto. He said in Monday’s release that investors’ appetite for risk has shrunk over the past few weeks. He tied that to concerns over AI funding and AI model safety. Lee also cited the escalating US-Iran war, anxiety ahead of the US midterm elections and rising bond yields worldwide.
Lee said those worries set off a selloff in AI stocks, including chip and memory makers. That selloff then spread to South Korea and Taiwan, whose stock markets those companies dominate, he said.
“Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets,” Lee stated.
He noted that past price drops that came while fundamentals held up have offered attractive risk and reward. He said he expects the same this time, citing crypto’s exposure to modernizing financial rails and to agentic AI.
You may also like: OpenAI Says Research Model Raided Developer Wallet on Ethereum Testnet Starknet Considers Becoming an L1 to Reach Quantum Resistance by 2027 BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done Legal Note Drops The Finished-Buying Line Lee said in an October 7 video message that BitMine needed about 100,000 more ETH. BitMine’s next weekly release then added a line to its note on forward-looking statements, and that line cited a management statement that BitMine is largely finished buying ETH.
Monday’s note drops that statement. Its wording on buying matches the updates through the week to October 4, which cited continued weekly ETH acquisitions, without any explanation.
The same note lists Lee’s staking projections. He put annual staking revenue at $309 million on the 5,067,309 ETH BitMine has staked. That staked count has not moved in any weekly update since August 9. Fully staked, he said, the treasury would earn $369 million at a 2.58% seven-day yield.
Ethereum’s [ETH] network activity seems to be returning, with active addresses spiking sharply over the last 24 hours.
At the same time, the percentage of the total supply in profit rose to 63%, affirming the network’s current bullish sentiment, as most holders are choosing to hold rather than to short.
What is more intriguing is that both developments come at a key confluencing zone between an ascending trendline and 200-EMA support at $2.33K. The network’s price action is already positively reacting to the demand zone, as the token is now trading at $2,429.
Could the positive sentiment initiate an ETH recovery and push it above the current consolidation range?
Network activity signals a renewed engagement
According to the most recent network activity data, Ethereum’s number of active addresses spiked by 89K to 389K over the past 24 hours. The substantial increase suggests that on-chain participation is picking up.
For investors, if the rise persists, it could indicate stronger demand for network transactions and applications. However, active addresses do not necessarily represent unique users or direct buying of ETH.
It is also worth noting that these datasets can also rise during periods of increased transfers, trading, or speculative activity.
Source: Santiment
More ETH supply returns to profits
The percentage of ETH supply in profit has climbed to 63%, suggesting that a larger share of circulating tokens is trading above its acquisition price.
According to the recent profitability data, on-chain volume in profits hit $1.70 million on the 18th of October, a significant figure to keep the bullish momentum going. This improvement may support sentiment by reducing the proportion of holders facing unrealized losses.
Source: Santiment
Going hand in hand with the surging network activity and profitability, Ethereum’s Funding Rate has also hit a new weekly high at 0.007. This suggests that investors are anticipating further bullish gains.
This could be attributed to Buterin’s push for AI security, which has seen more big institutions flocking to the network.
Source: CryptoQuant
Can ETH Defend the $2,330 Support?
The zone of confluence at the $2,330 zone will be key to the token price action in the short run. With the token now reclaiming the 200-day support, bulls are more likely to extend their dominance.
If buyers defend this support, ETH could attempt to recover from its current consolidation range and probably target $2.8K. A decisive breakout above that boundary would strengthen the recovery case.
However, a sustained move below $2,330 would weaken the setup and expose ETH to further downside. All in all, as it stands, the rising network activity and improved holder profitability offer encouraging signals.
Source: TradingView
Final Summary
Ethereum active addresses sharply spike, signaling renewed network participation as ETH tests a key technical support zone.
The significant surge in the transaction in profit and network funding rates points to further gains.
JPMorgan has expanded JPM Coin to Ethereum, with its product documentation now listing the network alongside Base. At Ethereum block 26,228,359, the contract linked by the bank was deployed and returned the name and symbol $JPMD, with a reported total supply of 0.00 tokens.
The bank describes JPM Coin as a dollar-denominated deposit token for institutional payments, collateral posting and settlement. Access remains restricted to vetted, approved counterparties. Ethereum is a public network, but JPMorgan controls participation in its token through the bank’s compliance and risk-management framework.
The contract the bank identifies
The issuance FAQ links directly to the Ethereum contract at 0xb2906cCED1b2c8330480414CeFA1eb52bDBd73A3. It also links the separate Base deployment and warns that tokens with the same or similar names at other addresses are not affiliated with JPMorgan. Clients can check the asset against the address in the bank’s own documentation.
Our pinned-block RPC reading returned two decimals and a false paused flag. The reported supply is a snapshot of that Ethereum contract at the specified block.
JPMorgan classifies the product as a bank-issued deposit token, not a stablecoin. Its FAQ says dollar deposits in JPMorgan bank accounts back the token and funds remain inside the firm’s regulated banking infrastructure. According to the bank, the product carries the credit risk profile of commercial bank money and uses a blockchain record for payments and settlement.
Funding and redemption through bank accounts
Clients fund JPM Coin through a Blockchain Deposit Account, or BDA. The documented sequence starts with depositing dollars into that account, then converting them into deposit tokens. The BDA documentation expressly allows clients to mint JPM Coin directly from the account. JPMorgan says the funds stay within its banking infrastructure throughout that process.
Redemption runs in the other direction: JPM Coin converts back into dollars in the client’s BDA. The product page says redemption is available at any time, without a lock-up period. JPMorgan describes payment, settlement and reconciliation as a single on-chain action on a shared ledger. The bank says reconciliation happens automatically and settlement takes place in near real time.
The route between the blockchain account and a traditional bank account has a scheduled interruption. The disclosures specify a three-hour downtime from 3 to 6 p.m. EST every Saturday for moving funds between traditional Demand Deposit Accounts on legacy systems and BDAs. Network transfers operate 24/7/365, according to the documentation. The bank says an enhancement to the traditional-account interface is under development.
BDAs can initiate payments to or from traditional Demand Deposit Accounts either inside or outside JPMorgan’s network. The bank documents this account-level connection as part of its funding infrastructure. Clients redeem the token into their BDA; the Saturday interruption applies to the separate movement of funds between that account and legacy accounts.
The BDA supports deposits in eight currencies: U.S. dollars, Hong Kong dollars, Singapore dollars, Chinese renminbi, Japanese yen, Australian dollars, euros and British pounds. JPM Coin’s product page specifies availability in U.S. dollars only, while the broader account supports deposits in all eight currencies.
Integration and permitted uses
The BDA integrates through an API, SWIFT or a user interface. JPMorgan gives indicative onboarding times of as little as two to three weeks for user-interface access and two to three months for full API connectivity. Those estimates appear in the BDA FAQ. JPM Coin’s own FAQ says implementation timing depends on the client’s infrastructure, operational requirements and regulatory environment.
The bank says it configures JPM Coin integration with each client’s team through the BDA framework, connecting existing treasury and payment infrastructure to on-chain activity. Its account documentation lists encryption, access controls, ongoing monitoring and KYC/AML checks among the controls applied to accounts and transactions. The token FAQ separately promises near-real-time visibility into token activity, transaction status and settlement confirmation on the shared ledger.
Named institutional uses include cross-border payments, intraday liquidity transfers and posting collateral for securities transactions. JPMorgan also describes programmable payment execution: predefined instructions can trigger conditional releases, scheduled transfers or rule-based payments. Its examples include conditional payments and automated transfers linked to settlement, allowing a treasury team to automate those movements instead of initiating each one manually.
The BDA page treats advanced programmability as an optional enhancement to the core account, alongside on-chain foreign exchange. Its linked Advanced Programmable Payments documentation describes a configurable rules engine that uses near-real-time data, external feeds and operational events. Clients set the conditions for moving money; receipt of an incoming payment is one documented trigger. The service also consolidates payment events and resulting actions into an auditable history that teams can review. These capabilities are part of the account’s optional services.
The commercial terms remain subject to bank approval. The product disclosure says potential benefits are illustrative and outcomes are not guaranteed. Offerings remain subject to internal review, due diligence and required regulatory approvals. JPMorgan Chase Bank or its affiliates ultimately determine whether a client can use the service. Availability can differ by geography.
The page also distinguishes deposit-insurance status by where deposits are held. It identifies JPMorgan Chase Bank as an FDIC member but says deposits held in non-U.S. branches are not FDIC insured, and neither are non-deposit products. The documentation makes no universal insurance promise to participants using the public-chain token.
JPMorgan also reserves the right to withdraw its offering at any time. The disclosure says the webpage is not a commitment to extend or arrange credit, or to provide other products or services.
The public pages do not specify a JPM Coin fee schedule or a fixed onboarding deadline for all clients. They also give no completion date for the enhancement intended to address the Saturday interruption between legacy accounts and BDAs.
Vitalik says EIP-8288, and not a growing pile of precompiles, should carry Ethereum's cryptography going forward.
Vitalik Buterin made the case Sunday night for Ethereum to quit baking new cryptography into the EVM through precompiles and lean on EIP-8288 instead, writing that precompiles and the EVM are “the wrong place to put most cryptography support into Ethereum.”
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The case against: Precompiles are built-in contracts that make specific cryptographic operations cheap, but every new one requires a hard fork plus an implementation in every client, and the data they check must still be posted onchain as calldata. Vitalik estimated that data budget tops out around 8 MB/s, PeerDAS included.
The alternative: EIP-8288, which Vitalik co-authored with Thomas Coratger and which we covered in September, would have users prove any signature or proof scheme locally inside a STARK, with mempool nodes recursively folding those proofs together until each block carries just one. Under that model, he wrote, “Ethereum can then never add a new precompile again.”
The lattice debate: His posts capped a weekend argument that started Friday, when a16z crypto released Aerie, which aggregated 32,768 lattice-based Falcon-512 signatures on a single laptop in 0.65 seconds. a16z argued the recursive proving that Ethereum’s hash-based plans rely on is “intricate and bug-prone,” while StarkWare’s Eli Ben-Sasson countered that lattices are “ripe for AI to attack.” Under EIP-8288, lattice fans could still use their schemes by wrapping them in a STARK client-side.
Not settled yet: EIP-8288 remains a draft, and the spec still marks its leanSTARK route as “reserved.” The EF’s post-quantum roadmap meanwhile keeps “PQ sig precompiles” on the docket for a later fork it calls J*, so Vitalik’s no-new-precompiles stance isn’t yet reflected in the Foundation’s own plans.
William M. Peaster
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William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he covers the onchain frontier with a particular interest in art, games, and other culture apps. He has a background in creative writing and writes fiction in his free time.
The bank's deposit token is now accessible on the public Ethereum network, giving institutional clients a regulated on-chain dollar instrument outside JPMorgan's private rails.
JPMorgan has expanded the reach of its JPM Coin, making the token available to institutional clients on the Ethereum mainnet as of October 19, 2026. The move, reported by CoinDesk, follows the initial launch of the token on the Coinbase-linked layer-2 network Base in November 2025 and marks a shift in how the bank approaches wholesale money movement on public infrastructure.
It is necessary to distinguish JPM Coin from the broader category of retail-facing stablecoins. JPM Coin is a permissioned USD deposit token, functioning as a 1:1 representation of dollar deposits held at JPMorgan. Access is strictly limited to approved institutional counterparties through the bank’s Kinexys platform, formerly Onyx. This structure ensures that the token remains a tool for wholesale settlement rather than a freely circulating asset.
The decision to deploy on Ethereum is driven by the network’s scale. Nearly $50 billion in crypto assets are locked in Ethereum-based applications, per DeFiLlama. By moving onto the mainnet, JPMorgan is positioning its deposit token within an ecosystem that already hosts significant institutional activity and liquidity. This expansion broadens the bank’s blockchain footprint beyond its private Kinexys network, which currently processes more than $7 billion in transactions daily, and the Base layer-2 network.
Emma Landriault, head of Kinexys Labs at JPMorgan, framed the deployment as a strategic necessity for institutional clients. she told CoinDesk. This multi-chain approach suggests that the bank is prioritizing interoperability to meet the diverse technical requirements of its institutional base.
The timing of this expansion is notable given the approaching January 18, 2027, effective date of the GENIUS Act. As regulatory requirements tighten, financial institutions are under pressure to establish verifiable production track records for their digital asset initiatives. JPM Coin on a public mainnet provides a high-visibility environment to demonstrate the operational viability of tokenized deposits under real-world conditions, and it does so while the bank’s broader reserve layer buildout continues to take shape.
JPMorgan is not acting in isolation. The bank is among more than 30 institutions collaborating with Swift to define the governance and features of a blockchain-based ledger. A coalition of major U.S. banks, including Citi, Bank of America, and Wells Fargo, has signaled intentions to develop a shared network for tokenized deposits. Most still operate on private networks. JPMorgan’s willingness to put its deposit token on a public mainnet is the differentiating move here.
The infrastructure for institutional-grade stablecoin and deposit token payments is now being built in the open. With Visa, Mastercard, and now JPMorgan all shipping on production rails during Money20/20 week, the question is no longer whether public blockchains can serve institutional settlement. It is how fast the next enablers come online.
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Stablecoins now total $300.3 billion, spread across 47 blockchains. Ethereum holds 54.1% of that supply, and Tron holds 31.4%, according to figures shared on X.
Those two chains together account for more than 85% of all stablecoin supply. The remaining 45 networks share what is left.
The numbers, and the fine print
The total is a milestone. Stablecoins are crypto tokens built to track a fiat currency, usually the US dollar, and they now form a market worth roughly $300 billion. Research findings put total supply at an estimated $300.3 billion to $302 billion as of early to mid-October 2026.
Ethereum’s exact share depends on who is counting. Across data sources, its slice of supply ranged from 47.7% to 54.2% during the same period.
Stablecoin Beat, measuring as of October 19, 2026, put Ethereum at around 48.4% and Tron at 31.5%. Other readings place Tron at approximately 31.2% to 31.5% as of mid-October.
The quarterly trend is where the story gets sharper. During Q3 2026, Tron added about $5 billion in stablecoin supply. Over the same stretch, Ethereum shed around $4.9 billion.
Supply versus usage
Tron processed approximately 73% of stablecoin transfer volume in Q3 2026, according to the research findings. That figure is well ahead of Ethereum’s share of flows.
The issuer side is even more concentrated than the chain side. Tether’s USDT and Circle’s USDC together make up around 85% of total stablecoin supply as of October 2026.
Further down the table, the fragmentation is real but thin. Chains such as Solana and BNB Chain each capture only low-single-digit percentages of total supply.
What this means
For Ethereum, a roughly $4.9 billion decline in a single quarter is not a crisis for a network holding well over a hundred billion dollars in stablecoins. Still, losing supply while a rival gains a near-identical amount is the kind of trend that compounds if it continues for several quarters.
The data-source spread also matters for anyone citing Ethereum’s dominance. With readings from 47.7% to 54.2%, the safest framing is that Ethereum holds roughly half, and the exact figure depends on methodology.
For Tron, commanding about 73% of transfer volume while holding about 31% of supply means its stablecoins are working much harder per dollar.
Concentration at the issuer level is the other risk to track. With USDT and USDC holding around 85% of supply, any regulatory, operational, or reserve issue at either company would hit the whole market, regardless of which chain the tokens live on.
The metrics to watch next are straightforward. Watch whether Tron’s Q3 supply gains continue into the next quarter, whether Ethereum’s share stabilizes near the top of its reported range or drifts toward the bottom, and whether any third chain breaks out of the low single digits.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Dogecoin is aiming to stabilize near $0.08 after a muted trading session, as the digital asset faces mixed signals from whale accumulation and persistent selling in the spot market. DOGE was trading at $0.07845, down 2.45% over the last 24 hours. The conflicting trends have left the market in a state of uncertainty while bulls try to hold the key support levels.
Technical Breakout Falters at ResistanceDOGE has succeeded in breaking above a long-standing descending trendline that had suppressed the price since its 2024 peak. Nevertheless, this technical breakout has yielded limited follow-through, with the token still held within a broad accumulation range between $0.07 and $0.10. Efforts to move definitively past this upper threshold have yet to materialize.
The scenario suggests that buyers have managed to defend the lower end of the channel but have not established enough strength to propel DOGE above resistance. A convincing move above $0.10 would be the next significant confirmation for sustained upward momentum.
Should DOGE secure a close above the accumulation zone, the path toward $0.11985 could open up. Only a firm breakout beyond this level would cement a larger recovery toward $0.30603. Until then, price action remains indecisive, and the bulls’ ability to shield the base at $0.07-$0.08 remains crucial.
Dogecoin’s current breakout has not yet sparked strong momentum, with price staying within the accumulation band despite buyers absorbing pressure near support.
Large Holders Increase ExposureData from Santiment, highlighted by analyst Ali Charts, indicates that Dogecoin whales—wallets holding substantial amounts—purchased approximately 600 million DOGE between October 12 and October 16. Their balances climbed from about 55.60 billion to 56.21 billion DOGE during this period, while the token traded near the $0.08 mark.
This accumulation suggests growing confidence among larger holders at current price levels. Instead of reacting to surges, whales have added to their positions during weakness, potentially lending additional support to the consolidation zone. If buying persists at these levels, the prospects for a new push toward $0.09-$0.10 could strengthen.
However, spot market flows present a contrasting narrative. Data shared by analyst CW8900 revealed net outflows of $58.73 million in a 24-hour span. Weekly outflows reached $92.24 million, and the 30-day cumulative figure stood at $208.56 million, indicating that broader selling pressure continues to weigh on price.
PeriodWhale AccumulationSpot Net OutflowsOct 12–16+600 million DOGE$58.73 million (24h)1 week—$92.24 million30 days—$208.56 millionThe split between rising whale demand and ongoing spot outflows highlights the uncertain state of play for DOGE. While major holders appear to be accumulating, continued net outflows could undermine price stability if not reversed.
Downside Risks and Liquidity OutlookIf Dogecoin fails to maintain the current $0.078-$0.08 support zone, a notable downside risk emerges. Analysis of the liquidation heatmap by CAGThe3rd shows a concentration of liquidity at the lower $0.066-$0.068 region, which may become a target if sellers continue to exert pressure.
Market dynamics often push price toward areas with dense liquidity, especially when nearby support weakens. If outflows persist and DOGE loses the accumulation zone, a decline toward $0.066 would become increasingly likely.
Above current prices, liquidity is also identified in the $0.093-$0.10 band. The risk of a downward move will decrease if DOGE can reclaim $0.084-$0.09 and rebuild positive momentum in the short term.
Short to Medium-Term Recovery SignalsDespite heavy selling, recent signals from the momentum indicator RSI provide a glimmer of optimism for bulls. Analyst Sweep’s research points to a bullish divergence: although price has been forming lower lows, RSI has begun to register higher lows. Such divergence is often interpreted as a precursor to improving momentum, particularly when paired with support from large buyers.
A decisive rebound through $0.084-$0.086 would be the first confirmation that bullish sentiment is returning. If DOGE manages to move above $0.09-$0.093, confidence in a broader recovery would increase, with $0.10 as the major short-term resistance now in focus.
If these bullish signals fail to translate into higher prices and support at $0.078 is lost, the downside risk towards $0.066 becomes more pronounced. For the time being, the tug-of-war between accumulating whales and ongoing spot outflows will likely dictate the direction of the next major move for DOGE.
Mini dictionary: Santiment is an on-chain analytics platform used to track cryptocurrency project data, including holder distribution, trading volumes, and market sentiment trends.
Key Levels to Watch for Q4 2026Dogecoin’s price action in the fourth quarter will depend heavily on its ability to defend support at $0.078-$0.08. If this base holds, targets at $0.10-$0.11985 remain in view for any attempted recovery. Stronger gains could open the $0.25 level, while a sustained shift in momentum might eventually make $0.40 a feasible long-term objective. For now, price remains slightly above critical support, as bulls and bears prepare for the next move.
If DOGE holds the $0.078-$0.08 support, resistance at $0.10 and $0.11985 could be challenged in the coming weeks. A decisive move above these levels would signal the start of a deeper recovery.
