Market Signal Briefing

BitMine purchased about 203,800 ETH over the last week, taking its total to 3.24 million ETH and combined crypto and cash to $1.34 billion.

Ripple-Backed Firm Plans SPAC, Raising $1B to 'Create the Largest Public XRP Treasury'A new Ripple-backed public vehicle is planned to buy XRP on the open market and pursue yield strategies. Oct 20, 2025, 2:18 p.m.

A newly formed Nevada company says it will go public and build what it calls a large, publicly traded xrp treasury through a merger with a blank-check firm.

Evernorth Holdings disclosed the plan in a press release Monday, saying it signed a business combination agreement with Armada Acquisition Corp II (AACI). If the deal closes, the combined company is slated to keep the Evernorth name and “is expected” to trade on Nasdaq under XRPN. The companies are targeting the first quarter of 2026, subject to shareholder approvals and listing requirements.

Deal outline and fundingThe release says the transaction is expected to raise more than $1 billion in gross proceeds, including a $200 million commitment from SBI. Other backers listed include Ripple, Rippleworks, Pantera Capital, Kraken and GSR, with participation from Ripple co-founder Chris Larsen.

Evernorth says most of the net proceeds will be used to buy xrp on the open market to build an institutional treasury, with the remainder earmarked for working capital and deal expenses. Class A shares of AACI that are not redeemed would convert one-for-one into Class A shares of Evernorth at closing.

How the vehicle is positionedEvernorth pitches itself as a public vehicle that offers simple exposure to XRP while actively seeking to grow xrp per share over time. Rather than track the asset passively, the company says it plans to lend to institutions, provide liquidity and participate in decentralized-finance strategies to generate yield.

“Evernorth is built to provide investors more than just exposure to XRP’s price,” CEO Asheesh Birla said. “As we capitalize on traditional yield opportunities and deploy into DeFi when appropriate, we intend to help mature that ecosystem. Our goal is to create returns for shareholders while reinforcing XRP’s utility.”

Beyond treasury activity, the company says it intends to run validators on the XRP Ledger and use Ripple’s RLUSD stablecoin as an on-ramp into XRP-based DeFi. It also highlights plans to support projects focused on payments, capital markets, and tokenized assets. Those initiatives, like the listing and capital raise, depend on the transaction closing and on market conditions.

People and governanceBirla, a former senior executive at Ripple, will lead a team that includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas and Chief Business Officer Sagar Shah, according to the announcement.

Ripple is described as a strategic investor, and Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz are expected to serve as strategic advisers. Evernorth says it will maintain independent governance.

“Having worked alongside Asheesh for many years, I’m fully confident in his and the team’s ability to take XRP’s presence in capital markets to the next level,” Garlinghouse said in the release.

What comes nextBoth boards approved the deal, the companies said. The outcome now turns on shareholder votes, potential redemptions, regulatory review, and execution of the funding plan outlined in the announcement. If completed, XRPN would give public-market investors exposure to XRP’s price plus any incremental returns the firm can generate through lending, liquidity, and DeFi participation.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

More For You

Stablecoin payment volumes have grown to $19.4B year-to-date in 2025. OwlTing aims to capture this market by developing payment infrastructure that processes transactions in seconds for fractions of a cent.

View Full Report

More For You

Blockchain.com Has Held Talks to Go Public Via SPAC Deal: Sources

The crypto trading platform and wallet provider is being advised by Cohen & Company Capital Markets, according to a person familiar wih the matter.

What to know:

Blockchain.com has held talks about going public via a SPAC listing, according to sources.Cohen & Company Capital Markets is said to be advising the crypto exchange and wallet provider.Read full story

Mon, 20/10/2025 - 14:22

$1 billion XRP treasury backed by SBI, Pantera and Kraken to list on Nasdaq with Ripple CEO's support

Cover image via U.Today

Ripple CEO Brad Garlinghouse confirmed support for Evernorth, a new XRP-focused vehicle that plans to raise more than $1 billion and list on Nasdaq through a merger with Armada Acquisition Corp II. According to the announcement, the deal is expected to close in Q1 of 2026, with the combined company trading under the ticker XRPN.

Evernorth will use the net proceeds mainly to acquire XRP on the open market, creating the largest institutional treasury dedicated to this particular cryptocurrency. Additional funds will go toward corporate purposes and transaction costs.

Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him -- and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV

— Brad Garlinghouse (@bgarlinghouse) October 20, 2025 The $1 billion initiative is not tied to Ripple alone as the fundraising is led by the Japanese SBI Group with a $200 million commitment, and other investors include Pantera Capital, Kraken, GSR and Ripple works. Ripple cofounder Chris Larsen is in the mix too. 

Ripple itself is a strategic investor, while Garlinghouse, Chief Legal Officer Stuart Alderoty and CTO David Schwartz serve as advisers.

HOT Stories

What are benefits for XRP?Evernorth's CEO Asheesh Birla, a former Ripple executive, by the way, wants the firm to be seen as an active treasury, aiming to expand XRP shares via institutional lending, liquidity and DeFi strategies. According to him, the model is designed to generate returns for shareholders while contributing to XRP adoption. 

Ripple will still be running the show, but it is planning to get more involved in the XRP ecosystem to make business more streamlined.

Board approvals have been secured at both firms. If it goes ahead, it will be the first public company dedicated to accumulating and deploying XRP on a large scale.

Related articles

In a first, investment management firm VanEck filed for an ETF that would give investors exposure to staked ether.

XRP is trading at a critical juncture, struggling to hold support below the $2.5 mark after weeks of heavy selling pressure. Bulls are finding it increasingly difficult to regain control, and overall sentiment across the market remains weak following sharp declines in major altcoins. Yet, some analysts argue that this exhaustion phase could represent a local bottom — a setup that historically precedes strong rebounds in XRP’s price.

According to data shared by CryptoQuant analyst CryptoOnchain, the XRP Ledger’s decentralized exchange (DEX) has shown a striking divergence between price and activity. Between October 8th and 17th, as XRP’s price plunged from around $3.0 to $2.3, DEX trading volume spiked to a multi-month high. This surge in activity, highlighted in the greyed-out region of the chart, signals that despite price weakness, on-chain engagement remains robust.

This type of divergence often sparks debate among traders — it can either indicate capitulation, where sellers are finally giving up, or accumulation, where larger players quietly enter the market. With DEX activity heating up while price stagnates, the coming days could be decisive for XRP’s next move, as traders watch closely for signs of a potential reversal.

Price-Volume Divergence Signals a Market Turning Point
CryptoQuant analyst CryptoOnchain highlights that the recent divergence between XRP’s price and DEX volume can be interpreted in two opposite but crucial ways. The first is Capitulation and Selling Pressure, a bearish scenario where the surge in trading volume during a price decline reflects panic selling. In this case, the spike in activity represents a rush to exit — the capitulation of short-term holders and traders unwilling to hold through further losses. Historically, such events confirm strong bearish momentum as sellers dominate the market, often leading to temporary breakdowns before stabilization.

XRP Ledger DEX volume | Source: CryptoQuant
On the other hand, the second possibility points to Accumulation by Smart Money. Here, the sharp increase in volume may not signal panic, but rather strategic positioning by large investors or whales taking advantage of discounted prices. While retail participants sell out of fear, long-term players could be absorbing supply, positioning for a potential recovery. This dynamic — the transfer of XRP from “weak hands” to “strong hands” — has historically preceded major reversals.

Ultimately, this period underscores a fierce battle between buyers and sellers. Despite the drop in price, the presence of heavy buying interest suggests underlying strength. If demand continues to absorb selling pressure, XRP could be forming a foundation for its next bullish impulse. The $2.3–$2.5 zone now stands as a critical area to watch for signs of accumulation and a potential market rebound.

XRP Attempts to Stabilize After Sharp Sell-Off
XRP is showing early signs of stabilization after one of its sharpest corrections of the year. The chart shows that the token rebounded from lows near $2.3, a level that aligns closely with the 100-day moving average — now acting as short-term support. Despite the recovery to around $2.47, the structure remains fragile, with the 50-day moving average trending downward and the price still below the key $2.6–$2.7 resistance zone.

XRP consolidates below key MAs | Source: XRPUSDT chart on TradingView
This area previously served as strong support before being broken during the recent sell-off, suggesting that it could now act as a barrier for bullish continuation. The broader trend also highlights a significant increase in volatility, reflecting uncertainty among traders. The long lower wick on recent candles indicates that buyers are defending the $2.3 level, but without a clear volume expansion, a sustained reversal remains uncertain.

If XRP holds above $2.3, a short-term consolidation phase could follow, potentially leading to a retest of $2.6. However, if selling pressure returns and price slips below $2.3, a deeper pullback toward the 200-day moving average near $1.8 cannot be ruled out. For now, XRP’s outlook depends on whether bulls can turn this temporary bounce into a confirmed recovery.

Featured image from ChatGPT, chart from TradingView.com

How today’s AWS glitch took down Coinbase, ETH L2s, and half the internet Oluwapelumi Adejumo · 13 seconds ago · 3 min read

Crypto's dependence on AWS highlights the irony of centralization within decentralized ecosystems.

Oct. 20, 2025 at 3:35 pm UTC

3 min read

Updated: Oct. 20, 2025 at 3:08 pm UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

When Amazon Web Services (AWS) faltered this morning, much of the internet went dark, and crypto was no exception.

Several major blockchains and trading platforms, including Coinbase, Robinhood, and some Ethereum layer-2 networks, reported disruptions after AWS suffered an operational failure linked to its DynamoDB database service.

According to Amazon’s status page, the issue began in the US-EAST-1 region and caused cascading slowdowns across 58 services globally.

The firm explained:

“Based on our investigation, the issue appears to be related to DNS resolution of the DynamoDB API endpoint in US-EAST-1. We are working on multiple parallel paths to accelerate recovery. This issue also affects other AWS Services in the US-EAST-1 Region. Global services or features that rely on US-EAST-1 endpoints such as IAM updates and DynamoDB Global tables may also be experiencing issues.”

As a result, Down Detector logged outages across more than 50 platforms, from airlines and streaming sites to social apps like Snapchat and Signal.

Notably, this latest incident was Amazon’s second major outage this year, following one in April.

Centralized cloud, decentralized consequencesAWS underpins a vast share of the world’s internet infrastructure, providing cloud storage and computing power to hundreds of companies that rely on its uptime. In crypto, that dependency is proving hard to ignore.

Coinbase confirmed that the outage temporarily limited user access but said its systems are now recovering. Robinhood reported a similar restoration of service.

Meanwhile, Base, Coinbase’s Ethereum layer-2 network, posted that the AWS outage impacted its infrastructure and reduced its capacity.

Notably, blockchain infrastructure providers were also not spared from the outage.

Consensys-backed Infura, the backend service that connects crypto wallets like MetaMask to blockchains, said the disruption affected its users’ connection to Polygon, Optimism, Arbitrum, Linea, Base, and Scroll.

How AWS Outage Impacted Infura (Source: Infura)Why does AWS outage keep affecting crypto?Given the scale of these impacts, Lefteris Karapetsas, founder of the privacy-focused portfolio tracker Rotkiapp, said:

“The whole vision behind blockchain was decentralized infrastructure, which we have completely failed on.”

The reality is that several blockchain networks’ infrastructure still runs on centralized servers.

For context, data from Ethernodes shows that AWS hosts roughly 2,368 Ethereum execution layer nodes, accounting for about 37% of the network’s total.

Ethereum’s Execution Layer Stats (Source: Ethernodes)This means that a technical issue at the provider or even one of its data center can slow entire ecosystems built on top of it.

Still, an AWS outage won’t bring Ethereum to a halt as other nodes hosted on competing clouds or self-run hardware will continue to process transactions.

Nonetheless, this concentration level underlines how much “decentralized” crypto depends on centralized pipes.

Despite the philosophical tension posed by this reliance, cloud hosting remains the easiest path for smaller crypto projects.

Indeed, running nodes in-house requires expensive hardware, stable electricity, and bandwidth. These are resources that large data centers provide at scale.

This makes AWS cheaper, “reliable,” and faster to deploy for start-ups.

However, that convenience trades resilience for efficiency because an overreliance on a few cloud providers creates structural risk for the emerging industry.

Decentralized alternatives?The outage reignited debate over the need for decentralized cloud compute systems that mimic AWS’s functionality but distribute storage and processing across independent participants.

Ahmad Shadid, CEO of O.XYZ, told CryptoSlate that such a transition won’t be easy.

According to him:

“AWS has an insane amount of data centers. If decentralized cloud compute providers want to compete, they need to have as many, if not more, data centers… Is that even feasible? Where are you going to get the electricity from?”

While he conceded that these decentralized solutions could “utilize consumer GPUs and other such resources.”

However, he questioned how these platforms will “find enough consumer GPUs and other such resources equivalent in compute power to the compute power that AWS provides to all its clients.”

Still, crypto enthusiasts believe that projects like Filecoin and Arweave offer promise because they are censorship-resistant, cost-efficient options that align more closely with crypto’s ethos.

Notably, crypto market data supports that narrative, with tokens linked to decentralized storage protocols being among the best-performing assets in the past 24 hours, according to CryptoSlate’s data.

Mentioned in this article

Latest Ethereum Stories Press Releases

Gold bugs and bitcoin proponents have taken their long-running rivalry to a higher pitch, with X threads, social media posts, and memes trading shots as spot gold flirted near the $4,400 range and bitcoin cooled after peaking near $126,000 earlier this month. Sound-Money Clash The feud is hardly new, but the volume is way up.

In brief
Gemini is launching a Solana version of its Gemini Credit Card.
Users can earn SOL on every purchase and automatically stake it to boost their rewards.
The exchange also offers Bitcoin and XRP versions of the card.
Publicly traded crypto exchange Gemini expanded its credit card suite on Monday, unveiling the Solana Card—a new credit card that offers instant Solana (SOL) rewards with an optional auto-staking feature to boost rewards. 

The firm also offers Bitcoin and XRP-themed credit cards, all of which offer up to 4% back on purchases in instant crypto rewards. 

While the Solana Card will operate like Gemini’s other cards, the latest product comes with a new, optional auto-staking feature for those seeking Solana rewards. In other words, those who earn SOL after a purchase can have it automatically staked on Gemini for up to 6.77 APY%.

“Auto-staking is the primary new feature that we are focused on with this card launch, and it’s available for all existing and future card holders, in addition to those with the Solana card,” a representative for Gemini told Decrypt. 

“This feature, along with the design of the Solana card, provides the Solana community with a way to show their loyalty whenever they make a purchase, and earn SOL as they do it,” they added.

Solana Card holders who stake their SOL tokens can unstake them at any time, but withdrawal timing can vary from a “few hours to a several days,” according to the firm’s rep.

Gemini’s credit cards provide category-based rewards of up to 4% on gas, electric vehicle charging, and rideshare. Dining earns users 3%, while groceries earn 2%, and all other purchases are eligible for a 1% crypto reward back.

“Launching a Solana edition of the Gemini Credit Card was a logical choice given Solana’s momentum and its robust and active community it built as one of the top ecosystems for new developers,” the firm wrote in a statement. “Solana’s rewards performance has been one of the highest among available cryptocurrencies on Gemini.”

Based on data extending back to 2021, users of Gemini’s credit card products that have chosen Solana as their reward token and held for at least one year have seen appreciation of around 300%, the firm said based on data from the end of July.

SOL traded below $10 in early 2021, but later ran to above $250 as the year drew to a close. It then crashed to about $8 in late 2022 following the crash of the closely linked crypto exchange FTX, but gradually rebounded and set a new high of $293 earlier this year.

Gemini completed its initial public offering (IPO) on the Nasdaq Exchange following the success of other crypto IPOs earlier this year. The firm offered shares for $28—exceeding initial forecasts—raising more than $425 million. 

Shares finished the trading day Friday at $19.68, down nearly 20% over the previous month.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

Negative sentiment and rising short positions may set the stage for a major Bitcoin move as analysts warn the market is primed for a potential breakout.

Emir Abyazov2 min read

20 October 2025, 01:03 PM

Crypto market recoveries often begin in disbelief, and Bitcoin may be entering that phase now, according to new analysis from CryptoQuant.

Despite a partial rebound in price, many market participants are still unwilling to trust the trend — a dynamic analysts say can precede major upside moves.

Rising Short Positions Signal Deep DistrustFunding rates, a key sentiment indicator, have stayed negative on Binance for six of the past seven days, sitting near -0.004%. This reflects a clear preference for short positions. Analysts note that bearish sentiment intensified after the sharp sell-off on October 11, with traders expecting another leg down.

Source: CryptoQuantHowever, CryptoQuant argues that this very mistrust could become bullish fuel.

“The longer investors doubt the reversal, the stronger the potential for an explosive move higher,” analysts said, noting the increased risk of a future short squeeze.

They added that liquidations of bearish positions could drive Bitcoin rapidly toward major liquidity zones between $113,000 and $126,000.

Market Structure Resembles Earlier Breakout SetupsSimilar patterns were recorded in September 2024 and April 2025, when Bitcoin rebounded sharply after heavy drawdowns. Analysts believe today’s structure mirrors those setups, with sentiment flipped negative just before a strong recovery.

CryptoQuant also recently reported a $12 billion drop in open interest over the past week — another sign of shaken confidence. Yet historically, such periods of mistrust and forced exits often precede expansion phases in crypto markets.

At this stage, sentiment remains cautious, but analysts warn the market could be closer to a decisive move than traders expect.

ENRICH your inbox with our best storiesDon’t miss out and join our newsletter to get the latest,
well-curated news from the crypto world!

Emir Abyazov

Editor-in-Chief at Coinpaper, scaling data-driven editorial ops, SEO-led discovery, and audience-first storytelling across crypto, AI, and fintech.

Read more about

Bitcoin

homenewsFinanceThe proposed fund would offer institutional investors regulated exposure to Ethereum staking through Lido’s stETH token

by

Blockworks /

October 20, 2025 09:09 am

SYHM MEDIA/Shutterstock and Adobe modified by Blockworks

share

VanEck has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a VanEck Lido Staked ETH ETF.

It’s the first U.S. exchange-traded fund proposal tied to stETH, the token representing ether staked through the Lido protocol. 

Filed on Oct. 20, the S-1 registration seeks approval to offer regulated exposure to Ethereum’s staking ecosystem within a conventional ETF framework.

According to VanEck’s filing, the proposed fund would hold stETH, a liquid staking token that allows holders to access staking rewards while retaining liquidity. 

The ETF aims to mirror Ethereum’s staking economics while maintaining daily liquidity and full onchain transparency. Lido’s protocol has generated over $2 billion in staking rewards and currently secures nearly $40 billion in total value locked, according to the foundation.

Kean Gilbert, Head of Institutional Relations at the Lido Ecosystem Foundation, said the filing “signals growing recognition that liquid staking is an essential part of Ethereum’s infrastructure.” The foundation noted that the ETF structure could offer institutional investors a tax-efficient, compliant path to staking exposure without direct onchain interaction.

The move follows recent clarification from the SEC’s Division of Corporation Finance, which stated that certain liquid staking operations do not constitute securities transactions when conducted under administrative parameters.

This is a developing story.

This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.
Empire: Crypto news and analysis to start your day.
Forward Guidance: The intersection of crypto, macro and policy.
The Drop: Apps, games, memes and more.
Lightspeed: All things Solana.
Supply Shock: Bitcoin, bitcoin, bitcoin.

TagsETFETHLidoVanEckDecoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

/

news

Breaking headlines across our core coverage categories.

Select a tab

The team is focused on supporting mini-app devs and may add more privacy features in the future

October 16, 2025

Acquisition adds to Ripple’s 2025 M&A spree as it moves into treasury, brokerage and stablecoin infrastructure

by

Blockworks /

October 16, 2025

HIP-3 launches on mainnet, early builder distribution lifts XYZ100, and vHYPE opens deposits at 11 a.m. ET

October 16, 2025

Andreessen Horowitz invested in the Solana staking protocol

by

Blockworks /

October 16, 2025

The move marks the first acquisition for the institutional staking outfit

October 16, 2025

CME Group logged $900B in crypto derivatives volume in Q3 2025

by

Blockworks /

October 16, 2025

Disclosure & Polices: CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies.

The product was launched after the Financial Conduct Authority lifted its four-year ban on crypto exchange-traded notes. The iShares Bitcoin ETP is listed on the London Stock Exchange, and it allows investors to buy regulated Bitcoin exposure starting from $11 per unit. Meanwhile, US Bitcoin ETFs experienced heavy outflows of $1.23 billion last week. This was their second-largest on record thanks to market volatility that saw Bitcoin drop from $121,000 to near $103,700. Ethereum ETFs also saw outflows due to the shifting investor sentiment.

BlackRock Expands Bitcoin OfferingsBlackRock officially launched a Bitcoin-linked exchange-traded product (ETP) in the United Kingdom. The move comes shortly after the UK’s Financial Conduct Authority (FCA) eased restrictions on crypto investment products, which helped pave the way for broader access to regulated digital asset exposure among investors.

The iShares Bitcoin ETP, which is listed on the London Stock Exchange, allows investors to buy units representing fractions of Bitcoin, with entry points starting at around $11. It is structured as a Bitcoin-linked security, and is designed to closely track the price of Bitcoin while offering the familiarity and safety of a regulated market framework. This setup makes it possible for retail and institutional investors in the UK to gain exposure to Bitcoin’s performance through traditional brokerage accounts, and eliminates the need to directly buy or store the cryptocurrency on exchanges.

BlackRock’s listings (Source: BlackRock)

BlackRock is already one of the largest issuers of crypto-linked products, and saw massive success with its US-based iShares Bitcoin ETF, which holds more than $85 billion in net assets according to SoSoValue. The expansion into the UK market is a huge step in aligning European and American institutional crypto adoption trends, especially as global interest in Bitcoin is accelerating.

Announcement from the FCA

The launch happened after the FCA’s Oct. 9 decision to lift its four-year ban on crypto exchange-traded notes (ETNs), due to increased market maturity and improved understanding of digital assets. David Geale, the FCA’s executive director of payments and digital finance, said that the regulatory shift is part of the growing legitimacy and mainstream acceptance of such products. ETNs, similar to ETPs, allow investors to trade securities backed by digital assets held securely by regulated custodians.

While the FCA is still cautious and maintains its ban on retail derivatives trading in crypto, the regulator signaled openness to revisiting its stance as the market matures. In addition to easing ETP restrictions, the UK also moved toward allowing blockchain-based fund tokenization. This could modernize asset management and encourage innovation across the financial sector. 

Bitcoin ETFs Reverse CourseMeanwhile, US Bitcoin ETFs saw a reversal in investor sentiment last week after recording a massive $1.23 billion in net outflows. This was the second-largest weekly withdrawal since their launch in 2024. 

Data from SoSoValue shows that the sell-off accelerated toward the end of the week, as $366.6 million left spot Bitcoin ETFs on Friday alone. The wave of redemptions followed the previous week’s robust $2.7 billion inflow.

Weekly Bitcoin ETF flows (SoSoValue)

The last time Bitcoin ETFs faced outflows of this magnitude was during the week ending Feb. 28, when $2.6 billion exited the market due to a similar downturn in prices. This latest round of outflows coincided with Bitcoin’s sharp price drop from around $121,000 on Oct. 10 to approximately $103,700 by Oct. 17. 

However, the market began to recover over the weekend. Bitcoin climbed 3.2% over the past 24 hours to trade around $110,912 at press time. Ethereum followed a similar rebound by rising 2.8% to about $4,033. This could mean that there is renewed buying interest after the steep declines of last week.

BTC’s price action over the past week (Source: CoinMarketCap)

Spot Ethereum ETFs also saw a reversal in investor flows, with $311.8 million in net outflows last week compared to $488.3 million in inflows the week before. Analysts said the recent volatility and fund withdrawals happened amid changing expectations around US monetary policy.

Rachael Lucas, a crypto analyst at BTC Markets, explained that traders are now anticipating a potential Federal Reserve interest rate cut later this month, alongside an early conclusion to the current cycle of quantitative tightening. “Chair Jerome Powell acknowledged that while growth is still firmer than expected, labor market softness persists,” Lucas said. “This shift eased bond yields and improved the liquidity environment for risk assets, including digital assets.”

While short-term volatility rattled the market’s confidence, many investors are still focused on the macro outlook, and suggest that renewed inflows could follow if the Fed signals a dovish pivot. For now, however, Bitcoin ETFs are navigating one of their most turbulent trading weeks since their launch.

Key takeaways:

The number of XRP whale addresses hits 317,500 record highs, indicating accumulation.

XRP price must break the $2.59 resistance first for a chance to regain $3.

XRP (XRP) bounced from Friday’s lows of $2.18, rising as much as 13% to an intraday high of $2.48 on Monday.

A strong technical setup and whale activity showed that the XRP/USD pair was primed for a trend reversal toward $3 in the coming days.

What’s behind XRP’s rebound?XRP whales remain confident about the prospects of a further rally, using the recent pullback to accumulate more tokens. 

Santiment's whale count metric indicates that the number of wallets holding at least 10,000 XRP has reached an all-time high of roughly 317,500. 

“XRP’s price has rebounded back a modest +5.3%,” Santiment said in an X post on Saturday.  

The market intelligence firm explained that the amount of mid to large stakeholders continues to grow is a “good long-term sign,” adding:

 “XRP now has over 317.4K wallets holding at least 10K coins for the first time in history.”XRP Ledger whale count. Source: SantimentThis aligns with a sharp decrease in XRP supply on centralized exchanges in the past 30 days, according to data from Glassnode.

The chart below shows that the percentage of XRP supply on exchanges dropped to 3.9% from 6.12% between Sept. 19 and Oct. 19.

A reducing balance on exchanges suggests less supply that can be immediately sold, reinforcing the upside potential for XRP. 

“The majority of XRP on exchanges is already gone,” said crypto investor Black Swan Capitalist in a Sunday post on X, adding: 

“With so little liquidity left, any significant demand will force the market to absorb the remaining supply instantly. Conditions are ripe for a major trend reversal.”XRP percentage balance on exchanges. Source: GlassnodeAs Cointelegraph reported, Ripple is planning to build a $1 billion Digital Asset Treasury company.

XRP price needs to reclaim the 200-day SMAXRP’s price action has been following a potential V-shaped recovery chart pattern on the daily time frame since mid-September, as shown below.

A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. It is completed when the price moves up to the resistance at the top of the V formation, also known as the neckline.

XRP appears to be on a similar trajectory, but bulls need to flip $2.59, where the 200-day simple moving average (SMA) sits, to confirm the recovery.

Another stiff barrier lies within the $2.81 and $2.95 supply zone, which is bounded by the 50-day and 100-day SMAs, respectively.

Higher than that, the next logical move would be the neckline at $3.40 to complete the V-shaped pattern. This would represent a 26% increase from the current price.

XRP/USD daily chart. Source: Cointelegraph/TradingViewXRP analyst Egrag Crypto highlighted the key levels to watch, saying that a “close above $2.55 to $2.65 on the 3-day time frame would be a strong bullish signal! ”

Meanwhile, Bollinger Band width, a technical indicator used by traders to assess momentum and volatility within a certain range, has reached its tightest point since June, signalling that a significant price move may be underway.

The last time the bands were this tight, it led to a 66% rebound in XRP price from its multi-year high of $3.66 from $2.20.

As Cointelegraph reported, the 20-day EMA at $2.63 is a critical level for the bulls to overcome, as a break above could propel XRP price toward $3.40.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

American entrepreneur Elon Musk triggered a short-term rally in the memecoin market after posting a playful message on his social media platform X.

On Monday, Musk shared a post saying that Floki, his pet Shiba Inu dog, was “back on the job” as the CEO of X. The post was accompanied by an AI-generated video of his dog sitting at a desk, donning a tie and glasses, saying “Numbers, numbers, numbers, numbers? Is this working? Yay.”

Source: Elon MuskCoinGecko data showed that on Monday, the Floki (FLOKI) memecoin’s price bounced from a low of $0.00006572 to a high of $0.00008469 after Musk’s post, a 28.8% increase. At the time of writing, the asset had corrected to $0.00007998. 

The spike showed the influence Musk still wields over speculative crypto assets, especially memecoins, which mostly follow hype. 

Floki memecoin’s seven-day chart. Source: CoinGeckoMusk’s history in memecoin sectorThis is not the first time Musk has been linked to price spikes in the memecoin space, with the most famous example being Musk’s link to the Dogecoin (DOGE) cryptocurrency.

Through the years, Musk has posted tweets, changed logos and made playful remarks that led to DOGE price pumps. 

A 2022 class-action lawsuit against Musk accused him of manipulating the price of DOGE through media appearances and social media posts.

The plaintiffs withdrew the lawsuit on Nov. 14, 2024. 

Memecoin sector weathers recent market crashesMemecoins are one of the crypto sectors hit by the recent marketwide crypto crashes on Oct. 10 and Friday.

CoinMarketCap data showed that on Oct. 11, the memecoin market lost nearly 40% of its valuation, dipping from $72 billion to $44 billion during a crypto market crash. 

This put the memecoin sector back to levels seen in July, erasing gains it recorded in the last three months. 

While memecoins showed signs of recovery after the crash, another drop came on Friday, with memecoin assets declining from 9%–11% during the day.

This happened as the “fear” sentiment gripped markets, with nearly $230 billion in value erased in a single day. 

Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling: Joseph Chalom

COTI is up 7% after its speed-and-security-boosting Hydrogen upgrade took place; holding above $0.040 could target $0.055, while below $0.031 turns bearish.Cardano trades in an ascending channel as ETF approval odds hit 89%; a break above $0.73 eyes $0.86–$1.12, under $0.61 risks $0.50.Toncoin surprisingly gains 6% ahead of its $80 million unlock on Oct 23; holding $2.15 is key, loss may drop it to $1.77, reclaiming $2.53 targets $3.00.The crypto market enters a busy stretch, making this one of the most important weeks for altcoins to watch. Network upgrades, ETF decisions, and major token unlocks are setting the tone as traders look for fresh momentum after October’s sharp swings.

Three altcoins to watch this week are flashing clear setups – some hinting at recovery, others testing key supports. From structural upgrades to regulatory catalysts, this week’s events could decide whether altcoins extend their rebound or face another correction.

Sponsored

Sponsored

COTI (COTI)The first on the list of altcoins to watch this week is COTI, which completed its Hydrogen upgrade just a few hours ago. The upgrade aims to improve speed, scalability, and network security, giving COTI a stronger foundation for growth.

Since the rollout, COTI has gained nearly 7%, hinting at early optimism among traders. On the chart, the token trades between $0.037 and $0.031.

The first key breakout level is at $0.040 — about 15% above current prices. A move above that could send COTI toward $0.055, its next key resistance zone.

Between October 11 and 19, price formed a lower low while the RSI or Relative Strength Index indicator (a tool that tracks buying and selling momentum) formed a higher low, creating a bullish divergence. If the network maintains its speed and stability after the upgrade, that divergence could fuel a short-term reversal.

COTI Price Analysis: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

If the price falls below $0.031, the bullish outlook fades, and COTI could test new lows. Still, with improving fundamentals and signs of recovery on the chart, COTI stays one of the altcoins to watch this week.

Sponsored

Sponsored

Cardano (ADA)Cardano is one of the top altcoins to watch this week, with the ETF buzz giving the project a clear near-term catalyst. The odds of a US spot Cardano ETF approval have surged to 89%, with a final SEC decision expected by October 26.

If approved, it would be a major moment for ADA, allowing institutional exposure similar to Bitcoin and Ethereum ETFs.

On the charts, Cardano still trades inside an ascending channel, taking support from the lower trend line. The last three daily candles show renewed buying interest, hinting that the strength behind the recent bounce isn’t misplaced — likely influenced by the ETF optimism.

The key resistance level to watch is $0.73, which ADA needs to break to confirm short-term strength. If it clears that zone, ADA could push toward $0.86, a level that has capped multiple rallies since late September.

Sponsored

Sponsored

A close above $0.86 could set up a breakout toward $1.12–$1.14, breaking the channel’s upper boundary and opening space for new highs.

ADA Price Analysis: TradingViewFrom current levels, ADA needs roughly a 29% rally to reach $0.86. If the ETF approval goes through and market sentiment stays positive, that move looks plausible. However, if the $0.61 support breaks, $0.59 and $0.50 could come into play, invalidating the bullish setup.

With ETF anticipation rising and technicals aligning, Cardano remains one of the most important altcoins to watch this week — both for its potential breakout and how it reflects the broader market’s appetite for regulatory-backed crypto exposure.

Toncoin (TON)Toncoin is another strong contender among altcoins to watch this week, mainly because of the upcoming $80 million token unlock scheduled for October 23, according to DefiLlama data.

Sponsored

Sponsored

Token unlocks of this size often create short-term uncertainty, as new supply enters circulation and could increase selling pressure.

Despite the looming unlock, Toncoin has gained nearly 6% in the past 24 hours. This shows notable resilience and even broader market outperformance.

Still, the chart structure remains cautious. TON is trading inside a descending triangle. And that’s a pattern that typically signals indecision or possible downside if key supports (bases) give way.

The important Fibonacci levels (bases) to watch are $2.15, $1.77, and $1.30. Right now, $2.15 acts as strong support. If that level breaks, TON could slide to $1.70, a potential 21% correction, and further down to $1.30 if momentum weakens.

Toncoin Price Analysis: TradingViewOn the other hand, reclaiming and holding above $2.53 could invalidate the bearish outlook and open the way for a rally toward $3.07.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto analyst Austin Hilton is asking XRP investors to watch a new move from Ripple that he says could change the future of the token. In a new video on X, Hilton said Ripple is taking another big step to grow its business in global finance.

Austin Hilton Highlights Ripple’s $1 Billion GTreasury Acquisition
In his video on X, Austin Hilton spoke about Ripple’s $1 billion deal to buy GTreasury, a U.S. company that helps large businesses manage their money. Companies that already depend on GTreasury’s tools to manage cash flow and other large-scale financial operations could have access to Ripple through the acquisition. According to the crypto analyst, the GTreasury acquisition would let Ripple bring blockchain technology into industries that still use older financial systems, allowing the company to grow its presence in global finance. 

Hilton mentioned that the crypto market is still down, with XRP trading at $2.29, falling around 15% in the past week and about 2% in the past day. Even with this dip, he said Ripple’s $1 billion acquisition of GTreasury is not about short-term price changes but about building long-term strength.

Hilton noted that the GTreasury acquisition aligns with Ripple’s long-term goal of making blockchain technology practical for everyday finance. He highlighted that the deal could give XRP more real-world use and encouraged investors to stay patient, focusing on the broader strategic benefits of this acquisition rather than short-term XRP price movements.

Once regulators approve the acquisition, Hilton says Ripple could gain access to the vast corporate treasury market and clients that manage billions in liquidity and foreign exchange flows with the treasury management company.

Ripple’s Expanding Vision And What It Means For XRP Investors
Austin Hilton also talked about Ripple’s other recent acquisitions. He reminded XRP investors that Ripple has already bought two more companies this year, Rail, which focuses on stablecoin payments, and Hidden Road, a prime brokerage firm.  Hilton said combining these companies with GTreasury is helping Ripple build a network that serves both modern crypto users and established financial institutions.

According to Hilton, Ripple can work directly with large treasury departments that still rely on older systems. Companies can adopt Ripple’s blockchain technology without entirely changing how they run their operations.

He told XRP investors that these acquisitions show Ripple’s long-term commitment to creating real-world utility for the token. Hilton said XRP holders should focus on how Ripple’s expanding ecosystem will increase demand and build practical use cases over time.

He explained that by buying these companies, Ripple could help businesses worldwide manage payments, cash flow, and financial risks more efficiently. Hilton reminded XRP investors that Ripple is building long-term value instead of chasing short-term profits. Hilton concluded by saying XRP investors could be part of a larger transformation, where Ripple’s technology continues to connect traditional finance with the digital economy and modern blockchain solutions.

Price shows slight recovery | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Sign Up for Our Newsletter!
For updates and exclusive offers enter your email.

I'm Sandra White, a writer at Bitcoinist, and I provide the latest updates on the world of cryptocurrencies. I believe crypto a gateway to a new order and I have made it my life's mission to help educate as much people as possible.
When I'm not at work, I love listening to music, learning new things, and dream of traveling around the world.

TL;DR

The crypto market registered $1.17 billion in liquidations in 24 hours following Bitcoin’s rise.
Hyperliquid, a DEX on Arbitrum, processed $20.3 million, leading among decentralized exchanges.
In ETH liquidations, Hyperliquid ($6.2M) surpassed centralized giants like Bybit ($4.4M) and OKX ($3.9M).

The cryptocurrency market experienced extreme volatility after Bitcoin (BTC) surpassed the $111,000 mark. An abrupt move that caused a cascade of massive liquidations totaling $1.17 billion in the last 24 hours, primarily affecting short sellers.

In the midst of this chaos, a decentralized exchange (DEX) based on Arbitrum, Hyperliquid, emerged as an unexpected protagonist, handling a liquidation volume higher than that of several top-tier centralized competitors (CEXs).

Of the total $1.17 billion liquidated in the market, the overwhelming majority ($945.7 million, nearly 80%) came from short positions betting on a price drop. Bitcoin liquidations led the losses with $315 million, followed by Ethereum (ETH) with $234 million and Solana (SOL) with $55 million.

As usual, CEXs dominated the total volume, with Binance in the lead ($419.6 million), followed by OKX ($265.8 million) and Bybit ($168.4 million).

Hyperliquid Marks a Milestone for DEXs
The real surprise of the event was Hyperliquid’s performance. The decentralized platform stood out in a field traditionally dominated by CEXs. Data from Parsec revealed that Hyperliquid leads liquidations among DEXs, processing a total of $20.3 million ($10.5 million in long positions and $9.8 million in shorts).

Even more impressive was its performance in specific assets. In Ethereum liquidations, Hyperliquid handled $6.2 million, a figure that significantly surpassed Bybit’s ($4.4 million) and OKX’s ($3.9 million) in the same period.

This achievement demonstrates the growing capacity and robustness of decentralized platforms to manage extreme volatility and significant liquidation volumes. The fact that Hyperliquid leads liquidations in key metrics against established giants suggests a notable shift in the derivatives trading infrastructure, showing that DEXs are maturing rapidly and capturing a crucial market share that was previously exclusive to centralized exchanges.

ETH has climbed above $4,000 once again despite last week's volatile price action. Buyers' interest in the token every time it dips below this level favors a bullish Ethereum price prediction that could set the stage for a new all-time high soon.Last week, ETH-linked exchange-traded funds (ETFs) experienced a mild net outflow of $312 million.

Michael Saylor’s Strategy, the world’s largest public Bitcoin holder, added to its BTC stash last week amid another market sell-off following the Black Friday crypto crash.

Strategy acquired 168 Bitcoin (BTC) for $18.8 million last week, according to data published by Strategy on X on Monday.

The latest Bitcoin acquisition was made at an average price of $112,051, though Bitcoin slipped below $104,000 last Friday amid the shockwaves of the market crash on Oct. 10, according to Coinbase data.

With the new purchase, Strategy held a total of 640,418 Bitcoin, purchased for about $47.40 billion at an average price of $74,010 per BTC.

Strategy’s path to 700,000 BTCStrategy’s latest 168 BTC purchase is another small addition in a series of minor buys, a notable contrast to its massive Bitcoin hoarding earlier this year, when monthly purchases averaged around 25,000 BTC in April and May.

Based on an average monthly buying pace of 5,620 BTC over August and September, when Strategy purchased 7,714 BTC and 3,526 BTC respectively, it would take roughly 11 months to reach a total of 700,000 BTC on its balance sheet.

Source: StrategyThe latest Bitcoin purchase followed a 220 BTC buy for $27.2 million the previous week, which came as BTC briefly hit a new all-time high above $126,000 before plunging to $110,000 in the Oct. 10 market crash.

MSTR takes another dipStrategy’s Bitcoin purchases came as its Common A stock (MSTR) extended losses last week, falling back to levels not seen since April 2025.

According to data from TradingView, MSTR slid below $284 last Thursday, marking a continued decline of 21% since Oct. 5.

Despite the losses, Strategy’s stock is still 50.4% up from where it stood one year ago, with a massive 1,650% surge in the past five years.

Strategy (MSTR) year-do-date price chart. Source: TradingViewThe lowest price of MSTR shares so far in 2025 was at around $238 per share recorded on April 7, while the highest was seen in July at above $455.

While Strategy’s Bitcoin buying has slowed notably in recent months, many other companies have followed its lead with BTC treasury plans, aggressively accumulating the asset.

Metaplanet, a Japanese hotel company that went for Bitcoin treasury in July 2024, had hoarded 30,823 BTC ($34.1 billion) by the end of September, only to see its enterprise value fall below the value of its Bitcoin holdings last week.

Metaplanet’s market to Bitcoin NAV (mNAV) — a ratio between the company’s value and its Bitcoin stash — slipped to 0.99 on Oct. 14 and then tumbled deeper to 0.9 on Oct. 18.

While the potential outcomes of the event are yet to be seen, Metaplanet has not bought more BTC since it made its most recent BTC acquisition announced on Sept. 30.

Magazine: Back to Ethereum: How Synthetix, Ronin and Celo saw the light

14h05 ▪
4
min read ▪ by
Fenelon L.

Summarize this article with:

The Shiba Inu token is fighting to regain the psychological threshold of 0.00001 $. After adding an extra zero to its price, the cryptocurrency attempts a rebound. But will investors be able to erase this zero that weighs on their hopes?

In brief

SHIB fell to 0.0000085 $ during the flash crash on October 10, marking its lowest level of 2025.
The memecoin added an extra zero after losing the key support of 0.00001 $.
A rebound attempt pushed the price to 0.00000999 $, narrowly failing to erase this zero.
The 0.00001 $ threshold now represents a major technical resistance to watch.

Shiba Inu inches from erasing a zero
Shiba Inu is going through a difficult period. After four consecutive days of decline, the token reached 0.00000925 $ last Friday. This plunge crossed a major psychological threshold: the addition of an extra zero to its price.

The real blow occurred on October 10 during a flash crash. Sellers violently challenged the historical support of 0.00001 $, this floor that had held firm in April and June 2025. 

SHIB then plunged to 0.0000085 $, establishing its lowest level of the year. This price zone had served as a springboard for previous rebounds, offering buyers strategic entry opportunities.

Today, the market is trying to catch its breath. Shiba Inu shows a modest gain of 1.91% over 24 hours, trading at 0.00000989 $. This rebound is part of a broader crypto market recovery. But the added zero stubbornly remains, like a visible scar from the recent correction.

Investors between patience and speculation
The burning question on everyone’s lips: will SHIB erase this zero? Bulls have shown signs of life. The token hit an intraday high of 0.00000999 $, dangerously approaching the symbolic threshold. Only a hair away from crossing 0.00001 $, buyers ultimately failed.

This first unsuccessful attempt deserves attention. If Shiba Inu multiplies failures at this level in upcoming sessions, the 0.00001 $ bar will become confirmed resistance. The dream of erasing the zero would then be postponed medium-term, forcing investors to revise their expectations.

However, the bullish scenario remains plausible. A massive return of buyers would allow SHIB to smash this ceiling. Once the zero is eliminated, the next targets would become clear: 0.0000113 $, then 0.0000121 $, and finally 0.0000128 $. Each level would represent a progressive victory for the bulls.

Conversely, if selling pressure takes over again, SHIB risks plunging again. Supports to watch are at 0.0000092 $, then at 0.0000085 $. This last level corresponds to the floor of the flash crash, a zone where buyers must urgently react to avoid a new capitulation.

Shiba Inu is at a crossroads. The battle to erase this extra zero will be decisive for the immediate future of the token. The next trading sessions will reveal if buyers have the strength needed to reclaim lost ground.

A mission that looks challenging. Many analysts already believe the bullish cycle is ending, a scenario that would limit any lasting rebound of altcoins. To better understand this underlying trend, don’t miss our article: Bitcoin, Ethereum and XRP in free fall: is this the end of the cycle?

Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.

Join the program

A

A

Lien copié

Fenelon L.

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

DISCLAIMER

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

Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $71 billion.

Dark pool HumidiFi has grown to become the largest DEX protocol on the Solana blockchain surpassing Meteora, Raydium, and Pump on all fronts.

Summary

HumidiFi has overtaken major competitors like Meteora, Raydium, and Pump.fun to become Solana’s largest DEX, recording over $1.1 billion in 24-hour trading volume.
Its rise highlights a broader shift in DeFi toward dark pool or proprietary AMM models that prioritize execution efficiency and privacy over transparency and open liquidity.

On Oct. 20, the dark pool decentralized exchange HumidiFi officially became the largest protocol on the Solana blockchain, having surpassed Meteora, Raydium and Pump.fun. According to data from DeFi Llama, the protocol contributes as much as $1.1 billion to the total 24 hour DEX trading volume on Solana.

At press time, the total daily DEX volume on Solana (SOL) has amounted to more than $3.68 billion. Compared to Meteora, the second largest DEX on Solana, the dark pool protocol only has a $100 million head start.

In terms of DEX trading volume within the past seven days, it is also in the lead with a trading volume that has nearly reached $10 billion. Meanwhile, Meteora’s seven-day trading volume is around $1.2 billion short of the other protocol.

On the other hand, Raydium’s (RAY) daily DEX volume is nearing $500 million. Its seven-day trading volume is still below $5 billion, indicating that it is still half-way behind the two largest DEX platforms on Solana.

HumidiFi climbs to the top ranks among Solana DEX protocols on Oct. 20 | Source: DeFi Llama
Meanwhile, Solana’s meme coin launcpad Pump.fun (PUMP) has fallen far from grace. The protocol’s DEX trading volume sits at $174.3 million. Despite this, Pump.fun’s DEX trading volume has amounted to $1.5 billion while its 30-day volume has reached $9.4 billion.

HumidiFi is a decentralized-exchange platform built on the Solana blockchain that operates using a “proprietary” automated market maker or prop AMM, rather than the traditional open-liquidity-pool AMM model. This means that the protocol does not rely on external liquidity providers contributing to open pools the way many standard AMMs do. Hence, why it is known as a “dark pool.”

Dark pools keep trades completely invisible to other users, unlike on traditional exchanges. With protocols like HumidiFi, traders are able to execute private traders, which are particularly useful for carrying out high-value trades and large liquidations.

What does HumidiFi’s surge indicate?
The sudden surge of trading activity on HumidiFi could signal deeper changes within the decentralized finance sector. It indicates a shift in how liquidity is provided and consumed in DeFi.

Traditional DEX models, which are known for open AMMs and public liquidity pools, are being challenged by models where liquidity is centrally managed and trades are routed via aggregators like Jupiter to high‐efficiency venues. This may mean that the market is shifting from public pools to dark pools.

Traders may be prioritizing execution efficiency and institutional-grade trading mechanics rather than traditional metrics like visible total value locked or open-pool liquidity. HumidiFi claimed to have processed $8.55 billion in weekly trading volume while having a very low TVL, as it emphasizes tight spreads, low slippage and reduced exposure to front-running or sandwich attacks.

On the other hand, the increase in HumidiFi’s trading volume could mean that more traders are inclined to make their trades anonymous instead of public knowledge. The shift toward closed liquidity models could very well raise concerns about transparency, decentralization, and fairness on-chain.

Not only that, there is also the question of whether the model would be sustainable in the long-term. It may be possible that the surge in activity is only temporarily motivated by particular market conditions or pairs that are being executed on the platform at the moment.

Crypto holder Brandon has reported losing approximately $3 million worth of XRP after his Ellipal cold wallet was emptied overnight.

The incident, confirmed through multiple sources including the victim’s own social media statements on X and YouTube channel, has drawn attention across the crypto community for exposing potential vulnerabilities in offline storage methods long thought to be secure.

Source: X
How the Theft Unfolded
According to posts by the X (@digitalassetbuy), more than 1.21 million XRP were transferred out of his cold wallet without authorization. 

The transactions occurred within minutes, beginning with small “test” transfers before the entire balance disappeared.

He discovered the missing funds the following morning and immediately reported the theft to the FBI, the Internet Crime Complaint Center (IC3), and his local sheriff’s department.

Advertisement
 

The victim, identified as Brandon, described the stolen assets as his and his wife’s retirement savings. The total missing amount—approximately 1.21 million XRP—was equivalent to just over $3 million based on the token’s trading range near $2.50 to $3.00 at the time.

After the initial withdrawals, blockchain data showed that the stolen XRP was moved into a newly created wallet and then dispersed across hundreds of smaller addresses. Analysts believe this was a deliberate attempt to make tracing more difficult.

Details of the Wallet and Security Measures
LaRoque had stored his XRP in a cold wallet made by Ellipal, a hardware device that keeps private keys offline. He claimed that he had never shared his recovery phrase and had purchased the wallet directly from the manufacturer.

His wallet also contained smaller balances of other cryptocurrencies such as XLM and FLR, which were left untouched during the attack.

He stated, “I woke up and all my XRP’s have been stolen, been hacked.” The pattern of the theft—small preliminary transactions followed by a large sweep—suggests that the attacker had obtained full access to the private keys or signing mechanism.

The Investigation
After discovering the theft, LaRoque filed reports with several agencies, including the FBI and state authorities. He also explored private crypto-recovery services but expressed skepticism about their legitimacy, stating that many appear fraudulent.

Blockchain investigators are monitoring the stolen XRP’s movement. Since the XRP Ledger is public, tracing the flow of funds is possible, but the widespread dispersion across hundreds of wallets makes it difficult to pinpoint where the coins ultimately went.

The loss of over 1.21 million XRP from a private cold wallet serves as a reminder that even the strongest security methods have limits. 

Law enforcement agencies are investigating, and blockchain analysts continue to track the stolen tokens. However, the case highlights that prevention remains the only reliable defense against crypto theft.

TLDR

Table of Contents

TLDRTreasury Bubble ConcernsCrypto Market ConditionsGet 3 Free Stock Ebooks

BitMine has purchased 379,271 ETH worth $1.5 billion since the early October crypto market crash, bringing total holdings to over 3 million ETH.
The company now controls 2.5% of Ethereum’s total supply and is halfway to its target of owning 5% of all ETH in existence.
Chairman Tom Lee stated that many digital asset treasury companies now trade below their net asset value, suggesting the DAT bubble may have burst.
BitMine raised $365 million in September at $70 per share to fund crypto purchases and has mentioned plans for up to $20 billion in future stock issuance.
Despite Lee’s bubble concerns, he remains bullish on Ethereum and believes it could eventually flip Bitcoin in market dominance.

BitMine Immersion Technologies has been on a buying spree. The company purchased 379,271 ETH worth approximately $1.5 billion following the crypto market crash in early October.

The purchases came in three waves. First, 202,037 ETH right after the weekend crash. Then 104,336 ETH on Thursday. Finally, 72,898 ETH on Saturday.

The data comes from Arkham Intelligence and trackers monitoring the company’s wallet activity. BitMine has not officially confirmed the latest purchases yet.

BitMine is now the world’s largest corporate holder of Ethereum. The company controls more than 3 million ETH, representing 2.5% of the entire supply.

Bitmine Immersion Technologies, Inc. (BMNR)
That stash is worth about $11.7 billion at current prices. The company only started accumulating Ethereum in early July when ETH traded around $2,500.

The aggressive buying strategy is paying off so far. BitMine is already halfway to its stated goal of owning 5% of all Ethereum.

Chairman Tom Lee made bullish comments about Ethereum’s future on Thursday. He told ARK Invest CEO Cathie Wood that Ethereum could flip Bitcoin similar to how Wall Street and equities flipped gold after 1971.

Treasury Bubble Concerns
The buying continues despite Lee’s warning that the digital asset treasury bubble might be over. Many companies in this space now trade below their net asset value.

Net asset value represents the worth of a company’s underlying crypto holdings. When stocks trade below NAV, it suggests investors are paying less than the actual value of the assets.

Lee asked Fortune directly: “If that’s not already a bubble burst, how would that bubble burst?” He estimates about 80% of digital asset treasury firms now trade at or below NAV.

Research firm 10x Research confirmed this trend on Saturday. Major players like Metaplanet and Strategy are trading near or below their NAVs.

But the research firm sees potential upside. Companies with strong capital bases and smart management teams may still generate meaningful returns.

Huobi founder Li Lin appears to agree. He reportedly raised about $1 billion to invest in an Ethereum treasury strategy.

Crypto Market Conditions
Lee told CNBC on Friday that investors are still recovering from the recent leverage flush. The market saw record liquidations during the early October crash.

He also mentioned “gold envy” as a factor. Gold has performed well this year, drawing some attention away from crypto.

Lee believes crypto is at a bottom and working its way back up. Leveraged long positions in crypto are near record lows, which often signals a floor.

The crypto market currently sits about 15% below its October 7 record high. Gold prices have pulled back almost 3% from Thursday’s peak.

Lee remains confident this is not the top of the crypto cycle. He sees the current conditions as a basement level with room to climb.

BitMine raised $365 million in September through a stock offering priced at $70 per share. The company has discussed issuing up to $20 billion in stock for future crypto purchases.

The Nevada-based firm pivoted from Bitcoin mining to an Ethereum treasury strategy in mid-2025. The company also holds 192 Bitcoin and other crypto assets.

BitMine’s total crypto and cash holdings are valued around $12.9 billion to $13.4 billion. The company has attracted backing from Cathie Wood’s ARK Invest, Peter Thiel’s Founders Fund, Pantera Capital, and Galaxy Digital.

B. Riley Financial initiated coverage last week with a Buy rating and $90 price target. The firm projects BitMine could accumulate 7.6 million ETH by 2026.

On Monday, Strategy founder Michael Saylor made it official—his firm scooped up more bitcoin ( BTC) after teasing the move in a Sunday afternoon hint that left crypto watchers buzzing. On Oct. 20, Saylor spilled the beans—his bitcoin treasury firm Strategy just grabbed an extra helping of bitcoin ( BTC).