The CEO's unexpected remarks highlight the growing intersection of corporate communications and prediction markets, impacting trader strategies.

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Ethereum's low exchange supply and increased shorts may trigger a price surge, reflecting typical market cycle dynamics and investor behavior.

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The claims challenge the bankruptcy narrative, potentially impacting ongoing legal proceedings and efforts to recover user funds.

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Strategy posts $2.8B Q3 income despite muted Bitcoin prices, expanding holdings to 640K BTC as stock drops 20% in October.

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Coinbase posts $432.6M Q3 profit as crypto volatility lifts trading volumes amid Trumps pro-crypto policies and market sell-offs.

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Bitcoin Magazine

Michael Saylor’s Strategy (MSTR) Reports $2.8B Q3 Net Income, Bitcoin Gains Soar

Michael Saylor’s Strategy (NASDAQ: MSTR) released its third-quarter earnings after market close on Oct. 30, posting net income of $2.8 billion. 

Diluted earnings per share (EPS) came in at $8.42, surpassing analyst expectations of $8.15. As of Oct. 26, 2025, Strategy held 640,808 BTC, acquired for a total of $47.44 billion at an average price of $74,032 per coin. 

The company reported a year-to-date Bitcoin yield of 26%, generating $12.9 billion in gains amid the ongoing 2025 crypto bull market.

Looking forward, Strategy projects full-year 2025 operating income of $34 billion and net income of $24 billion, or $80 per share — highlighting its transformation from a business intelligence firm into a de facto corporate Bitcoin investment vehicle.

Total revenues for Q3 reached $128.7 million, up 10.9% year-over-year and above the $118.43 million analysts had forecast.

The firm’s Bitcoin holdings have already produced gains of 116,555 BTC in 2025, translating to $12.9 billion in dollar terms based on an average BTC price of roughly $110,600 as of Oct. 24, nearing its full-year target of $20 billion.

Michael Saylor is the epitome of a bitcoin bull

Michael Saylor said recently at Money 20/20, “By the time the bankers tell you it’s a good idea, it’ll cost $10 million per Bitcoin.” He added that Bitcoin is currently at a “99% discount.”

And Saylor’s public discourse towards bitcoin backs this belief up. Saylor reiterated his bullish outlook on Bitcoin, projecting $150,000 by the end of 2025 and up to $1 million within four to eight years.

He cited growing institutional adoption, driven by industry shifts, new investment products, and Strategy’s recent B-minus credit rating, as key catalysts. 

Saylor highlighted Strategy’s digital credit instruments offering 8–12.5% yields, tax-efficient returns, and tailored risk profiles. He noted increasing acceptance of Bitcoin by major U.S. banks and praised supportive regulatory policies. 

Strategy with a trillion-dollar Bitcoin balance sheet

In a recent interview with Bitcoin Magazine, Michael Saylor outlined his ambitious vision for Strategy: building a trillion-dollar Bitcoin balance sheet to transform global finance. 

Saylor sees his firm — and potentially other Bitcoin treasury companies — accumulating massive Bitcoin holdings, leveraging the cryptocurrency’s historical 21% annual appreciation to supercharge capital growth.

Central to his plan is the creation of Bitcoin-backed credit markets offering yields significantly higher than traditional fiat debt. By over-collateralizing capital, Saylor argues the system could be safer than AAA corporate debt while providing healthier returns for investors. 

This approach, he suggests, could revitalize credit markets worldwide, offering alternatives to low-yield bonds that dominate Europe and Japan.

Saylor also envisions Bitcoin becoming embedded across corporate, banking, and sovereign balance sheets, gradually turning traditional equity indexes into indirect Bitcoin vehicles. 

This integration could boost public companies, redefine savings accounts and money market funds, and allow tech giants like Apple and Google to bring hundreds of millions into the digital economy.

Those interested in learning more about Strategy’s earnings report can watch in full detail here.

This post Michael Saylor’s Strategy (MSTR) Reports $2.8B Q3 Net Income, Bitcoin Gains Soar first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Coinbase Beats Q3 Estimates With $1.9B Revenue, Buys $300M in Bitcoin

Coinbase reported stronger-than-expected third-quarter earnings Thursday, posting $1.9 billion in revenue — up 26% from the previous quarter — as renewed crypto market momentum boosted both trading and stablecoin income. 

The San Francisco-based exchange notched $433 million in net profit, or $1.50 per share, surpassing Wall Street expectations of $1.10 per share on $1.8 billion in revenue.

Despite a sequential decline from its record $1.4 billion profit in Q2, Coinbase attributed the drop primarily to non-cash mark-to-market adjustments related to its holdings in Circle and its crypto portfolio. 

Shares of Coinbase Global (COIN) jumped more than 4% in after-hours trading to $341 following the results. 

The stock is up roughly 33% year-to-date after peaking above $440 in July.

Coinbase also bought almost $300 million in BTC in Q3. CEO Brian Armstrong confirmed via an X post that remains bullish on bitcoin, stating, “Coinbase is long Bitcoin. Our holding increased by 2,772 BTC in Q3. And we keep buying more.”

Coinbase trading activity surges due to crypto rally

The results came as Bitcoin hit fresh all-time highs during the quarter, fueling renewed retail and institutional activity after a quieter Q2 marked by macro headwinds. 

Coinbase reported $1.0 billion in transaction revenue, up 37% from the prior quarter and 83% from a year earlier, on trading volumes of $295 billion.

Institutional volume rose 22% sequentially to $236 billion, driven in part by the August acquisition of Deribit, the world’s largest crypto options exchange. 

Deribit contributed $52 million in revenue during Q3 as Coinbase expanded its derivatives business to include 24/7 perpetual futures trading in the U.S.

Retail activity also rebounded, with consumer trading volume climbing 37% to $59 billion. Coinbase said new listings and decentralized exchange (DEX) integrations helped boost activity among “advanced traders” the company said, while the company’s platform now supports trading for roughly 90% of all crypto assets by market capitalization.

Subscription and services strengthen

Coinbase continues to diversify beyond trading fees, with subscriptions and services revenue climbing 14% to $747 million. 

Stablecoin revenue — largely derived from its role in distributing and managing Circle’s USDC — rose to $355 million, a 43% increase year-over-year. Average USDC balances held in Coinbase products reached a record $15 billion, supported by rising market capitalization and new institutional reward programs.

Blockchain rewards, including staking income, grew 28% quarter-over-quarter to $185 million, aided by surging prices for Ethereum and Solana. 

Meanwhile, custodial fees and interest income both hit new highs as total assets on the platform reached $516 billion.

Building toward the “Everything Exchange”

Coinbase said it is progressing toward its vision of an “Everything Exchange” — a platform uniting spot, derivatives, and onchain services under one roof. 

The exchange also highlighted ongoing development of Base, its Ethereum layer-2 network, which has become the leading L2 for stablecoin adoption with $4.6 billion in dollar-pegged assets.

CEO Brian Armstrong said Coinbase is scaling payments by ‘advancing stablecoin adoption’ and building the foundation of the future financial system.

This post Coinbase Beats Q3 Estimates With $1.9B Revenue, Buys $300M in Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Price Crashes Down to $106,000 As Red Week Continues

Bitcoin price continued its slide through much of Thursday, dipping to as low as $106,290 as traders digested a wave of macro uncertainty — from Federal Reserve Chair Jerome Powell’s cautious tone on future rate cuts to renewed volatility following U.S.–China trade talks.

The bitcoin price fell over 3% in early trading before stabilizing slightly above $107,000. The drop extends a multi-day long decline that began after the Federal Reserve delivered a widely expected 25 basis point rate cut but signaled that December’s meeting may not bring another.

Powell’s remarks at the post-meeting press conference struck a notably hawkish tone. While acknowledging progress toward the Fed’s 2% inflation goal, he emphasized that the committee had “strongly differing views” and that no decision had been made about a December cut. 

Traders quickly scaled back expectations — with futures now pricing roughly a 60% chance of another reduction, down from nearly full certainty just a day earlier.

“Powell’s comments created a bit of risk-off sentiment,” said Charlie Sherry, head of finance at BTC Markets, according to Bloomberg. “Add in the Trump–Xi meeting stirring markets today, and, unsurprisingly, you get some volatility. Some technology stocks are rallying, but crypto hasn’t followed — which shows some relative weakness and hesitation in digital assets right now.”

Treasury yields and the U.S. dollar climbed following Powell’s remarks, while risk assets broadly sold off. The two-year Treasury yield jumped nearly 10 basis points as traders reassessed the Fed’s trajectory.

Meanwhile, market attention also turned to Seoul, where U.S. President Donald Trump met with Chinese President Xi Jinping. Trump described the talks as “amazing” and announced a deal to halve tariffs on fentanyl-related goods, claiming the two sides were “pretty close” to a broader trade agreement involving rare earth materials and agricultural purchases.

While such developments have little direct impact on Bitcoin, risk sentiment tends to spill across markets — and Thursday’s pullback in equities appeared to drag digital assets with it.

SpaceX moves $471 million in Bitcoin

Amid the macro jitters, on-chain analysts also flagged large Bitcoin movements linked to Elon Musk’s SpaceX. Data from Arkham Intelligence shows the company moved 281 BTC (worth roughly $31 million) late on October 29 — its fifth transfer this month, totaling 4,337 BTC (about $472 million).

The transfers were routed through Coinbase Prime, suggesting institutional custody activity rather than market sales. Some believe SpaceX may be reorganizing its wallets from older Bitcoin address formats (“1”-prefix legacy types) to newer Taproot and SegWit formats.

Musk first confirmed SpaceX’s Bitcoin holdings in 2021, though the firm reportedly reduced its stack by about 70% during the 2022 market crash. 

As of this month, Arkham tracks roughly 7,258 BTC (about $799 million) still linked to SpaceX addresses, though that figure could rise as recent transfers are reclassified.

Tesla, meanwhile, retains 11,509 BTC, worth about $1.3 billion, according to the same data.

Bitcoin price is waiting for clarity

With U.S. monetary policy in flux, trade negotiations uncertain, and major corporate holders quietly reshuffling coins, Bitcoin’s latest move reflects a broader narrative: investors waiting for direction.

The next major catalyst may arrive in December — either from a Fed rate cut or from markets losing faith that one is coming. Until then, Bitcoin remains in a holding pattern between macro optimism and monetary restraint.

This post Bitcoin Price Crashes Down to $106,000 As Red Week Continues first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Lolli Acquires Slice to Expand Bitcoin Rewards Across Browsing and Shopping

Bitcoin rewards platform Lolli, now a part of the Bitcoin-focused venture studio Thesis*, has acquired Slice, a browser extension that allows users to earn Bitcoin through passive browsing. 

The acquisition merges two complementary approaches to earning Bitcoin — shopping and passive browsing — into a single platform, simplifying the user experience and broadening opportunities to “stack sats” across everyday online activity.

Founded in 2018, Lolli empowers users to earn free Bitcoin on purchases at over 50,000 top retailers and through 1,000+ mobile games. The platform has helped more than 600,000 users accumulate Bitcoin through intuitive, everyday experiences, according to a company release. 

With the addition of Slice, Lolli now extends rewards to users’ web browsing, streaming, and online scrolling habits, creating a unified ecosystem where earning Bitcoin is seamless.

Slice, a browser extension designed to reward users for passive online activity, brings Lightning Network support for withdrawals built into its platform. 

Quicker withdrawals via Layer 2s 

This integration accelerates Lolli’s adoption of the Layer 2 network, allowing faster, cheaper, and smaller Bitcoin withdrawals—an improvement that directly addresses user concerns about withdrawal friction and high minimums. 

“Lightning makes small withdrawals economically viable in a way Layer-1 transactions never could,” the Lolli team said.

The merger also signals Thesis*’s continued focus on consolidating the Bitcoin rewards space. Thesis*, founded in 2014, is a pioneering venture studio dedicated to building Bitcoin-first solutions that empower individuals and communities. 

Its portfolio includes Fold, Mezo, tBTC, Acre, and Taho. The acquisition of Slice marks Thesis*’s second major move in the Bitcoin rewards sector, following Lolli’s earlier integration, and reflects the company’s strategy to unify a previously fragmented market.

Matt Luongo, Founder and CEO of Thesis*, noted the strategic importance of the acquisition: “Together, Slice and Lolli will make it easier than ever for newly minted Bitcoiners to stack sats. Users already earning on Lolli will now be able to double down on their rewards potential simply by browsing online.” 

Luongo also noted that Thesis* is systematically rebuilding Lolli’s app and infrastructure, starting with Layer 2 and sidechain integrations, and plans to expand onchain withdrawal options in the future.

From a user perspective, the acquisition ensures continuity: current Lolli users maintain their existing accounts and rewards, while Slice users continue earning Bitcoin through passive browsing. 

Over time, the combined platform will integrate withdrawals through Mezo, Thesis*’s Bitcoin sidechain, and expand merchant partnerships to create a truly global Bitcoin rewards ecosystem.

As the Bitcoin rewards sector continues to grow, this acquisition underscores the broader trend of consolidation and product integration. 

This post Lolli Acquires Slice to Expand Bitcoin Rewards Across Browsing and Shopping first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Nordic Giant Nordea Opens Crypto Door with Bitcoin-linked ETP

Nordea Bank Abp (Nordea) has announced that it will offer its customers access, from December 2025, to a synthetic exchange-traded product (ETP) whose underlying asset is Bitcoin (BTC).

According to Nordea’s official announcement, the product will be manufactured externally by CoinShares International Limited and made available through Nordea’s execution-only platform. 

Under this model, customers may trade the product, but Nordea will not offer advisory services on it.

The bank cites two primary drivers for the move: the maturation of the European regulatory environment for crypto-assets, especially following the implementation of the Markets in Crypto‑Assets Regulation (MiCa) regime across the European Union in December 2024; and growing demand for virtual currencies among retail and institutional investors in the Nordic region. 

The ETP in question is described as a “synthetic” product, meaning it provides exposure to Bitcoin via a traditional financial instrument rather than requiring direct custody of BTC. 

Nordea emphasises that the offering is aimed at “experienced investors seeking alternative asset exposure.”

Here’s the broader context: ETPs and exchange-traded vehicles tied to cryptocurrencies have been proliferating across European venues, enabling both retail and institutional investors to access digital-asset exposure through familiar channels. 

With Nordea’s move, one of the largest Nordic financial institutions is signalling its readiness to integrate crypto-exposure into its product suite.

At the same time, Nordea remains cautious. In its release, the bank underscores its historic “cautious stance” toward crypto — driven by the absence of investor-protection frameworks, regulatory clarity and supervision in the early days of the digital-asset markets.

What does this mean for Bitcoin? 

For Bitcoin, this development may carry several implications: access broadened into the Nordic regulated-bank channel; increased legitimacy of ETP wrappers as a gateway to exposure; and potentially stronger competition among product issuers aiming to service bank-platform clients under regulated frameworks. 

The product’s December launch means it aligns with the current regulatory momentum across Europe.

Still, caveats abound. A synthetic ETP structure carries its own risk profile (as investors are exposed via an issuer product rather than holding the underlying asset directly). Also, the “execution-only” nature means that retail customers may buy without advisory support.

Nordea Bank Abp is the leading financial-services group in the Nordic region. The group offers universal-banking services including personal banking, business banking, large-corporate and institutional banking, and asset & wealth management. 

This post Nordic Giant Nordea Opens Crypto Door with Bitcoin-linked ETP first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Mastercard may soon make a significant investment to fully enter the crypto space.

According to Reuters, the company is in advanced talks to acquire Zero Hash for roughly $1.5 to $2 billion, a move that, if completed, would fold a regulated crypto-settlement network into one of the world’s largest payment processors.

On the surface, it looks like another corporate experiment with digital assets. Underneath, it’s something bigger: an attempt to rebuild the plumbing of money itself around stablecoins, not banks.

Zero Hash isn’t a consumer-facing brand but the quiet infrastructure behind several tokenization efforts.

Founded in 2017, it’s regulated as a money transmitter across the US, holds a New York BitLicense, and operates under equivalent virtual-asset frameworks in Europe, Canada, and Australia.

The firm already processes flows for issuers such as BlackRock, Franklin Templeton, and Republic, enabling their tokenized funds to move value across twenty-two chains and seven major stablecoins.

Earlier this year, it raised $104 million at a $1 billion valuation, led by Interactive Brokers, with backing from Morgan Stanley, Apollo, and SoFi. This demonstrates that traditional finance is treating on-chain settlement less like a curiosity and more like a utility.

From pilots to platform

For Mastercard, the attraction is obvious. Its network moves trillions each year but remains tethered to the old calendar of money: weekday clearing, T+1 or T+2 settlement, closed on weekends. Zero Hash runs twenty-four hours a day.

Owning it would enable Mastercard to settle card and account-to-account payments in regulated stablecoins, compressing those delays to T+0 while keeping everything within its compliance perimeter.

The company has hinted at this direction before, with its “wallets-to-checkouts” stablecoin pilot launched in April 2025, but that was still a sandbox. A purchase would turn it into infrastructure.

The timing couldn’t be better. Stablecoins now total more than $300 billion in circulation, with monthly on-chain settlements of around $1.25 trillion, according to a16z’s State of Crypto 2025 report.

Most of that volume still flows between exchanges and DeFi protocols; however, a rising share comes from cross-border payouts and fintech wallets, the very niches where card networks have struggled to maintain high margins.

Visa has already partnered with Allium to publish stablecoin analytics, Stripe quietly re-enabled USDC settlements, and PayPal is running its own token. Mastercard risks disintermediation unless it controls a comparable rail of its own.

Zero Hash also sits at the intersection of two fast-growing markets: stablecoins and tokenized treasuries. Much of the $35 billion now locked in on-chain real-world-asset products, mainly short-term T-bills backing stablecoins, moves through entities like it.

That gives Mastercard an entry point not only into consumer payments but also into institutional treasury flows, a part of the market where instant, programmable settlement could replace the slower web of correspondent banks and clearinghouses.

The overlap of these two systems, consumer payouts and institutional liquidity, may explain why Mastercard is willing to pay roughly twice Zero Hash’s last valuation.

The rails war goes on-chain

If the deal closes, it would mark the first time a tier-one card network owns a fully regulated stablecoin processor outright. The broader context is a quiet arms race. Visa, Stripe, and even Coinbase are investing in fiat-to-stablecoin bridges to capture future settlement fees.

Each knows that whoever runs the compliant, always-on layer between bank accounts and blockchains will effectively own the next generation of payments. Mastercard’s move reframes that race: rather than experiment on the side, it is pulling the rails in-house.

There are hurdles. Zero Hash’s licenses will require change-of-control approvals from state regulators, the NYDFS, and European authorities under MiCA. Those sign-offs could take months. And while the US Senate’s stablecoin bill passed earlier this year, it still awaits full enactment.

Yet the direction of policy is clear. Both the US and EU frameworks now treat fiat-backed stablecoins as legitimate financial instruments, establishing reserve and disclosure standards that institutional users can accept. That clarity lowers the reputational risk for Mastercard to integrate them directly.

The economics are enticing. Even a sliver of global stablecoin flow could generate material revenue if monetized like a network. A 0.75% share of the $12 trillion annualized stablecoin volume would give Mastercard roughly $90 billion of addressable settlement activity.

At a blended take-rate of 12-20 basis points, that’s $100 to $180 million in potential yearly revenue, small next to its $25 billion top line but growing far faster than card transactions. And unlike interchange, those fees accrue around data, compliance, and liquidity, not consumer spending.

The bigger prize is strategic. As more money lives on-chain, card networks must decide whether to compete with or become the settlement layer. Mastercard appears to have made its choice.

Zero Hash offers not just APIs and licenses but a template for how traditional payment giants might survive the shift: by absorbing the crypto infrastructure before it absorbs them.

The post Has Mastercard accepted the inevitability of crypto? Spends $2B on tokenization platform appeared first on CryptoSlate.

Solana spent years building a staking culture in which over two-thirds of the circulating supply is delegated to validators, earning roughly 6% annually from inflation and fees. Non-staking Solana ETFs might just change this dynamic.

Now that reflexive on-chain participation faces a new competitor: exchange-traded funds that either cannot or will not stake.

Hong Kong’s ChinaAMC Solana ETF began trading on October 27 with an explicit mandate not to stake any of its SOL holdings, while the US already runs three stake-enabled products: the REX-Osprey’s SSK, the Bitwise BSOL, and the Grayscale GSOL.

These funds direct their custodian to delegate and distribute rewards net of fees. The split creates a natural experiment: will large pools of non-staking ETF capital drain Solana’s validator economy, or will the yield feedback loop pull liquidity back on-chain?

The answer depends on which model scales. Non-staking ETFs impose a pure fee drag; for example, ChinaAMC’s ongoing charges amount to 1.99% in year one, effectively turning what would be a 6% staking yield into a negative 2% tracking difference versus the spot rate.

Stake-enabled funds, such as SSK, can deliver a positive carry, passing through roughly 4.8% to 5.1% after accounting for the fund’s 0.75% expense ratio and custodian-validator infrastructure fees.

But that convenience comes with a risk of centralization. SSK’s prospectus allows the custodian to choose validators, and the fund also holds stakes in non-US ETPs that themselves delegate large blocks of SOL.

If a few custodians direct billions of dollars in delegations, Solana’s consensus power and MEV routing concentrate in the hands of institutional gatekeepers rather than in community choice.

Non-staking Solana ETFs mechanics: fewer stakers, higher APY

Solana’s staking reward model is self-correcting by design. Inflation distributes SOL to all stakers proportionally, so when the staked ratio falls, the same reward pool is split among fewer participants, lifting the per-staker APY.

This creates an incentive for capital to flow back on-chain until a new equilibrium is established.

The math is straightforward: if circulating supply sits around 592.5 million SOL and the baseline staked ratio is 67%, then $1.5 billion in non-staking ETF AUM (roughly 7.5 million SOL at $200 per token) would shift the staked ratio to about 65.7%.

APY scales inversely, rising from 6.06% to roughly 6.18%, a 12-basis-point bump. Push AUM to $5 billion, and the lift reaches 41 basis points, while $10 billion nudges it 88 basis points higher.

The implication is that non-staking ETFs don’t gut on-chain yields; they gently raise them. The larger the unstaked pool, the more attractive native staking becomes for anyone who can hold SOL directly and delegate to a validator.

That’s a very different dynamic from “ETFs drain staking,” the initial fear when spot products were first proposed.

Instead, non-staking funds act as a subsidy to on-chain participants, concentrating rewards among those who continue to stake while institutional capital sits inert in brokerage accounts.

Stake-enabled ETFs change the calculus. If funds like SSK delegate their holdings, the staked ratio barely changes, so APYs remain near the baseline.

But the validator set receiving those delegations is determined by custodian relationships and fund sponsor policy rather than community signaling or performance metrics.

SSK’s design allows it to hold other staked ETPs alongside directly delegated SOL, creating a layered structure where multiple intermediaries, such as fund sponsors, custodians, and ETP issuers, each take a fee slice and decide where stake flows.

That’s operationally similar to how Lido concentrates Ethereum staking through a curated set of node operators, but without on-chain governance or the composability of a liquid staking token.

stETH lessons, but not a replay

Ethereum’s stETH precedent is instructive but inexact. Lido grew Ethereum’s staking participation from low single digits to over 30% of supply by offering liquidity and yield in a single wrapper.

At its peak, Lido controlled roughly 32% of staked ETH, raising concerns about centralization that prompted governance efforts to cap and diversify the number of node operators.

The share has drifted down to the mid-20s as competitors like Rocket Pool and EigenLayer have offered alternative staking paths.

Still, the core lesson holds: liquid, yield-bearing wrappers amplify participation and centralize power unless actively managed to distribute power.

Solana’s ETF landscape doesn’t mirror that trajectory. Many products, especially in Asia, are explicitly non-staking, meaning they can’t concentrate validator power even as AUM scales.

Those that do stake, like SSK or European products from CoinShares and 21Shares, yield less than native liquid staking tokens.

CoinShares’ Physical Staked Solana ETP charges no management fees and delivers a net yield of approximately 3% after deducting validator commissions. At the same time, 21Shares’ ASOL reinvests rewards but charges a 2.5% annual fee, compressing the pass-through.

Native LSTs like JitoSOL or Marinade typically deliver 5 to 6% with minimal fee drag and full on-chain composability.

The yield gap means staked ETFs appeal primarily to accounts that cannot custody crypto directly, such as retirement plans, registered investment advisors, and regulated institutions, not to users who can stake natively and capture the full reward stream.

The real risk is delegation concentration within the subset of funds that stake. If a handful of custodians receive the bulk of institutional delegations, Solana’s validator set tends to skew toward entities with robust compliance infrastructure and US legal footprints.

That’s a different security profile than a widely distributed validator set chosen by individual stakers based on performance, decentralization ethos, or MEV-sharing policies.

It’s not inherently worse, but it shifts control of block production and transaction ordering, and it makes validator economics more dependent on custodian relationships than on community endorsement.

Regulatory glidepath and AUM paths

The SEC’s September adoption of generic listing standards lowered the bar for exchanges to list spot crypto ETFs beyond Bitcoin and Ethereum.

That regulatory shift opens the door for mainstream issuers, such as BlackRock, Fidelity, and VanEck, to file Solana products if they see demand.

JPMorgan’s base case projects $1.5 billion in first-year US inflows for SOL ETFs, a fraction of the $20 billion-plus that flowed into spot Bitcoin ETFs in 2024, but still meaningful at roughly 1.3% of Solana’s circulating supply.

If most of that capital lands in non-staking funds, native APY ticks up modestly. If stake-enabled products dominate, validator concentration accelerates.

Scale beyond the base case becomes interesting. A $5 billion AUM scenario, plausible if Solana’s price rallies and multiple low-fee US issuers join the market, would represent over 4% of supply.

If held unstaked, that lifts on-chain APY by 41 basis points, making native staking more attractive and likely pulling some liquidity back on-chain.

If staked via ETFs, the validator set receiving those delegations becomes a structural feature of Solana’s consensus, with custodians directing billions in stake based on operational rather than economic signals.

Either path redistributes staking income more than it drains total staked SOL, but the composition of who stakes and who earns matters for both security and decentralization.

Europe offers a preview. CoinShares and 21Shares have operated large staked Solana ETPs for over a year, demonstrating that institutional staking pass-through is operationally feasible at scale.

Those products haven’t led to a collapse in Solana’s staking participation; they’ve simply added a new class of institutional holders who capture yield through regulated wrappers.

The US market will likely follow a similar pattern, with the added wrinkle that American custody and compliance requirements may funnel delegations to a narrower set of validators than Europe’s more fragmented ETP landscape.

What to watch: delegation, policy, and the yield equilibrium

The next phase hinges on three variables.

First, which validators receive ETF delegations?

SSK’s prospectus allows custodian-directed delegation, and if a few large validators, those with deep compliance infrastructure and US legal presence, capture the bulk of institutional stake.

Solana’s validator economics then tilt toward entities that can service ETF custody, rather than those that prioritize maximizing decentralization or community engagement.

Tracking public disclosures and on-chain delegation data will reveal whether ETF flows diversify or concentrate.

Second, actual AUM run-rate versus the $1.5 billion base case. If Solana’s price rallies or if US retail and institutional demand surprises, the scale question shifts from “does this matter” to “how fast does this reshape the validator set.”

Monitoring fund creation data, CME Solana futures open interest for basis trades, and AP hedging flows will provide early signals of ETF traction.

Third, governance. Solana’s 2025 SIMD-228 proposal aimed to make inflation dynamic with respect to the staking rate, thereby dampening the APY feedback loop that currently rewards on-chain stakers when ETFs hold SOL that is unstaked.

The proposal didn’t pass, but the debate shows the community is actively considering policy that could mute the “fewer stakers, higher APY” mechanic.

If a successor lands, the economics of ETF versus native staking change, potentially tilting the equilibrium toward more unstaked holdings if policy smooths out the yield advantage.

The broader narrative is less about stETH than about custody and defaults. Liquid staking tokens on Ethereum succeeded because they preserved composability and liquidity while delivering yield.

Solana’s ETFs split the atom: non-staking funds offer liquidity without yield, and stake-enabled funds offer yield without composability.

The winner depends on who the marginal buyer is. Retirement accounts that can’t custody crypto will take the ETF route, while on-chain users will continue to stake natively to capture full rewards and maintain control over delegation.

The question isn’t whether ETFs drain staking, but whether the institutional capital they unlock stays passive or begins steering Solana’s validator economy from the inside.

The post Do ETFs risk centralizing Solana, and who actually gets the yield? appeared first on CryptoSlate.

The next major Ethereum upgrade, called Fusaka, a hybrid of “Fulu” (consensus) and “Osaka” (execution), will modify how the network handles data and fees without altering the primary user experience.

Beneath the surface, it’s a statement of direction: Ethereum’s main chain is staying the final settlement and data-availability hub, while everyday activity continues to flow outward onto cheaper, faster rollups.

The open question, which is whether Fusaka will bring users back to Layer 1, already has its answer. It won’t. It will make Layer 2 even harder to leave.

Inside Fusaka: scaling the plumbing, smoothing the ride

The technical backbone of Fusaka centers on data availability, sampling, and blob management, which is Ethereum’s approach to making Layer 2 posting cheaper and more efficient. The headline proposal, EIP-7594 (PeerDAS), lets nodes sample only fragments of rollup data, called “blobs”, instead of downloading everything.

That unlocks higher blob capacity and drastically lowers bandwidth costs for validators, a prerequisite for scaling L2 throughput.

Then comes EIP-7892, introducing “Blob Parameter-Only” forks, or BPOs, a mechanism to gradually increase the number of blobs per block (for instance, from 10 to 14, or 15 to 21) without rewriting the protocol.

This effectively lets developers tune Ethereum’s data capacity without waiting for complete upgrades. EIP-7918 sets a base-fee floor for blobs, ensuring the auction price for data space doesn’t collapse to near zero during low demand.

The rest of the bundle focuses on user experience and safety. EIP-7951 adds support for secp256r1, the cryptographic curve used in WebAuthn, making passkey logins possible across Ethereum wallets. EIP-7917 introduces deterministic proposer look-ahead, a small but significant change that helps pre-confirmation systems predict who will produce the next block, enabling faster transaction assurance.

Meanwhile, EIP-7825 caps transaction gas to prevent denial-of-service risks, and EIP-7935 adjusts default block gas targets to maintain validator stability.

These upgrades are already live on testnets like Holesky and Sepolia, with a mainnet activation expected in early December.

Why Fusaka matters for fees and the rollup economy

For users, Fusaka doesn’t promise cheaper Layer 1 gas. It’s built to lower Layer 2 fees. By allowing rollups to post more data at lower cost, the upgrade improves the economics for networks like Arbitrum, Optimism, Base, and zkSync.

Internal modeling suggests that rollup fees could fall between 15% and 40% under typical conditions, possibly even up to 60% if blob supply outpaces demand for an extended period. On the Ethereum mainnet, gas prices may remain roughly flat, although future adjustments to block gas targets could reduce them by another 10-20%.

The passkey and proposer updates, however, could make a difference in how Ethereum feels to use. With WebAuthn support, wallets can integrate biometric or device-based logins, removing the friction of seed phrases and passwords. With pre-confirmations enabled by predictable proposer schedules, users can expect near-instant confirmations for routine transactions, especially on rollups.

The net result is that Ethereum becomes smoother to use without pulling anyone back to L1. The rails get faster, but they’re still pointed toward the rollup lane.
L1 as settlement, L2 as experience

Ethereum’s architecture is no longer a debate between monolithic and modular design: it’s modular by choice. Layer 1’s purpose is to serve as the high-security settlement and data availability base, while actual user activity is moved to Layer 2.

Fusaka reinforces this split. When blob capacity increases, L2s can handle higher throughput for games, social apps, and micro-transactions that would be uneconomical on mainnet. The improvements to login and confirmation workflows make these L2 environments feel native and instantaneous, erasing much of the UX gap that once favored L1.

Where might users still choose Layer 1? In narrow cases, it involves high-value settlements, institution-scale transfers, or situations where block-ordering precision is crucial, such as miner extractable value (MEV) management or DeFi clearing. But those scenarios represent a small fraction of total on-chain activity. For the rest, L2 remains the natural home.

The bigger narrative: Ethereum as a layered internet

Viewed from above, Fusaka is less about gas optimization and more about maturity. It gives Ethereum a scalable framework for adjusting data capacity (BPOs) without disruptive forks, and a UX layer that makes Web3 feel more like Web2.

Yet its philosophy is clear: the network isn’t trying to centralize traffic on mainnet. It’s building an expressway system where rollups handle local traffic, and L1 serves as the courthouse where everything eventually gets notarized.

There’s also a monetary layer to the story. Cheaper data posting could drive a wave of new low-value applications, like social, payments, and gaming, back into rollups. Each of these still consumes ETH through blob fees, and with EIP-7918’s fee floor, those fees contribute to ETH burn. Ethereum’s burn rate could even tick higher if activity expands faster than fees decline, despite cheaper user costs.

On the validator side, PeerDAS lightens the load on bandwidth but may create a new reliance on “supernodes” that store full blob data. That’s a decentralization trade-off the community will continue to debate: how to scale data availability without narrowing participation.

The balance Ethereum is striking here, between throughput, usability, and trust, mirrors the broader direction of crypto infrastructure. L1s are hardening into secure bases, while L2s absorb experimentation and scale.
The takeaway

Fusaka isn’t a bid to reclaim the spotlight for the Ethereum mainnet. It’s the opposite: a deliberate move to strengthen the foundations for a rollup-centric future.

The upgrade expands data capacity, stabilizes fees, and modernizes wallet experience, but it does so in service of the layers above. Ethereum’s L1 becomes safer and smarter, while users continue to live on L2s that now run cheaper and faster than before.

By the time BPO1 and BPO2 roll out early next year, the real signals to watch will be blob utilization versus capacity, L2 fee compression, and wallet adoption of passkeys. The outcome will define how frictionless Ethereum feels in 2026, not by pulling people back to the main chain, but by making the off-ramps almost invisible.

The post Will Fusaka keep users on L2? Upcoming Ethereum upgrade eyes up to 60% fee cuts appeared first on CryptoSlate.

Solana exhibits an on-chain pattern that appears bearish at first glance but becomes constructive when considered alongside capital flows into regulated investment products.

Over the past month, early Solana holders, investors who accumulated during quieter market phases, have begun moving older coins back into circulation.

For context, Arkham Intelligence analyst Emmett Gallic reported on Oct. 30 that a long-dormant Solana address had recently transferred 200,000 SOL, worth roughly $40 million, to Coinbase Prime. Usually, such transactions often spark concern that a major holder is preparing to sell.

In fact, CryptoQuant data reinforced that perception, showing that large wallets have recently dominated average spot trade sizes on major exchanges. This indicates that older, better-capitalized investors were distributing their holdings into stronger positions.

That behavior isn’t inherently bearish. Across Bitcoin, Ethereum, and Solana, veteran investors tend to sell when liquidity improves, rather than when markets are illiquid.

However, what sets the current cycle apart is the new class of buyers absorbing that supply.

ETF flows absorb supply

CoinShares’ weekly digital asset fund report indicates that Solana-focused products have garnered approximately $381 million in inflows for the month, bringing their year-to-date flows to roughly $2.8 billion.

That placed Solana behind only Bitcoin and Ethereum as one of the top-performing crypto assets among institutional products, despite the significant market pullback that wiped more than $20 billion from investors’ earlier in the month.

Moreover, this shift has coincided with the debut of several new US-listed Solana investment vehicles.

Indeed, Grayscale’s Solana Trust (ticker: GSOL), which converted into an exchange-traded format on Oct. 29, recorded a modest $1.4 million in first-day net inflows, according to SoSoValue data.

A day earlier, Bitwise’s Solana Staking ETF (BSOL) saw a far stronger debut with $69.5 million in inflows, followed by another $46.5 million on Oct. 29. In fact, trading activity has mirrored that enthusiasm, with BSOL recording $57.9 million in day-one volume and over $72 million the following day.

Considering this, Bloomberg ETF analyst Eric Balchunas described the performance as “a strong sign of institutional demand” for Solana-linked products.

How does this impact SOL?

The changing ownership dynamics are strengthening Solana’s market structure rather than weakening it.

While old wallets have been distributing coins, those sales are being absorbed by regulated ETFs and institutional buyers with longer investment horizons. That reduces short-term speculative churn and anchors more stable, programmatic demand.

Price-wise, that handoff helps explain why SOL has held within a $180–$200 range even as broader crypto volatility has risen.

Instead of sharp selloffs, the token has shown controlled consolidation, suggesting that newly created ETF shares are being absorbed faster than they reenter the exchanges. Inflows from Bitwise’s BSOL and Grayscale’s GSOL act as a continuous liquidity sink, effectively tightening the available float in spot markets.

At the same time, the increase in open interest, up from under $8 billion to around $10 billion, has deepened Solana’s derivatives market.

That additional liquidity provides large holders with room to de-risk their positions without triggering outsized price reactions. Together, the two trends create a cushion against volatility: liquidity is broadening even as ownership concentrates among long-term vehicles.

If sustained, this pattern supports a more mature phase of price discovery.

SOL may continue trading sideways in the near term, but with less downside pressure and a more supportive base for future rallies.

However, the key risk is that the ETF inflows will fade below roughly $100 million weekly, while long-term holders continue to distribute. That imbalance could flip the equation, pushing SOL back toward exchange supply and weakening price stability.

The post Whales awaken as old SOL hits exchanges but $117M ETF inflows soak up supply appeared first on CryptoSlate.

Every few months, headlines warn of a looming multi-billion-dollar options expiry poised to shake Bitcoin price.

This quarter’s figure, roughly $13 billion in notional contracts, sounds dramatic, yet it’s part of a well-worn pattern on Deribit, the exchange that clears nearly 90% of Bitcoin’s options open interest.

The real story isn’t the size of the expiry, but the rhythm of how volatility is priced, hedged, and recycled through the platform that now anchors the crypto derivatives market.

A mechanical heartbeat

Deribit’s quarterly and month-end expiries follow a simple cadence: the last Friday of each period, all short-dated contracts settle simultaneously.

Traders start rolling positions days in advance, shifting exposure from expiring maturities into new ones. This means the $13 billion figure represents gross notional; most of it has already been neutralized long before the clock runs out.

In 2025 alone, the market has already seen expiries of similar scale: roughly $11.7 billion in May, $15 billion in June, and $14-15 billion in August, none of which derailed spot prices. The steady pattern shows that size alone doesn’t move Bitcoin; positioning does.

Why prices pin

Leading into expiry, a dynamic called gamma pinning keeps Bitcoin unusually stable. Dealers who are long gamma, essentially long volatility through options they’ve sold, hedge by buying into dips and selling into rallies. These offsetting flows suppress realized volatility, often holding BTC near the strike levels with the most open interest. That “max pain” zone is where the majority of option buyers experience a loss in value.

The moment contracts settle, this artificial calm disappears: the “gamma reset” removes hedging pressure, allowing spot to move more freely. As Glassnode has shown in past cycles, open interest quickly rebuilds while implied volatility (IV) eases.

Reading volatility through DVOL

The pulse of the options market is captured in Deribit’s DVOL, a 30-day implied-volatility index derived from the options smile. DVOL spiked above 70% in late October, reflecting traders’ demand for protection amid macro uncertainty.

However, as expiry approaches, DVOL typically drifts lower unless an outside catalyst intervenes, such as economic data, ETF flows, or a liquidity shock. The metric even has its own futures now, letting traders bet directly on volatility itself.

For newcomers, think of DVOL as a measure of expected turbulence: when it’s high, the market anticipates significant moves; when it’s low, options traders see calm seas ahead. Comparing DVOL with realized volatility shows whether option sellers are demanding a premium or pricing complacency. A DVOL that remains rich relative to realized levels suggests that sellers are earning carry, while compression warns that volatility could re-ignite.

Context beyond crypto

Unlike earlier cycles, today’s volatility isn’t isolated inside crypto venues. Spot Bitcoin ETFs have become primary parallel channels for Bitcoin. In early October, global crypto ETF inflows reached nearly $6 billion in a single week, providing steady demand that helps cushion spot prices.

This linkage means that derivatives now sit alongside institutional investment vehicles, rather than opposing them, as volatility spikes are as likely to be dampened by ETF flows as they are to be triggered by them.

At the same time, CME options activity has expanded, providing U.S. desks with a regulated venue for hedging, while offshore traders remain concentrated on Deribit. The result is a split ecosystem: Deribit defines near-term crypto-native volatility, CME reflects TradFi participation. Their interplay helps explain why even record expiries now pass with minimal dislocation.

What to watch post-expiry

Once the $13 billion clears, three variables shape the next leg:

• Open-interest rebuild: New maturities show where traders expect movement. A shift toward upside calls signals renewed optimism; heavy put interest hints caution.
• DVOL term structure: A front-month premium fading after expiry points to normalization; a sustained elevation implies lingering uncertainty.
• ETF and macro overlays: Strong inflows or soft economic data can override any technical expiry effects, redirecting flows faster than option books can adjust

The bigger picture

Kaiko’s research frames these expiries as volatility-management events, not market shocks. Each one clears the board, resets positioning, and lays the foundation for the next volatility cycle.

Deribit’s dominance ensures that Bitcoin’s implied volatility structure (the balance between fear and greed) remains anchored to how traders hedge on that single platform.

For seasoned desks, expiry Friday is just accounting; for observers chasing the next “big move,” it’s a reminder that the loudest numbers often hide the quiet mechanics that make modern crypto markets run.

The post Why $13B in Bitcoin options expiring this week is a price nothing burger appeared first on CryptoSlate.

Ethereum’s next big moment is officially on the calendar. After months of testing across multiple networks, the Ethereum Foundation has confirmed December 3 as the launch date for the long-awaited Fusaka mainnet upgrade. Announced during Thursday’s All Core Devs call, Fusaka will roll out roughly a dozen Ethereum Improvement Proposals (EIPs) aimed at making the network faster, more efficient, and more secure. It’s the most significant update since Pectra, and one that positions Ethereum for the next phase of scaling and Layer 2 integration.

What Is Fusaka?

The Fusaka hard fork is a backward-compatible upgrade focused on improving the sustainability, scalability, and security of Ethereum’s base chain. It brings several protocol-level refinements designed to optimize validator operations, data availability, and transaction capacity—all without disrupting existing smart contracts or user activity.

From Testnets to Mainnet

Fusaka reached its final milestone this week by going live on the Hoodi testnet, following successful rollouts on Holesky and Sepolia earlier this month. Each deployment was monitored for validator stability, synchronization, and performance, clearing the way for a confident mainnet launch.

Key Features and Improvements

The headline feature in Fusaka is Peer Data Availability Sampling (PeerDAS)—a breakthrough method for validators to access and verify data more efficiently. Initially slated for February’s Pectra upgrade, PeerDAS was postponed for additional testing and will now go live under Fusaka.

Another core improvement is the increase of the block gas limit from 30 million to 150 million units, dramatically expanding Ethereum’s transaction capacity and doubling blob data throughput. Together, these upgrades push Ethereum closer to its long-term goal of high-throughput, low-cost scalability.

Security and Community Efforts

Ahead of the upgrade, the Ethereum Foundation launched a four-week audit contest with up to $2 million in rewards. The goal is to uncover any vulnerabilities before Fusaka reaches the mainnet, reinforcing Ethereum’s commitment to transparency and open collaboration within the developer community.

The Road Ahead

Fusaka marks another step in Ethereum’s steady evolution. By modernizing data handling, boosting block limits, and refining validator operations, it lays the groundwork for a more scalable and sustainable ecosystem. With December 3 approaching, developers and stakers alike are preparing for a smoother, more capable $Ethereum ready to meet growing global demand.

When Elon Musk’s SpaceX quietly shifted another 281 Bitcoin — roughly $31 million — on October 29, it wasn’t just another crypto transaction. It was the fifth major move this month, bringing the total to over $471 million worth of BTC relocated in October alone. While some may see it as routine housekeeping, blockchain analysts suggest something more deliberate is happening behind the scenes: a large-scale restructuring of SpaceX’s Bitcoin custody.

What Exactly Did SpaceX Move This Month?

Elon Musk’s SpaceX shifted another 281 BTC — worth about $31 million — to a new address late on October 29, marking its fifth major Bitcoin transfer this month. According to blockchain analytics platform Lookonchain, which cited Arkham data, these movements appear to be part of a larger pattern of custody consolidation.

Over October alone, SpaceX has moved a total of 4,337 BTC, valued at roughly $471.7 million. All of the transactions were reportedly carried out through Coinbase Prime, an institutional-grade custody and trading platform.

Breaking Down the Transfers

The activity began on October 21, when SpaceX transferred 2,495 BTC (worth about $268.5 million) in two separate transactions — its first recorded moves since late July. Analysts suggested these might have been part of a broader wallet reorganization, rather than an outright liquidation or acquisition.

A few days later, on October 24, SpaceX moved another 1,561 BTC, worth around $171.9 million. Most of these transactions appear to involve migrating assets from older, legacy Bitcoin address formats to newer, more secure ones.

Why Migrate Bitcoin Addresses?

The evolution of Bitcoin address types helps explain what’s happening. SpaceX appears to be moving coins from older Pay-to-PubKey-Hash (P2PKH) addresses — the classic format starting with “1” — to native SegWit (P2WPKH) and possibly Taproot (P2TR) addresses, which begin with “bc1q” or “bc1p.”

These newer address types are more efficient and secure. They reduce transaction fees, enhance privacy, and enable advanced features like multi-signature setups — critical for large institutional holders like SpaceX that require both flexibility and security in custody management.

How Much Bitcoin Does SpaceX Still Hold?

Arkham Intelligence first identified SpaceX’s Bitcoin wallets in March 2024, tracing 8,285 BTC across 28 addresses. As of now, the platform’s data shows 7,258 BTC still under SpaceX’s control — worth around $799 million at current prices.

However, the figure may not yet include the most recent October transfers. About 1,027 BTC from the recent moves hasn’t been relabeled as belonging to SpaceX or Coinbase Prime, which could simply be a matter of delayed tagging rather than actual liquidation.

Musk’s Bitcoin Journey So Far

Elon Musk first confirmed in July 2021 that both Tesla and SpaceX had purchased Bitcoin. By late 2022, SpaceX had reportedly sold around 70% of its holdings, likely due to the cascading market crises of that year — including the collapse of Terra in May and FTX in November.

Tesla followed a similar path, selling most of its Bitcoin in 2022. According to Arkham data, Tesla still holds around 11,509 BTC, worth approximately $1.3 billion today.

What This Means for the Market

While there’s no evidence that SpaceX is selling its Bitcoin, these transfers signal that Musk’s companies are tightening their operational and custodial setups. Moving from legacy to modern wallet formats aligns with best practices for large institutions — improving efficiency, reducing risks, and ensuring compliance with evolving custody standards.

In short, SpaceX isn’t dumping Bitcoin — it’s upgrading how it stores it. That subtle distinction could make all the difference for how the crypto market interprets these moves in the weeks ahead.

XRP Faces Pressure as Crypto Market Turns Red

The crypto market just slipped back into the red, losing over 2.5% in the past 24 hours. $Bitcoin has fallen below key resistance levels, and altcoins are following — but $XRP appears to be under particularly heavy selling pressure.

Currently trading around $2.51, XRP is clinging to its short-term support zone. Traders are now questioning whether this level can hold, or if the token is about to test the $2.00 region — a level that could trigger widespread panic among holders.

XRP Price Today: XRP Risks a Breakdown

From a technical perspective, XRP’s chart looks fragile. The price has fallen below both the 9- and 21-period moving averages, signaling a short-term trend reversal. Unless bulls regain control soon, the path of least resistance remains downward.

XRP/USD 2-hour chart - TradingView

• Immediate support: $2.50
• Next major level: $2.20 — the last strong support visible before a potential flush lower.
• Bearish target: $2.00 — a psychological line that could turn into a magnet if the market continues to weaken.

The RSI is sliding near 44, pointing toward growing selling momentum but still leaving room before hitting oversold territory. Meanwhile, the MACD lines are diverging deeper in negative territory — a clear sign of bearish momentum building.

If XRP fails to stabilize above $2.50, a cascade toward $2.20–$2.00 becomes increasingly likely.

Will Cryptos Crash?

This move isn’t isolated. The broader market downturn — led by Bitcoin and Ethereum corrections — is fueling fear across altcoins. Liquidity is drying up, and traders are de-risking ahead of upcoming macroeconomic events in early November.

The sentiment shift is visible across social platforms: rising mentions of “XRP crash,” “support break,” and “retest of $2” highlight how the crowd is preparing for further losses.

What Could Trigger a Reversal?

While the current setup favors sellers, a relief bounce is still possible if bulls defend key levels. Watch for:

• A bounce from $2.50 with strong volume.
• A bullish MACD crossover signaling momentum shift.
• RSI divergence near $2.20, indicating exhaustion among sellers.

If these signs appear, XRP could attempt a rebound toward $2.80–$3.00, especially if Bitcoin stabilizes above the $110K region.

XRP Future: Traders Brace for Volatility

For now, fear dominates the XRP chart. The $2.50 support is holding by a thread, and a clean breakdown could send the token sliding closer to $2.00, a level unseen in weeks.

While it hasn’t crashed yet, the warning signs are clear — a single sharp move could ignite panic selling across the market. Until sentiment improves, traders should stay cautious as volatility remains high.

Bitget, the world’s largest Universal Exchange (UEX), has been featured in a new liquidity analysis report in collaboration with Nansen, for its accelerating role in institutional crypto adoption. The study emphasizes Bitget's $23.1 billion trading volume, which places it second among global exchanges, and the quick growth of its institutional clientele, which positions the platform as a significant liquidity hub in the evolving digital asset market of 2025.

The report indicates that institutional participation on Bitget increased significantly this year, with institutional spot trading volume increasing from 39.4% in January to 72.6% in July. Similar trends were seen in futures activity, where market makers increased from 3% of volume at the beginning of the year to over 56.6% by the middle of the year. These shifts have coincided with record order-book depth and consistent spreads across major trading pairs, including BTC/USDT, ETH/USDT, and SOL/USDT, metrics now on par with those of the largest global exchanges.

“Bitget’s progress this year has been backed by measurable improvements. Order book depth and execution metrics now track closely with that of other CEXs, while reported institutional volume on its spot markets has risen from under 40% to over 70%. With observed tightening in spreads, greater depth, and a wider presence of funds active on the platform, Bitget appears to be evolving in line with features typically associated with institutional-grade venues,” said Nicolai Søndergaard, Research Analyst at Nansen. 

Bitget's liquidity depth is still one of the most consistent in the industry.  Bitget's Amihud illiquidity ratio of 0.0014, which is in close alignment with other top platforms, and its Roll spread estimate of 9.02 basis points, which places it close to the global median, were also highlighted in the report. Even during times of high volatility, these results demonstrate consistent order-book depth, low slippage, and tight execution.

“Liquidity is the heartbeat of any market, and institutional investors know it’s what separates speculation from structure,” said Gracy Chen, CEO at Bitget. “Our evolution into a Universal Exchange (UEX) is about giving these participants more than access; it’s about giving them confidence. We’re building an ecosystem where institutions and retail traders operate on the same solid foundation, from execution to custody.”

The platform’s institutional loan and custody infrastructure has also expanded significantly. Bitget now provides tailored lending programs offering up to $10 million USDT with flexible terms, cross-collateral support for 300+ assets, and integrations with major custodians, including Fireblocks, Copper, and OSL.

Bitget’s shift into a Universal Exchange (UEX) marks a defining phase in its growth. By bridging centralized and decentralized finance, Bitget is building a unified framework for trading, investing, and liquidity provisioning. Its combination of deep order books, institutional tooling, and tokenized market access signals a broader transformation of crypto exchanges into full-scale financial gateways.

Institutional adoption is no longer a trend, it’s the structure of the market. Execution quality and liquidity are emerging as the new standards of trust as professional funds, corporate treasuries, and exchange-traded funds (ETFs) increase their holdings. Bitget's ongoing rise in this market demonstrates its capacity to uphold institutional norms while redefining what an exchange in the UEX era can be.

To view the full report, visit here.

About Bitget

Established in 2018, Bitget is the world's largest Universal Exchange (UEX), serving over 120 million users with access to millions of crypto tokens, tokenized stocks, ETFs, and other real-world assets on a single platform. The ecosystem is committed to helping users trade smarter with its AI-powered trading tools, interoperability across tokens on Bitcoin, Ethereum, Solana, and BNB Chain, and wider access to real-world assets. On the decentralized side, Bitget Wallet runs as the leading non-custodial crypto wallet supporting 130+ blockchains and millions of tokens. It offers multi-chain trading, staking, payments, and direct access to 20,000+ DApps, with advanced swaps and market insights built-in the platform. 

Bitget is driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World's Top Football League, LALIGA, in EASTERN, SEA and LATAM markets. Aligned with its global impact strategy, Bitget has joined hands with UNICEF to support blockchain education for 1.1 million people by 2027. In the world of motorsports, Bitget is the exclusive cryptocurrency exchange partner of MotoGP™, one of the world’s most thrilling championships.

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, please refer to our Terms of Use.

The Federal Reserve’s latest quarter-point rate cut has reignited speculation about a potential shift in market sentiment. For Bitcoin price, a macro-sensitive asset that thrives on liquidity and lower yields, this decision could mark the early stages of a new upward cycle — but the charts tell a more complex story.

Bitcoin News: What Exactly Changed After the Fed’s Decision?

The Fed lowered its benchmark rate by 25 basis points to a range of 3.75%–4%, its second consecutive cut in as many months. The move signals a clear pivot from fighting inflation toward supporting employment. The central bank also announced it would stop reducing its balance sheet starting December 1, effectively pausing its quantitative tightening campaign.

That’s a big deal for risk assets like Bitcoin. Historically, every Fed pivot toward easier money — from 2019 to 2020 and again in 2023 — injected new liquidity into the system. Lower yields reduce the attractiveness of bonds, pushing capital toward higher-risk assets such as tech stocks and crypto. But this time, the Fed’s hands are tied: inflation remains above target, and the economy is sending mixed signals.

Bitcoin Price Prediction: How Is Bitcoin News Reacting on the Chart?

Bitcoin price is currently trading near 110,200 USD after pulling back from the 112,500 zone. On the daily Heikin Ashi chart, the price is hovering just below the midline of the Bollinger Bands, with visible resistance near the upper band at 115,700.

The 20-day simple moving average (SMA) sits close to 110,900 — acting as a pivot area. The recent candles show indecision, reflecting traders waiting for post-Fed clarity. The Fibonacci retracement levels drawn from the recent October high to the local low show key resistance at 0.236 (around 111,300) and a support cluster between 0.382 (108,700) and 0.5 (107,000).

This means Bitcoin’s short-term momentum depends on whether bulls can reclaim and hold above 111,500. A clean breakout above that level could trigger a move toward 115,000–117,000, while a rejection risks a slide back toward the lower Bollinger band around 106,000.

Does the Macro Shift Favor Bitcoin News?

In theory, yes. Rate cuts and an end to balance-sheet reduction typically boost liquidity and reduce the cost of leverage — both key ingredients for a crypto uptrend. The Fed’s decision also signals anxiety about the labor market, implying that policymakers may keep monetary conditions loose into early 2026.

That backdrop has historically aligned with Bitcoin rallies. The 2019–2020 Fed pivot preceded Bitcoin’s explosive bull run to $65K. However, the difference this time is inflation persistence and fiscal uncertainty under the Trump administration’s renewed policies. Tariffs continue to pressure consumer prices, limiting how aggressive the Fed can be. That tension could cap Bitcoin’s upside if real rates remain elevated or if investors fear renewed tightening later.

What Do Technical Indicators Suggest?

Bollinger Bands are starting to widen again after a period of compression — an early signal of rising volatility. The lower band has flattened near 106,000, indicating potential support stability. Meanwhile, Heikin Ashi candles have transitioned from deep red to smaller-bodied candles, suggesting that selling momentum is slowing but not yet reversed.

If Bitcoin price holds the 110,000 psychological level and the 0.382 Fibonacci pivot, a recovery toward 115,000 is likely. On the flip side, a break below 107,000 could trigger another flush toward 102,000, where the next major Fibonacci level (0.786) sits.

What This Means for Traders

Here’s the thing: the Fed’s rate cut has changed the liquidity outlook, but Bitcoin’s technical setup isn’t screaming “rally” yet. Traders should watch for:

• A daily close above 111,500 to confirm bullish continuation.
• Strengthening volume on green candles as a sign of renewed conviction.
• The lower Bollinger band around 106,000 as a make-or-break support.

If these conditions align, Bitcoin price could enter a recovery phase toward 120,000 in November. But if macro data — especially inflation — surprises on the upside, markets may call the Fed’s bluff, pushing yields higher and draining crypto liquidity again.

Bitcoin Price Prediction: A Rally on Pause, Not Yet Ignited

The Fed’s pivot is a potential catalyst, not a guarantee. $BTC price reaction will depend on whether traders believe the Fed can engineer a soft landing without reigniting inflation.

For now, Bitcoin’s structure suggests consolidation before any meaningful rally. A short-term rebound to 115,000 is possible, but sustained momentum will require a clear macro follow-through — likely another rate cut or stronger confirmation that the Fed’s easing cycle is real.

In short, the spark is there. Whether it becomes a rally depends on how fast liquidity returns to risk markets — and how confidently Bitcoin news can reclaim its lost technical ground.

Analysts say the Fed's pivot from quantitative tightening could propel Bitcoin to $200,000, citing key differences from 2019.

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TLDR:

• Egrag Crypto’s 10% Theory projects XRP could climb 2.4x from current levels.
• Historical cycles show XRP often consolidates before major price surges occur.
• Analyst warns short-term volatility may persist despite long-term bullish setup.
• XRP’s $6 target depends on market sentiment, liquidity flows, and cycle alignment.

An XRP-focused market analyst has projected a potential price surge toward the $6 mark, citing data-driven patterns and market cycle alignment. 

Egrag Crypto, known for his chart-based insights, outlined his “10% Theory” using the Gaussian Channel on a two-week timeframe. The analyst suggested that XRP could experience a 2.4x increase from current levels if historical cycle behavior repeats. 

His outlook combines technical precision with a hint of sarcasm directed at what he described as “TA masters” who ignore data-backed patterns.

The 10% Theory and Cycle Structure

According to Egrag, XRP’s movement within the Gaussian Channel reveals a recurring trend that often leads to major breakouts. 

He referred to the current consolidation phase as the “10% zone,” where the token typically establishes a strong foundation before upward acceleration. Based on his chart interpretation, this phase has historically preceded exponential rallies, positioning XRP for potential gains if the pattern sustains.

The analyst emphasized that previous cycles followed a similar mathematical trajectory, with XRP showing resilience in long consolidation periods before expanding. 

He estimated that the current setup mirrors conditions observed during past breakout formations. If market sentiment and volume align with these metrics, XRP could approach the projected $6 range before the end of the ongoing bullish phase.

Data-Driven Optimism Amid Market Disbelief

Egrag’s analysis carries a confident tone, reflecting his long-term belief in XRP’s cyclical consistency. 

He noted that skepticism from other analysts often arises during consolidation stages, yet historical data supports sustained bullish outcomes once the Gaussian Channel confirms reversal. “Math never lies,” he wrote, reinforcing his view that price action remains bound to predictable structures rather than speculation.

However, the analyst also cautioned that short-term volatility may persist before any decisive breakout. He encouraged investors to rely on logical chart interpretation instead of emotion-driven trading narratives. 

His approach, combining humor with technical insight, underscores a broader trend among XRP supporters who view mathematical patterns as key indicators for future performance.

While market conditions remain uncertain, Egrag’s projection adds to the growing discussion around XRP’s next major move. The statistical modeling and cycle-based forecasting presents a data-supported case for potential upside. 

At press time, XRP price trades at $2.48. The token has dropped by 4.15% over the past day but maintained a 1.36% weekly gain. Its volume sits at $5 billion.

Whether XRP reaches $6 will depend on broader liquidity flows and investor conviction, but the current technical setup suggests that the token’s next major shift could be closer than many expect.

The post XRP Analyst Eyes $6 Target as Key Pattern Signals Strong Upside appeared first on Blockonomi.

TLDR:

• Nordea will launch CoinShares-manufactured Bitcoin ETPs in December 2025 for experienced Nordic investors.
• The synthetic Bitcoin ETP allows exposure to crypto within regulated financial frameworks.
• Nordea’s execution-only platform will offer access without direct investment advice.
• The move signals growing confidence in crypto among European banking institutions.
  

The move that crypto watchers have waited years for is finally happening. 

Nordea, one of the largest banks in the Nordics, is preparing to introduce Bitcoin-linked exchange-traded products in partnership with CoinShares International Limited. 

The new offering will let its customers access Bitcoin exposure directly through Nordea’s trading platforms. This marks a shift for the bank, which has long approached digital assets with caution. 

The products are expected to go live in December 2025, according to a company release.

Growing Demand for Regulated Bitcoin Exposure

For years, Nordea watched the crypto space from the sidelines. Regulatory uncertainty kept large institutions away. But that picture is changing across Europe. Clearer rules and stronger investor protections are drawing traditional banks back into the fold.

According to the release, Nordea decided to move forward as crypto regulation in the EU matured and demand from clients surged. 

The new CoinShares product is a synthetic Bitcoin ETP, designed for experienced investors looking for alternative asset exposure. It will be listed under Nordea’s execution-only trading platform, meaning the bank won’t provide investment advice on it.

ETPs tied to cryptocurrencies have already gained traction across Europe. Investors view them as a bridge between traditional finance and the digital asset market. With Nordea joining in, the Nordic region could see increased institutional participation heading into 2026.

CoinShares Expands Its Reach Through Nordea Platforms

CoinShares, a leading European digital asset manager, will manufacture and manage the Bitcoin ETPs. 

The firm already offers several crypto-based exchange-traded products listed across European exchanges. Partnering with Nordea gives it direct access to one of the largest investor bases in the Nordics.

This collaboration also signals that traditional banks are becoming more comfortable offering crypto-related investment products. It provides clients a path to gain Bitcoin exposure through familiar banking channels rather than offshore or unregulated exchanges.

The partnership reflects a broader shift in the market. As digital asset regulation strengthens, more banks are expected to integrate crypto-linked financial instruments into their offerings. Nordea’s move with CoinShares may well set the tone for other Nordic institutions to follow.

The post Nordea to Launch Bitcoin ETPs with CoinShares: Here’s When appeared first on Blockonomi.

TLDR:

• Ondo Finance selected Chainlink as the oracle for pricing its regulated tokenized stocks and ETFs.
• The partnership integrates Chainlink’s CCIP as the cross-chain solution for financial institutions.
• Chainlink joined Ondo’s Global Market Alliance supporting tokenized assets worth over $300 million.
• The integration will enable real-time equity pricing and expand onchain capital markets access.
  

Chainlink has entered a new phase of institutional adoption. Ondo Finance, a key player in real-world asset tokenization, has selected Chainlink as its official oracle provider for its regulated tokenized stocks platform. 

The partnership aims to establish a trusted foundation for bringing traditional assets onchain. Through Chainlink’s Cross-Chain Interoperability Protocol (CCIP), Ondo will link traditional financial institutions with DeFi networks. 

Chainlink’s Oracle Network to Secure Ondo Tokenized Stocks

Ondo Finance confirmed that its tokenized equities and ETFs will be powered by Chainlink’s institutional-grade data feeds. 

The setup allows accurate and secure pricing for over 100 tokenized assets currently listed on Ondo Global Markets. These price feeds capture corporate actions, including dividends and adjustments, ensuring real-time valuation directly onchain.

According to the press release, the integration makes Chainlink’s data standard central to Ondo’s tokenized stocks. 

The platform’s assets, valued at over $300 million in total value locked (TVL), now gain access to verified, multi-chain data inputs. This structure reduces dependency on offchain systems while improving transparency for institutions adopting DeFi infrastructure.

Chainlink’s collaboration provides Ondo’s ecosystem with interoperability and resilience across multiple blockchains. Each feed delivers custom price data, enabling DeFi protocols to use Ondo’s tokenized assets in lending, yield, and collateral products. 

Ondo’s CEO Nathan Allman stated that the partnership brings DeFi and traditional finance closer, supporting onchain composability for institutional users.

Driving Financial Institutions Onchain with CCIP Integration

Ondo and Chainlink plan to accelerate institutional adoption of tokenized assets by making CCIP the preferred interoperability framework. 

The joint effort targets major financial institutions exploring blockchain for asset management, settlement, and cross-chain operations. Ondo’s network already spans 10 blockchains and over 100 integrated applications, positioning it as a major gateway for regulated digital assets.

Chainlink’s participation in the Ondo Global Market Alliance strengthens this ecosystem further. The alliance includes partners from both DeFi and traditional markets, creating a shared framework for secure asset transfer and pricing. 

The collaboration also connects Ondo with Chainlink’s broader corporate actions initiative, which includes participants like Swift, DTCC, and Euroclear.

Chainlink co-founder Sergey Nazarov said the integration reflects how traditional financial instruments can function securely onchain. By linking Chainlink’s data services with Ondo’s tokenized markets, both companies aim to redefine how real-world assets trade and settle in decentralized environments.

The post Ondo Taps Chainlink to Price $300M in Onchain Tokenized Stocks appeared first on Blockonomi.

TLDR:

• Coinbase’s Q3 profit jumped to $433M as crypto market swings pushed trading revenue to over $1B.
• Stablecoin income rose to $354.7M, driven by corporate adoption and favorable policy support.
• Coinbase acquired Deribit to strengthen its position in crypto derivatives trading markets.
• The company added $299M in Bitcoin during Q3, expanding its holdings to 14,548 BTC.
  

Coinbase has once again shown that volatility pays. The exchange recorded its strongest quarter in over a year as trading activity surged. Institutional demand and stablecoin revenue helped boost profits far beyond expectations. 

Bitcoin’s price swings fueled trading, and policy optimism added momentum. Analysts say Coinbase is now operating from a position of strength.

Trading Revenue Drives Coinbase’s Crypto Profit Boom

According to reports Coinbase posted a net income of $432.6 million for the third quarter, or $1.50 per share, compared to $75.5 million last year. The company’s transaction revenue reached $1.05 billion, nearly doubling from $573 million in the same period a year earlier.

Crypto volatility played a major role in this growth. July’s market rally, spurred by pro-crypto policies from President Trump’s administration, drove volumes higher. Bitcoin hit new peaks, sparking trading activity that benefited exchanges like Coinbase. 

When weak economic data hit in August, the following selloff also fueled trading as investors repositioned.

According to Wu Blockchain, Coinbase also added $299 million worth of Bitcoin to its balance sheet through weekly purchases, now holding 14,548 BTC. Analysts view this accumulation as part of the company’s broader effort to expand its digital footprint while maintaining liquidity strength.

Coinbase shares rose more than 3% after the earnings release, reflecting investor confidence in the exchange’s ability to profit in both bullish and choppy markets.

Stablecoin and Subscription Revenue Strengthen Growth Outlook

Coinbase’s subscription and services revenue climbed 34% to $746.7 million in Q3, supported by strong stablecoin performance. Stablecoin-related income reached $354.7 million, up from $246.9 million a year earlier, signaling growing demand from corporates and financial institutions.

The exchange credited policy tailwinds and broader adoption trends for the surge. 

In a shareholder letter, it said that stablecoin payments are accelerating as businesses use them for treasury and settlement operations. This growth also ties to recent U.S. policy frameworks such as the GENIUS Act, aimed at regulating and promoting stablecoin use.

Coinbase completed its acquisition of Deribit during the quarter, expanding into derivatives trading. The move, according to analysts at Third Bridge, helps Coinbase close a long-standing gap in its product lineup. 

Deribit dominates crypto options trading, giving Coinbase a foothold in a growing market.

CEO Brian Armstrong said Coinbase is working toward becoming an “everything app” for finance. The company plans to introduce tokenized stocks and prediction markets while continuing to acquire key businesses that fit its ecosystem vision.

The post Coinbase Q3 Profit Hits $433M as Bitcoin Holdings Rise to 14,548 BTC Amid Volatility appeared first on Blockonomi.

TLDR:

• Solana treasury firms show sustained losses, reflecting weak institutional demand and ongoing selling pressure.
• The SOL price has slipped below $200, showing limited support after treasury-related weakness extended across the sector.
• Ethereum treasury firms are also facing renewed declines as corporate holders begin offloading crypto positions.
• Analysts suggest both ecosystems may need treasury-driven buying before seeing any meaningful market recovery.
  

Solana’s price has slipped below a key support level as treasury-linked companies tied to the ecosystem continue to weaken. 

Crypto analyst Ted (@TedPillows) noted that Solana treasury firms are performing even worse than those tied to Ethereum. His analysis suggests a lack of strong bidding pressure, leaving Solana exposed to more downside. 

The sell-off across treasury-linked firms appears to mirror the same fragility visible in the broader Solana market. Market watchers say Solana may not find momentum until treasury firms start accumulating again.

Solana Treasury Firms Face Deepening Pressure

The chart shared by Ted illustrates heavy selling across Solana-linked treasury companies. 

Forward Industries, Sol Strategies, Sharps Technology, and DeFi Development Corp. all show prolonged declines. Each firm’s stock has been trending lower for months, marked by lower highs and persistent selling activity.

Sol Strategies, in particular, has fallen sharply below key support levels, echoing Solana’s broader market weakness. The synchronized drop among these companies indicates treasury holdings linked to Solana have been devalued over time. 

Ted observed that this erosion of balance sheet strength is leaving these firms with little room to stabilize.

He explained that Solana’s market structure is being weighed down by the same problem, weak corporate demand. Without renewed buying activity from treasury-linked entities, Solana’s recovery could remain limited. 

At press time, CoinGecko data showed Solana trading at $186.33, down 2.70% over 24 hours and 2.54% for the week.

Ethereum Treasury Firms Also Struggling

Ted also pointed to fresh weakness among Ethereum treasury-linked firms. 

In his post, he said that Ethereum-related treasury companies had started showing new declines after what appeared to be a short-lived recovery. Some have reportedly begun selling holdings, creating further pressure across the group.

According to Ted, the only path for a sustained Ethereum recovery is through renewed strength from treasury companies. The situation reflects a broader cooling across corporate balance sheets exposed to both Solana and Ethereum. 

Analysts say the lack of institutional accumulation is becoming more visible across token price charts. 

For Solana, the next strong rally could depend on whether these companies start buying again. Until then, traders may see continued range-bound movement in SOL.

The post Are Solana Treasury Firms ‘Performing Worse’ Than Ethereum’s? SOL Struggles Below $200 appeared first on Blockonomi.

This Friday, we examine Ethereum, Ripple, Cardano, Binance Coin, and Hyperliquid in greater detail.

Ethereum (ETH)

Ethereum closes the week in red with a 2% loss after it struggled to hold above $4,000. If sellers continue to maintain the pressure, then the asset could drop to the key support at $3,345. At the time of this post, ETH is found at around $3,800.

The price action is currently in a downtrend, but in the past, buyers always came in strong whenever the asset fell under $4,000. Since the weekly candle is not closed yet, there is still a chance bulls will return over the weekend.

Looking ahead, Ethereum must stop the correction soon if it wants to have a chance at new highs before the end of the year. Hopefully, November will see a reversal and renewed uptrend.

Ripple (XRP)

XRP tried to break above the $2.7 resistance this week, but failed and fell lower. Nevertheless, buyers came in strong at the $2.4 support level, which allowed it to close the week 2% higher.

The sell volume has dominated the chart since the October 10th crash, and any relief rallies were short-lived. Still, bulls managed to make higher lows, which indicates sellers appear exhausted.

Looking ahead, the daily MACD remains bullish despite this most recent pullback. If buyers manage to maintain this, then XRP may have another chance at breaking the $2.7 resistance.

Cardano (ADA)

Unfortunately for ADA, its price made a lower low most recently. This is also why it closed the week with a 5% loss. At the time of this post, buyers are doing their best to keep this cryptocurrency above the $0.60 support.

If that support falls, then buyers will most likely retreat to $0.54, where the next major level is found. The current resistance is at $0.64, where sellers were quick to reject a breakout attempt on Monday.

Looking ahead, ADA remains bearish, and buyers are still shy at these price levels. This is why this downtrend could continue until market participants become interested again.

Binance Coin (BNB)

Binance Coin fell by 4% this week, but remains firmly placed in a range between $1,000 and $1,200. So long as it remains in this range, volatility will decrease as buyers and sellers decide on their next steps.

A clear breakout is needed beyond $1,200 if bulls hope to take BNB higher. A breakdown under 1,000 would be bearish and see the asset revisit $950 and $900.

Looking ahead, the overall market remains choppy, and risk-taking has been punished in October. Therefore, Binance Coin may need more time until it breaks away from its range.

Hype (HYPE)

HYPE had a very strong relief rally that allowed its price to increase by 15% in a market that was mostly red this week. Still, sellers returned at $50 and stopped the rally, pushing the price into a pullback.

This cryptocurrency has strong support at $43 and $39, should selling intensify later. At the time of this post, HYPE is found at around $45.

Looking ahead, HYPE’s momentum remains bullish, but it needs to break above $50 to sustain it. The first attempt at a breakout was rejected, but buyers could try again soon. Any success is also dependent on the overall market.

The post Crypto Price Analysis October-31: ETH, XRP, ADA, BNB, and HYPE appeared first on CryptoPotato.

Sam Bankman-Fried’s (SBF) long-dormant X account unexpectedly came back to life on Thursday night, posting a link to a 14-page document claiming that FTX was “never insolvent.” The upload, which appeared years after the exchange’s collapse and the founder’s 25-year prison sentence, rehashed familiar talking points from his 2023 trial while injecting a fresh dose of conspiracy.

The document, allegedly written by SBF and his team, insists that FTX’s downfall was not due to a $10 billion fraud as a Manhattan jury concluded. Instead, it was due to a “liquidity crisis” that could have been “resolved by the end of the month” if not for “external counsel” who supposedly derailed the process.

Prison Walls Can’t Stop the Spin

It claims FTX held $25 billion in assets and $16 billion in equity value against $13 billion in liabilities at the time of its collapse, and argued that had lawyers not stepped in, its portfolio would now be worth an eye-popping $136 billion, including stakes in Anthropic, Robinhood, and Ripple.

The post quickly stirred up a storm across crypto circles. To many, it sounded less like a confession and more like a follow-up to SBF’s past interviews, especially his March chat with Tucker Carlson, where he insisted there was “enough money” to repay everyone. The new document fits neatly into his ongoing claim that he’s a victim of political targeting rather than the mastermind of one of crypto’s biggest frauds.

Just weeks earlier, SBF, or someone posting for him on GETTR, alleged that his arrest was politically motivated and went on to blame his pivot toward centrist politics and donations to Republicans. He even accused the Biden administration and the then-SEC Chair Gary Gensler of timing his arrest to silence him before a key crypto bill vote and a planned congressional testimony.

Critics, however, aren’t buying the redemption arc. Legal experts and former FTX creditors were quick to point out that the claims are similar to the arguments rejected in court and contradict the forensic audits that traced billions in missing customer funds.

The crypto community wasted no time pushing back against the convicted exec’s latest attempt to rewrite history. Venture capitalist Adam Cochran summed up the industry’s mood bluntly as he tweeted, “Shut the fuck up, Sam. You stole.”

On-chain investigator ZachXBT also called out SBF’s claims as “misinformation” recycled from his trial days. ZachXBT pointed out that FTX creditors were paid based on crypto prices at the time of the exchange’s November 2022 bankruptcy, not at today’s far higher valuations, meaning many users who held assets like SOL or BTC still took heavy losses. He added that the rise in value of FTX’s illiquid investments is a pure coincidence and not evidence of solvency.

“SBF is just trying to weaponize the fact that every FTX asset / investment has gone up from picobottom Nov 2022 prices when they factually could not pay out users at the time of bankruptcy and instead point the bankruptcy team as the true villain.”

Trump Pardons CZ While SBF Waits for a Miracle

Despite receiving a 25-year prison sentence, SBF and his family continue to insist he was wrongfully prosecuted. His parents, Stanford professors Joseph Bankman and Barbara Fried, are reportedly exploring options for a presidential pardon from Donald Trump.

Interestingly, Trump also pardoned Binance founder Changpeng “CZ” Zhao, who once played a crucial role in triggering FTX’s downfall. In November 2022, CZ announced on X that Binance would sell its $529 million worth of FTT. The revelation, which followed a CoinDesk report exposing Alameda Research’s heavy dependence on FTT, was enough to cause panic among investors and massive withdrawals from FTX. The subsequent liquidity crisis resembled a digital-era bank run.

Though Binance briefly considered acquiring FTX to contain the fallout, it backed out after due diligence, which left SBF’s empire to collapse within days.

The post ‘FTX Was Never Insolvent:’ SBF’s X Account Sparks Chaos From Behind Bars appeared first on CryptoPotato.

A simple question from a well-known crypto commentator has sparked a heated debate online about the fundamental purpose of the XRP token.

Scott Melker, who goes by “The Wolf Of All Streets” on X, took to the social platform to ask about the current use case for XRP, distinguishing it from its associated company, Ripple.

The question drew hundreds of responses, revealing a deep divide between the token’s technical promise and its real-world adoption.

The Core of the Disagreement

Melker’s initial post, which he made sure to point out was not an attempt at trolling, questioned XRP’s role in a world where major financial firms like Western Union and SWIFT are choosing other blockchains for payments. “Stablecoins have clearly taken the reins for payments,” he noted, asking what specific utility XRP now holds.

Reaction from parts of the XRP community was quick and, at times, defensive. Some accused the podcast host of ignorance, while others suggested he was not conducting proper research.

This prompted a pointed observation from Melker:

“If you get legitimately triggered when someone asks a question about your favorite asset, then you might be too emotionally attached.”

However, some offered more detailed explanations, describing XRP as the foundational asset for the XRP Ledger (XRPL). One of the cryptocurrency’s advocates, ‘Mickle,’ argued that its value is intrinsic to the network’s operation, calling it a “neutral bridge currency” for settling payments between different financial systems, like central bank digital currencies (CBDCs) and banks.

Another user added that while stablecoins represent value, “XRP represents mobility,” acting as an impartial intermediary that doesn’t rely on a specific issuer like a bank.

However, Melker repeatedly pressed for evidence of this technology being used widely today. “Is anyone using it right now? Or is it theoretical?” he asked. And when challenged to do his own research, the author of “The Wolf Den Newsletter” responded, “Nobody can answer what is happening. They all just tell me what will.”

A Technical Explanation and an Honest Admission

Amid the noise, an explanation from Onami Press co-founder Santiago Velez stood out for Melker, with the “Crypto Town Hall” convener calling it “far and away the best response” he had received.

Velez pointed out that one of the core functions of XRP is to have value for spam prevention on the XRP Ledger. He also detailed the “rippling” process, a method for exchanging currencies where XRP acts as a unique, independent bridge.

Because the token is not an IOU like a stablecoin, it carries market volatility risk but not the counterparty risk of an asset issued by a company like Circle or Tether. This neutrality, Velez argued, is crucial for moving value between systems that cannot trust each other directly.

After considering this, Melker acknowledged the XRP Ledger’s “elegant” design but expressed doubt about its connection to long-term token value. “The bridge clearly works – I’m just not sure the toll booth ever collects,” he concluded, questioning if the technology translates into sustained demand for XRP itself.

In another revealing moment, Mickle conceded a common investment motive, stating, “I mean, this is fair. But at the end of the day, I’m here to make money.”

This community sentiment matches optimistic price predictions circulating in the market. Some analysts believe XRP could still climb above $5 in the current market cycle, based on historical patterns, despite recent price drops and some warning signs. And for many of its holders, the belief in this future price appreciation appears to be as powerful as any current utility.

The post Ripple Clash: Scott Melker Questions XRP’s True Purpose appeared first on CryptoPotato.

Ethereum (ETH) slipped once again below the $3,800 mark, but several factors suggest a substantial price rebound could be incoming. One such element is the reduced number of tokens stored on cryptocurrency exchanges.

On the other hand, some analysts warn that the asset might be poised for an even more severe pullback in the short term.

Shifting to Self-Custody?

The renowned analyst on X, Ali Martinez, revealed that 200,000 ETH have been withdrawn from crypto exchanges in the past 48 hours alone. The USD equivalent of the stash is around $770 million (calculated at current rates).

The development signals that investors have been abandoning centralized platforms and moving their holdings into self-custody wallets, thereby reducing immediate selling pressure.

Earlier this week, the total amount of ETH stored on crypto exchanges dropped to a nine-year low of around 15.8 million coins, while today’s figure is quite close to that level.

It is important to note that Martinez made another clarification on the matter. Just recently, he stated that 230,000 ETH tokens were moved by large holders (possibly exchanges) in the last week. The move may include withdrawals, deposits, internal transfers, or other operations that differ from the other development.

Separately, Ethereum’s Relative Strength Index (RSI) stands clearly on the bullish side (at least as of now). The technical analysis tool, which measures the speed and magnitude of recent price changes, is just north of 30, which puts it close to the oversold zone and poised for a potential surge. Conversely, ratios above 70 suggest the asset is overbought and are considered bearish for the price.

Do or Die for ETH

As of press time, Ethereum trades at approximately $3,800, down 5% on a daily scale and 8% over the past month. The X user Ted mentioned the drop under $4,000 following the Fed’s decision to lower the interest rates in the US and the US-China trade talks, opining that this is “a classic bear trap or the crypto market is going way lower.” Kamran Asghar chipped in, too, envisioning a possible dip to $3,400-$3,500 before a renewed rally.

Others, like Max Crypto, were much more optimistic, predicting an “up-only” scenario in which ETH would explode to a new all-time high of $7,000. According to the analyst, the asset’s recent performance resembles the pre-pump condition from May this year, which was followed by a substantial surge shortly after.

Meanwhile, whales with a 100% winning rate have recently opened long positions in ETH, sparking speculation that they might know something we don’t.

The post 200K ETH in 2 Days: Brewing Ethereum Rally or Just an Internal Shuffle? appeared first on CryptoPotato.

Bitcoin’s available supply on the world’s largest crypto exchange is shrinking quickly.

This deepening scarcity, one of the most pronounced readings in months, comes as data suggests large-scale investors are accumulating the asset, setting the stage for a potential supply squeeze.

Conflicting Signals from Large Holders

Data from October shared by Arab Chain shows that Binance’s Bitcoin Scarcity Index moved upward through the month, jumping sharply in late October to exceed a reading of 9. This index is a direct measure of the reduction in Bitcoin supply available for immediate trading on the exchange.

In simple terms, a rising index means the amount of Bitcoin sitting on Binance that is available for purchase is gradually falling. The analytics platform clarified that this typically points to an accumulation phase, where large investors and whales are buying and withdrawing BTC from Binance, effectively taking them off the market.

“This is generally considered a positive long-term signal that supports the likelihood of continued upside in the medium term, despite short-term price fluctuations, as buyers appear to be racing to acquire Bitcoin in the market,” noted Arab Chain.

The assessment also pointed out that such supply drops are often linked to positive news or sudden capital inflows. However, it also presented a critical caveat: scarcity alone cannot push prices higher. For a major price increase to occur, this limited supply must be met with genuine new demand from an increasing number of buyers.

Still, this positive accumulation signal is not the only story. Another metric tells a different tale. The 7-day average of Binance’s Exchange Whale Ratio has also climbed steeply, rising from around 0.33 on October 12 to approximately 0.41 between October 22 and 25.

This ratio measures large deposits to the exchange, and such a sustained increase has historically indicated that major holders are preparing to sell, creating a wall of supply that can slow or reverse a price rally. It creates a complex picture where one set of data suggests holding, while another points toward potential selling.

Broader Market Trends

The movement of coins off exchanges is not solely about whales holding in private wallets. A growing trend shows that some large BTC holders are shifting their assets into spot Bitcoin ETFs like those from BlackRock.

These “in-kind” transfers allow whales to swap their Bitcoin for ETF shares without creating a taxable event, a process that could act as another drain on the liquid supply available on crypto exchanges.

Meanwhile, in the market, BTC was priced at $110,232 at the time of writing, dipping from the $111,400 level it was trading at yesterday, when the U.S. Federal Reserve announced its second consecutive interest rate cut. While it’s up 1.2% over seven days, the 30-day view shows a 3.4% decline, and it remains more than 12% below the new all-time high past $126,000 it attained in early October.

The post Bitcoin Supply Shock Brewing as Binance Reserves Hit Lows appeared first on CryptoPotato.