bitcoinist.com

On-chain data shows that a majority of the USD capital invested in Bitcoin has dipped into losses following the latest market crash.

Majority Of Bitcoin’s Realized Cap Is Now Underwater

As pointed out by on-chain analyst Checkmate in an X thread, Bitcoin’s recent bearish action has put a huge amount of the capital invested into the cryptocurrency in a state of loss. The invested capital here refers to the amount that BTC investors as a whole used to purchase their tokens. This is different from the market cap, which represents the value the holders are carrying in the present.

The invested capital, which is popularly known as the Realized Cap, is determined by adding up the last USD transaction price for all coins in circulation. Not all transfers on the network correspond to a change of hands, but this methodology still provides a decent approximation of the capital stored in the asset.

Now, here is the chart shared by Checkmate that shows how the Bitcoin Realized Cap is distributed across the various price levels:

As displayed in the above graph, the majority of the Realized Cap has a break-even level higher than $100,000. This suggests that most of the capital stored in the cryptocurrency today came in after the bull run in late 2024.

More specifically, approximately 57% of the asset’s invested capital sits above the post-crash prices. Interestingly, while a huge portion of the Realized Cap is now underwater, the actual degree of unrealized loss held by the investors isn’t too big in relative terms.

The total unrealized loss held by the Bitcoin investors stands at $20 billion at the moment, which is equivalent to just 3% of the market cap.

For comparison, dips during the last couple of years have seen losses reach 7% to 8% of the market cap, while past major bear markets have usually started with this metric at more than 10%. Checkmate has highlighted a level past which unrealized losses could blow up for Bitcoin: $95,000. Currently, 63% of the capital invested in the asset has a cost basis higher than this mark.

“$95k is what I believe is the bulls last stand, because as price falls below that level, unrealised losses will swell significantly,” explained the analyst. It now remains to be seen how the profit-loss distribution among the Bitcoin investors will change in the coming days.

BTC Price

Bitcoin saw a drop toward $98,000 on Tuesday, but its price has since witnessed a small bounce back to the $101,900 mark.

A new Galaxy Digital research note argues that Zcash’s startling comeback is not just a chart phenomenon but the visible edge of a broader privacy rotation—and that the coin’s fundamentals and user experience have changed enough to merit a market repricing. Published on November 4, 2025, the report asks why ZEC “has suddenly soared” and points to a confluence of cultural, market-structure, and product-level shifts that have pushed privacy from afterthought to headline feature. “After years of languishing, ZEC has surged ~8x in the past month,” Galaxy writes, a move that has “forced a fresh conversation about privacy as a feature.”

Why Is Zcash Skyrocketing?

Galaxy’s central contention is that Zcash’s technology is finally meeting consumers where they are. The team highlights Electric Coin Company’s Zashi wallet, launched in 2024 and iterated this year, which “abstracts away the complexity of the shielding UX,” and integrates NEAR’s intent layer to let users express outcomes—swap this into ZEC; pay that address—without manual bridging or multi-app choreography.

In Galaxy’s terms, NEAR Intents allow users to state the “intention (like ‘pay X amount of ETH to address y’)” while autonomous executors route liquidity and settle across chains, enabling flows into and out of Zcash’s shielded pools with minimal on-chain breadcrumbing. The report stresses that Zcash’s native view keys enable selective disclosure for audits and compliance, framing the new stack as both accessible and institution-compatible.

That usability shift lands alongside a visible on-chain change: for the first time in Zcash’s history, more than 30% of supply now sits in shielded pools, with Orchard hosting the majority of roughly 4.9 million shielded ZEC.

Galaxy’s analyst captures the privacy economics in a single line: “The larger the shielded pool, the harder it is to trace flows,” before adding the corollary—“A bigger anonymity set equals stronger privacy.” Transparent supply has fallen by nearly 3 million ZEC this year, from about 14 million to roughly 11.4 million, a redistribution that strengthens the very property Zcash was built to deliver.

The narrative shift is also being reinforced by market-structure signals. In what Galaxy calls the “clearest sign that Zcash is ‘so back,’” Hyperliquid listed ZEC perpetuals a few weeks prior to the note, expanding access and leverage for traders and lifting liquidity. Open interest reached roughly $115 million as of October 30, a mechanical tailwind that can translate into greater spot volatility on the way up—and down.

Importantly, the report refuses to pretend Zcash is unchanged under the hood. It places Zcash’s zk-SNARK-powered privacy in the lineage that began with Zerocoin and Zerocash, and then enumerates the protocol’s upgrade path—from Sapling (2018) to NU5/Orchard (2022) and NU6 (2024’s in-protocol lockboxes)—as the foundation for today’s UX. The research underscores that Zcash remains proof-of-work with a 21 million cap and ~75-second blocks, i.e., a monetary skeleton familiar to Bitcoiners but with encrypted transfers at the core.

Can ZEC Price Rally Further?

The cultural context matters here. Galaxy explicitly situates the rally amid a renewed debate that rhymes with Bitcoin’s earliest years: privacy as a right versus transparency as regulatory necessity. The note cites high-profile voices on both sides, including critics of “coordinated token pumps” and defenders who argue that “transparent crypto won’t survive a government crackdown,” while reminding readers that Satoshi himself acknowledged Bitcoin’s privacy limits. The upshot is not a verdict on regulators, but an observation that the market is repricing privacy as a first-class feature rather than a niche accessory.

Risks and frictions are not waved away. Galaxy points to Zcash’s relatively small node footprint—roughly 100–120 full nodes in recent counts—compared with Bitcoin’s tens of thousands and Monero’s thousands, and explains why: verifying shielded transactions is more resource-intensive, the multi-pool architecture adds complexity, and frequent network upgrades require operator vigilance. The technical roadmap is meant to address those constraints; the note flags Sean Bowe’s “Project Tachyon” as a prospective throughput and sync overhaul “without introducing a new shielded protocol,” an efficiency push Galaxy likens in spirit to Solana’s Firedancer.

Where does this leave the core question—can Zcash rally further? Galaxy does not offer a price target. Instead, it frames the upside case as contingent on whether today’s intent-driven UX and swelling anonymity set translate into durable, organic activity. The mechanics are straightforward: if more assets are brought into ZEC via NEAR Intents and shielded, the anonymity set continues to deepen; if Zashi’s integrations keep compressing user friction—on-ramping, swapping, and private payments—Zcash’s “privacy by design” becomes less of an ideal and more of a default behavior.

As Galaxy puts it, “Zcash is gaining visibility as its privacy stack finally reaches consumer-grade usability… As more ZEC gets shielded, the anonymity set grows and allows Zcash to become more private.”

But the same feedback loops can run in reverse. A thinner node set is more brittle in adverse conditions; leverage-led liquidity can unwind as fast as it forms; and the political economy of privacy—long Zcash’s biggest headwind—remains outside the protocol’s control. Galaxy’s conclusion, therefore, is deliberately narrow and empirical: the rally has already “succeeded in forcing the market to reprice privacy,” putting Zcash back in the arena after years on the sidelines.

Whether price strength persists will hinge less on narrative than on continued real usage of intents-based swaps, growing shielded supply, and tangible improvements to the network’s operational footprint.

At press time, ZEC traded at $463.98.

The Ethereum price latest market slump has placed Wall Street veteran Tom Lee’s ambitious $1.3 billion in ETH treasury bet under severe pressure, as whales and institutional funds begin to retreat from the world’s second-largest crypto asset.

Related Reading: Here’s Why The Bitcoin Price Is Crashing – The OGs Are Selling

Ethereum’s Price Drop and Bitmine’s Mounting Losses

Ethereum has fallen over 20% in two days, sliding below $3,300 and erasing more than $1 billion in leveraged positions. The correction has pushed ETH down about 30% from its August peak, marking its weakest level since mid-July.

According to 10x Research, Lee’s company, Bitmine Immersion Technologies Inc., which acquired 3.4 million ETH at an average price of $3,909, now faces paper losses exceeding $1.3 billion.

Backed by billionaire Peter Thiel, Bitmine adopted a Bitcoin-style corporate treasury model, but its funds are now “fully invested and under strain,” leaving little room for defensive moves.

Bitmine’s market capitalization-to-NAV ratio has plunged from 5.6 in July to 1.2, while its stock has tumbled 70% from its peak, reflecting a sharp reassessment of crypto-treasury valuations.

Another Ethereum-holding firm, ETHZilla, has already liquidated $40 million worth of ETH to restore its balance sheet, signaling growing corporate capitulation across the sector.

Whales Retreat as Liquidations Rise

On-chain data from Arkham Intelligence indicates that a large Ethereum whale recently offloaded 5,570 ETH ($19.56 million) to Binance, resulting in a loss of $2.15 million. This move amplified selling pressure amid weak liquidity. ETH’s market cap has now dropped to around $400 billion, with the token down 17% weekly.

Technical indicators paint a cautious picture. ETH has fallen below its 50-day moving average ($4,094), with the RSI near 31, suggesting near-oversold conditions but no confirmed reversal. Analysts warn that failure to hold the $3,300 support could trigger a deeper correction toward $3,000–$2,700 zones.

Institutional Demand Fades, but Fundamentals Remain Intact

After attracting over $9 billion in ETF inflows during the summer rally, Ethereum products have since seen $850 million in outflows, while futures open interest has dropped by $16 billion. Retail enthusiasm has also waned, with Google search interest for Ethereum now just 13% of its yearly peak.

Despite the downturn, Ethereum’s network fundamentals remain strong. It continues to process the highest on-chain value among smart contract platforms, and Vitalik Buterin’s proposed Layer-2 upgrade aims to cut rollup withdrawal times to one or two days, potentially boosting adoption.

Related Reading: Top Crypto Exchange Expands To Latin America With Argentina And Brazil Market Entry

However, for now, Lee’s high-stakes Ethereum wager stands as a cautionary tale of over-leveraged optimism colliding with a cooling market, leaving investors to wonder whether Bitmine’s billion-dollar loss marks the start, or the bottom, of Ethereum’s latest cycle.

Cover image from ChatGPT, ETHUSD chart from Tradingview

DWF Labs, a market-making firm active in crypto markets, has been linked to an alleged loss of $44 million in a hack that took place in September 2022.

According to on-chain investigators, the incident was not publicly disclosed by the firm at the time and only came to light after a detailed blockchain review.

DWF Labs: Alleged Attack And Method

Reports have disclosed that the attacker drained a wallet tied to DWF Labs and moved the funds through several on-chain steps.

The stolen holdings were mostly stablecoins — USDC and USDT — and were then converted into Bitcoin through the Ren bridge before being routed into a mixer called Mixero.

The pattern of transfers and the tools used are what led some analysts to suggest a link to the DPRK-associated AppleJeus group.

2/8 On 22nd September 2022, the address 0x3d67fdE4B4F5077f79D3bb8Aaa903BF5e7642751 started being drained. At the same time, withdrawals were made from many exchanges to the same address showing that both private keys and exchange account credentials were likely compromised. pic.twitter.com/7T7ek18SR4

— tanuki42 (@tanuki42_) November 4, 2025

On-Chain Evidence And Reactions

Based on reports, the investigation was driven by an analyst known as tanuki42 who flagged the wallet address and traced payments made to and from it before and after the alleged breach.

Other sleuths on X, including well-known chain trackers, began to comment and share findings. Some posts pointed to roughly $30 million in Bitcoin-valued pots that have not been touched since the transfers, raising questions about what the attacker intends to do next.

DWF Labs has not posted a public incident report or a formal acknowledgement of the claims.

What The Movement Looks Like

Money moved into centralized exchanges at certain points, which suggests private keys or exchange accounts may have been compromised during the event.

After conversion, the flow into a mixer makes it harder to follow the exact trail, but on-chain records show the sequence and timestamps that tie these steps to the September dates.

The way funds were handled is similar to other cases tied to state-linked threat actors, according to the analysts studying the chain.

Potential Impact And Next Steps

If the allegation is confirmed by an independent audit or by the firm itself, the fallout could affect counterparties and projects that relied on DWF Labs for liquidity.

Some forensic firms and trackers are poring over the dormant pots of Bitcoin that amount to about $30 million in current value, while exchanges and law-enforcement partners may be asked to help trace or freeze moves if they occur.

Investor confidence is part of the discussion now, because public trust depends on clear disclosure and rapid response once a breach is found.

Featured image from Unsplash, chart from TradingView

Bitcoin is struggling to reclaim higher levels after several days of intense selling pressure and a brief dip below the critical $100,000 mark. The market is showing signs of exhaustion as bulls attempt to regain momentum, yet price continues to trade under key resistance zones. Sentiment has turned increasingly bearish, with fear beginning to creep into market behavior as traders question whether the recent move was the start of a deeper correction or a temporary shakeout.

Despite the growing pessimism, on-chain signals paint a far more constructive picture beneath the surface. According to data shared by analyst Darkfost, Bitcoin accumulator addresses — wallets that steadily acquire BTC without selling — are now storing coins at record pace. Over the last 30 days alone, these wallets have added more than 375,000 BTC, marking a new all-time high in accumulation activity.

This divergence between price weakness and large-scale accumulation suggests that long-horizon investors are treating the pullback as opportunity rather than threat. While short-term sentiment remains fragile, the behavior of strategic buyers adds a layer of confidence to Bitcoin’s long-term outlook, hinting that strong hands are positioning for future upside even as short-term traders panic. The coming days will test whether this underlying demand can stabilize price and eventually fuel a rebound.

Long-Term Accumulators Continue to Buy Aggressively

Darkfost highlights that accumulation activity has intensified sharply, even as broader market demand cools. Just yesterday alone, accumulator addresses added more than 50,000 BTC — an extraordinary signal of conviction amid volatility. Over the past two months, this cohort has doubled its pace of accumulation, with the monthly average jumping from roughly 130,000 BTC to 262,000 BTC. Such acceleration during a period of price weakness underscores a powerful long-term bid absorbing supply.

Accumulator addresses follow strict criteria: they must have made at least two inbound transactions above a minimum BTC threshold and must have never sold a single coin. This wallet behavior aligns closely with long-term holders who operate independently of short-term sentiment trends, macro headlines, or intraday price movements. In other words, these are strategic participants positioning for future cycles — not traders reacting to fear.

Even as the market debates whether the recent drop marks the start of a deeper correction, this group continues accumulating without hesitation. These flows also coincide with increasing institutional exposure through spot Bitcoin ETFs, which likely amplifies long-duration demand. Together, the consistent accumulation behavior and ETF-driven structural bid reinforce Bitcoin’s long-term strength, even as short-term price action remains clouded by uncertainty and emotional selling.

Related Reading: Bitcoin Sees Retail Retreat: Shrimp Deposits Drop 5x Since Early 2023

BTC Weekly Outlook: Bulls Defend Key Structure as Momentum Weakens

Bitcoin’s weekly chart shows a decisive shift in sentiment as price continues to struggle below the $110,000 mark and recently dipped under $100,000. This sharp pullback comes after multiple failed attempts to break higher, reflecting weakened bullish momentum and increased profit-taking across the market.

Despite the drop, BTC remains above its 50-week moving average, which continues to act as a key dynamic support zone. As long as the weekly candle structure holds above this level, the broader uptrend remains technically intact. However, a clean breakdown below this support would open the door to deeper retracement levels near $95,000 and potentially $88,000 — areas where buyers previously stepped in aggressively.

Volume has increased during this sell-off, which suggests genuine liquidation and not just low-liquidity volatility. Yet, importantly, the volume spike is still smaller than the capitulation clusters seen during past cycle resets, hinting that this move may represent a shakeout rather than a full trend reversal.

Momentum indicators are cooling, and sentiment has clearly turned cautious. Still, long-term structure remains constructive while Bitcoin holds above major support. For now, BTC sits in a critical zone where bulls must defend trend structure to avoid a broader corrective phase.

Featured image from ChatGPT, chart from TradingView.com

Ripple has made yet another move in its long-running campaign to reshape global payments, this time acquiring Palisade, a digital asset custody infrastructure company. The deal marks the company’s fourth acquisition in recent months and is a clear escalation in what many describe as the company’s competition with SWIFT, the dominant global payments messaging network.

Ripple Makes Another Major Acquisition

Palisade announced the acquisition on X, noting that its wallet-as-a-service technology will now form part of Ripple’s next-generation payments and custody infrastructure. The startup noted that its platform will help power the firm’s next-gen custody and payments infrastructure in order to bring its technology to businesses worldwide. 

Ripple also confirmed the news with a corresponding statement, describing the acquisition as a major step in advancing institutional-grade digital asset custody.

Ripple said Palisade’s scalable wallet solution is ideal for on-and off-ramps and corporate payments, adding that the integration accelerates value transfer across Ripple Payments and Custody. 

The company’s post ended with a bold statement that noted the importance of secure custody to the on-chain economy, linking the acquisition to its broader goal of building what it calls the Internet of Value. 

XRP analysts and crypto market commentators have described the acquisition news as bullish for XRP. XRP, on the other hand, is witnessing an ongoing price crash alongside the rest of the crypto market. 

The Battle Against SWIFT Rages On

The Palisade purchase is only the latest in a string of aggressive acquisitions by Ripple in 2025. In April, Ripple announced its acquisition of the prime brokerage firm Hidden Road for $1.25 billion and rebranding to Ripple Prime, a deal that significantly expanded its reach in institutional liquidity and trading services. 

Just months later, it finalized the acquisition of stablecoin platform Rail for $200 million. This was followed by its $1 billion acquisition of GTreasury, a treasury management firm, in October.

Altogether, the payment firm says it has deployed approximately $4 billion into the crypto ecosystem through a mix of mergers, acquisitions, and strategic investments. Each of these moves strengthens its infrastructure to handle every aspect of value transfer from custody and liquidity to stablecoin issuance and institutional settlements, forming the backbone of its long-term plan to challenge SWIFT’s global dominance in cross-border transactions.

As the firm continues to scale its infrastructure with acquisitions like Palisade, analysts view these moves as part of a broader strategy to build a vertically integrated financial ecosystem that can rival SWIFT’s legacy dominance.

Meanwhile, Ripple’s highly anticipated SWELL 2025 event is already underway after kicking off yesterday, bringing together key partners, regulators, and financial executives from around the world to discuss the company’s vision for the next era of blockchain-based finance. For the first time ever, the event is going to include a representative from the White House.

Bitcoin has entered a critical phase, with the price falling from the $110,000 region to below $100,000 in under 48 hours. The sharp decline reflects mounting fear across the market as aggressive selling pressure forces short-term holders to capitulate.

What began as a controlled retracement has quickly evolved into panic-driven behavior, with traders rushing to exit risk exposure. As volatility spikes and sentiment deteriorates, market participants are closely monitoring key support levels to assess whether Bitcoin can stabilize or whether a deeper downside is still ahead.

According to top on-chain analyst Axel Adler, loss-making transactions among short-term holders are surging during this downturn. The 7-day Short-Term Holder Spent Output Profit Ratio (STH-SOPR) currently sits at 0.9904, indicating that most coins moved by newer holders are being sold at a loss. This sustained breakdown below the critical parity level (1.0) signals that reactive market participants are offloading positions under stress, reinforcing the narrative of fear and liquidation-driven selling.

While this surge in realized losses highlights panic behavior, it also historically occurs near cycle stress points where weaker hands exit the market. The coming days will determine whether this capitulation pressure exhausts sellers — or whether further losses still lie ahead.

Short-Term Holder Stress Rising, But Not at Capitulation Levels Yet

Axel Adler highlights that although Bitcoin is under meaningful sell pressure, current on-chain stress has not yet reached full capitulation. The STH-SOPR Z-score sits at −1.29, signaling growing loss realization among short-term holders. This negative reading confirms mounting sell-side momentum, yet Adler notes that the stress level is still moderate compared to previous major flushes.

For context, during the heavy correction in August 2024, the STH-SOPR dropped to 0.9752 with a Z-score of −2.43 — a reading consistent with deep capitulation. By comparison, today’s metrics reflect pain and fear, but not a full exhaustion of sellers. This important distinction suggests the market may still be in the middle phase of its correction rather than at its terminal point.

Data also shows a steady climb in loss-making activity over recent weeks, illustrating a sustained shift in sentiment as traders unwind positions. While the SOPR momentarily flipped above parity to 1.0005 at the end of October — hinting at attempted recovery — renewed selling in early November quickly invalidated that momentum. Still, metrics have not yet revisited previous extremes.

In essence, the market remains under pressure, but the classic wash-out signal of complete capitulation has not fully triggered — leaving room for either further downside, or a potential stabilization should buyers reclaim control.

Price Action Analysis: Testing Deep Support After Sharp Breakdown

Bitcoin is attempting to stabilize after a sharp breakdown that sent the price below the psychological $100,000 level. The daily chart shows a notable acceleration in selling momentum, with multiple long-bodied bearish candles forming on rising volume — a clear sign of aggressive distribution. After losing the $110,000 region last week, buyers failed to defend the cluster of support around the 100-day and 200-day moving averages, resulting in a swift move down toward deeper demand.

Price briefly dipped under $99,000 before reclaiming the area, suggesting initial buyer interest near these lower supports. However, the recovery so far lacks strength, with candles closing weak and the 50-day and 200-day moving averages now sloping downward above price — a structurally bearish alignment for the short term. The prior key demand zone around $105,000–$107,000 has flipped into resistance, and Bitcoin must reclaim this range to shift momentum.

For now, BTC trades in a vulnerable posture, and failure to build support above $100,000 could expose the next liquidity pocket toward $96,000–$98,000. Still, the sharp volume spike at the lows may indicate early accumulation attempts. A sustained bounce requires buyers to step in decisively and defend current levels as the market tests conviction under stress.

Featured image from ChatGPT, chart from TradingView.com

With a Solana Spot ETF now in the market, prominent figures and companies are significantly pushing for an XRP Spot ETF, considering it the next big thing for the crypto landscape. As the approval date draws closer, several companies, such as Grayscale, are refining their regulatory approach.

Grayscale Sharpens Its XRP ETF Strategy

Given the wave of fresh applications, the race for an XRP Spot Exchange-Traded Fund (ETF) continues to heat up in the crypto sector. One of the most recent moves to ensure that the funds secure an approval from the United States Securities and Exchange Commission (SEC) is being carried out by Grayscale, a leading asset management firm.

Grayscale has officially reignited a frenzy in the investment landscape after filing an updated amendment for its proposed XRP Spot ETF. John Squire, a crypto influencer and investor, reported that bold move, which suggests that it is actively improving its regulatory strategy. Squire added that “the walls are closing in, and mainstream adoption is inevitable” for the altcoin.

Despite the heightened industry scrutiny around the SEC’s cryptocurrency-related judgments, the amended proposal indicates corporations are making a strong effort toward the fund. It is worth noting that the US SEC is expected to pass its decision regarding the fund within this month.

While an approval from the regulatory body is certainly not assured yet, the move to file for an amendment underscores Grayscales’ conviction that the spot ETF launch is not a question of if, but rather when. 

The submission states that the trust’s goal is to provide investors with exposure to XRP through shares that follow the market value of the digital asset. According to the filing, the trust is set up in accordance with Delaware law and, subject to regulatory permission, intends to list on NYSE Arca under the symbol GXRP.

In connection with the formation and redemption of Baskets, the Trust is now allowed to accept Cash Orders (as defined above), under which an Authorized Participant will deposit cash into or accept cash from the Cash Account. Furthermore, XRP will be obtained or received in exchange for cash in connection with such an order by a third party (a Liquidity Provider) that is not an agent of or working in any other capacity on behalf of such an Authorized Participant.

A Game-Changing Initiative For The Altcoin

Currently, the idea of an XRP Spot ETF is sending shockwaves throughout the community. Several crypto enthusiasts now believe that the US SEC will grant approval to the anticipated fund by this month, a move that will change the course of the token.

According to Ripple Bull Winkle, the XRP Spot ETF is going live 100% on November 13. “The wait is over, the floodgates are opening,” the expert added. Ripple Bull Winkle highlighted that institutional capital is about to pour into the altcoin in an unprecedented manner, which is what the market has been waiting for.

Coinbase filed for a national trust company charter in October 2025, a step the company says would let it offer custody and trust services under federal supervision rather than a patchwork of state rules.

Reports show that the move immediately drew a formal challenge from the industry group representing many community banks.

Coinbase Seeks A National Trust Charter

According to public filings and market coverage, Coinbase’s application names a subsidiary intended to operate as a national trust company.

The company says the charter would help clients get regulated custody for crypto assets and make interactions with the broader financial system simpler.

Regulators typically take time on these filings; some reports estimate the Office of the Comptroller of the Currency could take 12 to 18 months to complete its review.

Bank Lobbying And The Argument For Caution

The Independent Community Bankers of America (ICBA) lodged a formal letter arguing the application should be denied or given more time for public review.

Based on the ICBA letter, the group raised three main concerns:

– Coinbase’s custody approach is untested for a bank-style duty

– that the business may struggle to make money in a prolonged market downturn

– federal receivership tools might not work well if such an entity were to fail.

Coinbase’s filings were cited in the ICBA submission as part of the basis for those points.

Imagine opposing a regulated trust charter because you prefer crypto to stay … unregulated. That’s ICBA’s position. It’s another case of bank lobbyists trying to dig regulatory moats to protect their own. From undoing a law to go after rewards to blocking charters, protectionism… https://t.co/200LCbMGa9

— paulgrewal.eth (@iampaulgrewal) November 4, 2025

Coinbase Pushes Back On Claims Of Protectionism

According to Coinbase’s Chief Legal Officer Paul Grewal, the opposition reads like a push to keep crypto activities out of a regulated banking framework.

On social media, he wrote a pointed line arguing critics seem to prefer crypto staying unregulated — a comment widely reported by industry press.

“Imagine opposing a regulated trust charter because you prefer crypto to stay… unregulated,” Grewal said in an X post.

“That’s ICBA’s position. It’s another case of bank lobbyists trying to dig regulatory moats to protect their own,” he pointed out.

Company spokespeople say they are seeking a regulated route, not to become a full commercial bank, and that a trust charter fits the services they want to provide.

What Approval Or Denial Could Mean

If the OCC approves Coinbase’s charter, other crypto firms might follow, and a federal trust model could become more common for custody services.

If The OCC thumbs down or substantially delays the application, crypto firms may keep relying on state charters, partnerships, or other workarounds.

Industry analysts and trade groups are watching because the decision could shape whether major crypto firms move into federally supervised trust roles.

What Happens Next

The ICBA letter is dated in early November 2025 and the OCC has not released a public decision.

The regulator’s review period will include requests for additional information and time for public comment in some cases, so the process can stretch across many months.

Featured image from Gemini, chart from TradingView

Bitcoin’s Relative Strength Index (RSI) has just dropped below 50, sparking major concerns that the BTC price might be heading for another major correction. This move has also prompted analysts to closely watch for signs of an increased sell-off, as they decipher what the new RSI level means for the market. Historically, when the RSI of BTC falls below this level, it often leads to a significant price crash. This suggests that if past patterns were to repeat, Bitcoin could be gearing up for further breakdowns. 

RSI Drop Signals Potential Bitcoin Crash

Crypto analyst Tony Severino has taken to X social media to announce that Bitcoin could see capitulation this month. His prediction is accompanied by a chart showing Bitcoin’s RSI falling to 48.19 on the BTC/Gold ratio. The last few times this happened, the leading cryptocurrency experienced steep capitulation of more than 40%. 

Based on the analyst’s insight, this familiar decline in RSI could be a sign that Bitcoin is about to face another rough patch, as the market reacts to weakening momentum. He explained that this type of move often marks a turning point, where investors lose confidence and selling accelerates. 

Severino’s chart analysis suggests that while RSI dropping below 50 is a strong warning signal, it’s only the beginning of a potential downturn. He notes that past bear markets typically bottom out months after this decline, meaning there could still be more time before Bitcoin hits its lowest point. 

Nevertheless, Severino’s analysis concludes that the Bitcoin price is headed for a challenging phase that could lead to further declines. Recently, the cryptocurrency shed more than 10% of its value following a large-scale liquidation that shook the crypto market. Its price has broken down to $101,756 at the time of writing and is showing no apparent signs of recovery during this ongoing market slump. 

Why 2026 Could Be The Ideal Time To Buy BTC

While Severino’s short-term outlook for Bitcoin appears uncertain, he has provided a long-term strategy for investors and traders looking to capitalize on future price dips. In a prior chart analysis, he suggested that the ideal time to start Dollar-Cost Averaging (DCA) into Bitcoin would be after October 2026, when the cryptocurrency could be priced around $48,000 to $50,000.

The analyst has based this prediction on Bitcoin’s historical cycles, which have followed a regular pattern of price increases and declines. Severino believes that if this cyclical rhythm continues, BTC could find support near the “50-month Moving Average (MA) with a 10% envelope.” If this happens, 2026 would be the perfect time for long-term investors to begin buying, as the market would have likely undergone a significant correction, which the analyst forecasts could be a 61.8% decline from BTC’s current price of above $101,800.

In a shocking and devastating development, the price of Bitcoin has fallen back to the key $100,000 price mark after months of trading above the level. BTC’s ongoing robust decline has triggered a wave of uncertainty in the market, causing large investors to offload their coins. However, short-term or retail investors are unfazed by the drop as they go on a BTC buying spree.

A Difference In Action Between Big And Small Bitcoin Investors

As the Bitcoin price continues its downward move back to key support levels, a stark difference has been observed among large and small investors. Amid the ongoing wave of volatility, large BTC holders or whales continue to dump their holdings, triggering speculation about short-term uncertainty among dominant holders.

At the same time, small investors have accumulated at a significant rate, a move that indicates that these investors are viewing the ongoing downward trend as an ideal entry point. Santiment, a leading on-chain data analytics platform, shared this discrepancy between the two sets of investors on the X platform, which reflects a shift in BTC ownership.

Santiment stated by pointing to BTC’s bearish price action, falling to the $101,000 level. A move that has sparked worries among traders that the flagship asset may fall below the $100,000 threshold for the first time since June 22.

During this persistent price decline, whales and sharks have sold 38,366 BTC since October 12, resulting in a -0.28% decrease in their total holdings. This sell-off is observed among wallet addresses containing between 10 and 10,000 BTC, a group that collectively holds over 68.5% of BTC’s overall supply.

Meanwhile, shrimp with less than 0.01 BTC have amassed 415 BTC within the same time frame, indicating a +0.85% growth in their positions. Specifically, these are wallet addresses holding just 0.25% of the total supply of BTC. Santiment highlighted that bulls must witness a complete reversal of this trend in order to anticipate a long-term price increase for all cryptocurrencies. The reason is that markets tend to rise when key stakeholders accumulate BTC that smaller holders shed.

In the meantime, the platform claims that shrimp or micro traders need to display capitulation and fear, which will cause them to lose patience and sell off their coins at a loss, allowing whales to resume accumulation. When this happens, which Santiment strongly believes will occur, it will indicate a market bottom and the best opportunity to purchase. 

BTC Among Top Trending Cryptos

According to Santiment’s data, Bitcoin is among the leading trending assets in the market. This is because the asset closed October in the red for the first time since 2018, ending its long winning streak. Also, bears have exerted pressure on the market with massive sell-offs from whales and long-term holders.

Even though BTC began November on a bearish note, historical data suggest that this month usually precedes strong gains. However, Santiment urges traders to be cautious and watch for signs of a bullish reversal.

The XRP price crash this week has stirred up a lot of discussion in the crypto community, eliciting mixed reactions from key players and the broader crypto community. While XRP’s decline is undeniable, a prominent validator within the ecosystem has weighed in on the situation, arguing that the price decline is part of a larger market downtrend affecting all cryptocurrencies. 

XRP Price Crash Reflects Broader Market Struggles

According to Vet, an XRP Ledger (XRPL) dUNL validator, the recent price drop in XRP should not be viewed in isolation. On Tuesday, November 4, he took to X social media to highlight that cryptocurrencies are currently facing a downturn. “Everything is red, not just XRP,” Vet said, stressing that XRP’s price crash is a broader reflection of ongoing turmoil within the crypto market.

Vet believes that getting caught up in the endless debate that the XRP price action is a distraction from the bigger picture. Rather than being baited, he encourages XRP community members to use their time to expand their knowledge and insights into the crypto industry and XRP’s technology. The XRPL validator maintains an optimistic outlook for XRP, asserting that the market is “not going anywhere,” even with the recent crash and ongoing volatility. 

Notably, Grape, an XRP validator, shared similar thoughts. While acknowledging that XRP has definitely been affected by the widespread market decline, he agreed that now is not the time for pointless, heated arguments over the token’s price. Instead, he urged people to focus on the long-term vision, which is “building.” 

Currently, the broader crypto market crash has affected not just the XRP price, but Bitcoin and prominent altcoins like Ethereum, Solana, and others. With ongoing price pressure and corrections, it remains to be seen if optimism will continue to hold among analysts and crypto community members. 

Why The Crypto Market Is Experiencing A Bloodbath

Looking beyond the XRP price, the entire cryptocurrency market is in a state of disarray, with sentiment at a record low. In the past 48 hours, crypto analyst Ray noted that $2.1 billion in crypto positions, both long and short, have been liquidated. This comes just a few weeks after the more than $19 billion liquidation event that took place on October 10. 

Within the last few days, Ethereum has dropped 14% in a single day, and BTC is trading at its lowest level in four months. At the time of writing, Bitcoin is priced slightly above $101,500, reflecting a 10.2% crash this week and a 2.8% slump in the past 24 hours. The XRP price, currently trading at $2.25, has also declined by more than 14% over the past week and by over 2% in the last 24 hours. 

The broader market crash has left many analysts and crypto traders concerned. Ash Crypto, a prominent analyst, has highlighted that $267 billion has been wiped ouat from the crypto market this week alone. With the market red across the board, the analyst calls this the “shittiest bull market ever.”

Additionally, market sentiment is at a record low. Joao Wedson, founder and CEO of Alphractal, shared that negativity is at its highest point since April. He pointed out that such intense negative sentiment is often a signal of an imminent price bottom. 

On Wednesday, blockchain payment giant Ripple announced a major $500 million investment, which elevated its valuation to $40 billion. The funding came from a consortium of major institutions, including Fortress Investment Group, Citadel Securities affiliates, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

Ripple’s Strategic Expansion

Brad Garlinghouse, CEO of Ripple, emphasized that this investment underscores the company’s momentum and reinforces the market opportunities they are “aggressively” pursuing. He noted: 

We started in 2012 with one use case—payments—and have since expanded into custody, stablecoins, prime brokerage, and corporate treasury, leveraging digital assets like XRP. Today, Ripple stands as the partner for institutions looking to access crypto and blockchain.

Ripple also highlighted its rapid growth, having completed six acquisitions in just over two years, including two valued at over $1 billion. These strategic moves have allowed the company to expand its influence across payments, custody, and stablecoins while venturing into new markets.

RLUSD Surpasses $1 Billion Market Cap

This announcement follows Ripple’s recent launch of its digital asset spot prime brokerage services for the American market, which enables US-based institutional clients to conduct over-the-counter (OTC) spot transactions across various digital assets, including XRP and the firm’s stablecoin, RLUSD. Notably, RLUSD achieved a market cap exceeding $1 billion in under a year since its launch.

Additionally, Ripple has completed the acquisition of Hidden Road, now rebranded as Ripple Prime, where RLUSD is already being utilized as collateral. 

Since the acquisition was announced, client collateral has doubled, and the average daily transaction volume has soared to more than 60 million, effectively tripling the business’s size. 

At the time of writing, XRP’s valuation increased following the announcement. It is currently trading at $2.27, which is a 4% surge within the last 24 hours. However, the altcoin has lost nearly 14% over the past week due to uncertainty and volatility affecting crypto prices. 

Featured image from DALL-E, chart from TradingView.com 

Crypto pundit Butcher has suggested that Binance and market maker Wintermute may be responsible for the Bitcoin and Ethereum price crashes. The pundit also alluded to the October 10 crypto market crash and how both firms contributed to the crash. 

Pundit Blames Binance and Wintermute For Bitcoin and Ethereum Price Crashes

In an X post, Butcher alleged that Binance and Wintermute are responsible for the recent Bitcoin and Ethereum price crashes. He explained that in the past 30 days, these firms have traded $34.5 billion between themselves. The pundit further revealed that the crypto exchange sends BTC and ETH in chunks of $10 million to $100 million to Wintermute wallets hours before every major dump. Wintermute then sells these coins on the market, triggering a cascade of liquidations. 

Butcher stated that Binance and Wintermute used this playbook during the October 10 Bitcoin and Ethereum price crash, which contributed to the $19 billion liquidation event. He revealed that on that day, Wintermute received $700 million from Binance, and then spot sell walls appeared on every pair, followed by $19 billion in longs liquidated in 90 minutes. 

The pundit claimed that Wintermute bought back these coins at a 30% discount. He noted that Binance benefits by pocketing the funding rate fees while Wintermute pockets the spread. Butcher further alleged that both firms used a similar playbook during last week’s Bitcoin and Ethereum price crash, dumping $1.14 billion in BTC. This resulted in $1.16 billion in liquidations. 

The Bitcoin and Ethereum price have extended their decline this week, with BTC dropping below $100,000 yesterday for the first time since June. ETH also dropped to as low as $3,100 on the day, recording a 10% loss in the process. Butcher again claimed that Binance was responsible for the crash, stating that there was “total manipulation” from the crypto exchange.  This came as he declared that retail investors weren’t responsible for the selling pressure. 

Market Still Expected To Bounce Back

Market expert Raoul Pal suggested that the crypto market is still going to bounce back despite the Bitcoin and Ethereum price crashes. He expects the bull market to resume when the U.S. government shutdown ends, noting that the shutdown is currently causing a sharp tightening of liquidity. 

Pal noted that the global liquidity is still on the rise, suggesting that some of this liquidity could spark a bounce in the Bitcoin and Ethereum prices once the shutdown ends. The expert further remarked that the treasury could spend up to $350 billion in a couple of months once the shutdown ends and quantitative easing begins. The dollar is also expected to weaken once liquidity begins to flow, which is a positive for the crypto market. 

Franklin Templeton has filed an updated registration statement for its proposed spot XRP exchange-traded fund, becoming the third issuer in recent days to tweak the pivotal “8(a)” effectiveness language that governs when an S-1 can go live. Bloomberg’s James Seyffart flagged the change and its timing, writing: “NEW: Franklin Templeton files updated XRP ETF s-1 with shortened 8(a) language. Looking to launch this month.”

The move follows a quickening cadence of XRP ETF edits. On October 31, Bitwise filed another amendment to its S-1—its fourth since the initial 2024 submission—an update observers characterized as one of the last steps before potential effectiveness, with details such as the intended listing venue and a stated management fee included in reporting around the filing.

Separately, smaller issuer Canary Funds removed the standard “delaying amendment” that ordinarily prevents automatic effectiveness, a procedural shift that puts the filing under Section 8(a) of the Securities Act and starts the 20-day clock. “SCOOP: Canary Funds has filed an updated S-1 for its XRP spot ETF, removing the ‘delaying amendment’… This sets Canary’s XRP ETF up for a launch date of November 13, assuming the Nasdaq greenlights the 8-A filing,” journalist Eleanor Terrett posted.

What Seyffart and Terrett are highlighting is a technical but consequential distinction in S-1 drafting. For most offerings, issuers include a delaying clause stating: “The registrant hereby amends this registration statement… to delay its effective date… as the Commission… may determine.” That language keeps the SEC in control of timing.

By shortening or removing it, issuers can allow the registration to become effective automatically after 20 days under Section 8(a), provided all other conditions—chiefly a separate exchange listing approval and the 8-A registration for the class of securities—are satisfied. Franklin’s update is exactly that kind of acceleration attempt.

Franklin Templeton Fast-Tracks XRP ETF For November Launch

Franklin’s XRP trust has been moving through the pipeline since spring. The trust first filed a Form S-1 on March 11, 2025, laying out the product structure, custody with Coinbase Custody for XRP and BNY Mellon for cash, and a Cboe BZX listing plan. That initial filing—and even an August 22, 2025 amendment—still contained the classic delaying clause, underscoring how notable any subsequent change to the 8(a) language would be at this stage.

Bitwise, meanwhile, has been iterating as well. SEC records show multiple S-1 amendments for the Bitwise XRP ETF through October, including venue and fee disclosures; third-party trackers.

The procedural backdrop matters because of the autumn regulatory environment. After an SEC operations slowdown tied to the October government shutdown, several crypto ETPs exploited the 8(a) pathway to go effective on a set timetable by removing delaying language. Issuers who had already substantially engaged with the Commission used the statutory 20-day mechanism to advance products despite administrative bottlenecks, enabling the launch of spot Solana (SOL) and Hedera (HBAR) ETFs last week.

For XRP specifically, today’s question is not whether a single update guarantees a green light—S-1 effectiveness, an effective Form 8-A, and a completed exchange approval still need to intersect—but whether three different issuers are now aligned on a path to list in November if no new regulatory objections arise.

Terrett summarized the scoreboard succinctly: “And another one. So far we’ve got @CanaryFunds, @BitwiseInvest and now @FTI_US updating their XRP S-1s.” Her thread, together with Seyffart’s note on Franklin’s “shortened 8(a) language,” captures the market’s interpretation: issuers are positioning for a near-term debut.

The next inflection points are therefore procedural. If Canary’s self-set timeline holds and Nasdaq completes its 8-A onboarding for the class of shares, November 13 is the first plausible listing date for a spot ETF.

At press time, XRP traded at $2.23.

The Bitcoin price has fallen below $100,000 for the first time in four months, wiping out nearly 6% of its value within a single day.  The drop can be attributed to a strengthening US dollar, outflows from Spot Bitcoin ETFs, and massive liquidations across the crypto futures market, causing investors to question whether the long-anticipated bear market has finally arrived.  Notably, Bitcoin’s correction also rippled through the entire crypto sector, where the total market capitalization fell below $3.5 trillion for the first time in months.

Bitcoin Price Crashes Below $100,000

Bitcoin has spent the past 30 days with a lack of clear bullish price action. Although it started October with a rally to break above $126,000 for the first time, which was a new all-time high, the majority of October was highlighted by the leading cryptocurrency struggling to leave the $107,000 to $110,000 price range behind. 

The prolonged period of sideways trading hinted at a lack of strong buying pressure, and the weakness has spilled into November. This has, in turn, caused the leading cryptocurrency to crash below $100,000 in the past 24 hours, albeit only for a short period.

A surging US dollar has become one of the biggest headwinds for Bitcoin’s recent price action. The dollar index, which tracks the dollar’s strength against a basket of major currencies, climbed above 100 for the first time since August. This move reflected growing investor preference for safer assets, especially as uncertainty around the Federal Reserve’s next interest-rate decision continues to hang over global markets. 

The impact of this has been most visible in the crypto sector, where confidence has eroded quickly. Bitcoin and Ethereum fell massively as traders exited leveraged positions en masse. The sudden sell-off created a chain reaction of liquidations across exchanges that wiped out billions of dollars in futures positions within hours. 

In Bitcoin’s case, its market cap dropped by as high as 5.8% in just 24 hours, falling to around $2 trillion. Trading activity has surged massively during the downturn, crossing over $100 billion.

Is A Bear Market On The Horizon?

The crash below $100,000 opens up questions about whether the bear market has officially begun. The Bitcoin price is still up 8% on a yearly basis, but the scale of recent losses alongside the rising US dollar index points to a more cautious phase ahead. At the time of writing, Bitcoin has already rebounded above $100,000 and is now pushing towards $102,000. The rebound means that a section of traders has seized the opportunity to accumulate more during the dip, and Bitcoin is now trading at $101,770. 

If the Bitcoin price slips below $100,000 again, then it opens up the possibility of an extended decline towards $90,000. On the other hand, bullish technical analysis shows that the crash caused Bitcoin to touch its 50-week moving average, a level that’s always preceded a new all-time high. 

The last time this support was tested was in April 2025, and what followed was a powerful rebound that sent the Bitcoin price soaring more than 50% to reach $125,000 in the months that followed.

According to Bitcoin analyst Willy Woo, Strategy (MSTR) is unlikely to be forced to sell its Bitcoin in the next major market downturn. Strategy holds about 641,205 Bitcoin, a stake worth roughly $64 billion at current prices, according to Saylor Tracker.

Convertible Debt Gives Flexibility

Strategy’s debt is mostly in convertible senior notes that carry a holder put right dated Sept. 15, 2027. Based on Woo’s calculations, Strategy would need its stock to trade above $183 around that date to avoid selling Bitcoin to meet obligations.

That stock level lines up with a Bitcoin price near $91,502, assuming a multiple net-asset-value (mNAV) of 1. The company can settle conversions with cash, common stock, or a mix of both, and that choice gives management breathing room when markets wobble.

MSTR liquidation in the next bear market? I doubt it,

Here’s their debt, the date the debt is due and the price MSTR stock needs to exceed to prevent partial liquidation of their BTC treasury to pay the debt. Equivalent BTC price assumes mNAV 1.0 pic.twitter.com/AzVgecI7i2

— Willy Woo (@woonomic) November 4, 2025

Market Moves Put Pressure On Short Timescales

Strategy’s share price closed at $246.99, a seven-month low, down nearly 6.7% on the reported day. Bitcoin was trading at $102,004, down 9% over the past seven days, Coingecko data shows.

Based on reports, some market watchers say it would take a very prolonged and deep decline to force Strategy into selling its Bitcoin. One analyst put it this way: for the firm to liquidate, Bitcoin would need to underperform badly for a long stretch. Those words reflect the view that the company is insulated — but not immune.

Risk Of Partial Sales Looms

Willy Woo did add a warning. He suggested a partial sale could happen if Bitcoin fails to climb quickly during an expected 2028 bull run. Based on reports, that scenario would not be caused by a single bad week, but by a slow recovery that leaves Strategy’s stock weak when debt dates arrive.

Other public forecasts remain far more bullish: ARK Invest’s Cathie Wood and Coinbase CEO Brian Armstrong have both mentioned targets as high as $1,000,000 for BTC by 2030.

Debt Structure And Practical Choices

The convertible note setup means the company does not face an automatic margin call that forces an immediate sale. Conversions can be settled with stock, which shifts the pressure onto MSTR’s share price rather than Bitcoin alone.

However, that linkage also ties Strategy’s fate more tightly to investor appetite for a stock that mirrors Bitcoin’s movement.

Short Term Drops, Long Term Tests

Strategy looks broadly protected against a typical bear market. Yet the math shows a clear cut point: about $1 billion in debt comes due by the holder put date mentioned above.

If Bitcoin and MSTR equity both underperform for an extended period, adjustments may be needed. For now, major analysts say liquidation is unlikely in the next downturn, but they also flag 2028 as a critical year for whether any sales become necessary.

Featured image from Outside Bozeman, chart from TradingView

นักเทรดสามารถติดตามระดับการชำระบัญชีที่มีการกระจุกตัว เพื่อช่วยระบุจุดที่อาจเกิดแรงขายหรือแรงซื้อบังคับ ซึ่งมักกลายเป็นแนวรับหรือแนวต้านระยะสั้น

สิ่งที่ควรรู้:

• ราคา Bitcoin ร่วงลงมาอยู่เหนือ 100,000 ดอลลาร์เพียงเล็กน้อย ท่ามกลางแรงชำระบัญชีบังคับและความกังวลทางเศรษฐกิจมหภาค
• มีสัญญาฟิวเจอร์สมูลค่ากว่า 2 พันล้านดอลลาร์ถูกชำระบัญชี โดยฝั่ง Long ขาดทุนคิดเป็นสัดส่วนกว่า 80% หรือราว 1.6 พันล้านดอลลาร์
• แม้จะผันผวนสูง แต่นักวิเคราะห์ยังคงมอง Bitcoin ในระยะยาวในเชิงบวก

ราคา Bitcoin ร่วงลงมาแตะระดับเหนือ 100,000 ดอลลาร์เพียงเล็กน้อยในคืนวันจันทร์ ก่อนจะดีดกลับเล็กน้อยมาที่ 101,000 ดอลลาร์ หลังเกิดแรงชำระบัญชีบังคับและความวิตกทางเศรษฐกิจครั้งใหม่ที่ทำให้มูลค่าการเก็งกำไรในตลาดคริปโตหายไปหลายพันล้านดอลลาร์ ในขณะเดียวกันนักวิเคราะห์มองว่า Bitcoin ตอนนี้เสี่ยงปรับฐานและต้องมีปัจจัยใหม่หนุนในการพุ่งครั้งต่อไป

ตามข้อมูลจาก CoinGlass มีการชำระบัญชีสัญญาฟิวเจอร์สในช่วง 24 ชั่วโมงที่ผ่านมาเกินกว่า 2 พันล้านดอลลาร์ โดยเทรดเดอร์ฝั่ง Long คิดเป็นเกือบ 80% ของความสูญเสียทั้งหมด หรือประมาณ 1.6 พันล้านดอลลาร์

การชำระบัญชีเกิดขึ้นเมื่อเทรดเดอร์ที่ใช้เงินกู้ยืมต้องปิดสถานะการเทรด เพราะมาร์จินของพวกเขาต่ำกว่าระดับที่กำหนดไว้ ในตลาดฟิวเจอร์สคริปโต การชำระบัญชีนี้เกิดขึ้นโดยอัตโนมัติ เมื่อราคาขยับสวนทางกับฝั่งที่ถือเลเวอเรจ ระบบจะขายสถานะออกสู่ตลาดเพื่อป้องกันการขาดทุนเกิน

การชำระบัญชีจำนวนมากในฝั่ง Long มักบ่งชี้ถึงภาวะ “ยอมจำนน” ของตลาด และอาจเป็นสัญญาณของจุดต่ำระยะสั้น ในขณะที่การปิดสถานะ Short จำนวนมากมักเกิดขึ้นก่อนถึงจุดสูงสุดระยะสั้นเมื่อแรงโมเมนตัมกลับตัว

นักเทรดยังสามารถใช้ข้อมูลระดับการชำระบัญชีเพื่อระบุโซนที่มีแรงซื้อขายบังคับ ซึ่งมักกลายเป็นแนวรับหรือแนวต้านในระยะสั้น

การชำระบัญชีครั้งนี้ถือเป็นหนึ่งในเหตุการณ์ลดเลเวอเรจที่ใหญ่ที่สุดนับตั้งแต่เดือนกันยายน บ่งชี้ถึงความเปราะบางของตลาดหลังจากราคาที่เหวี่ยงขึ้นลงติดต่อกันหลายสัปดาห์

Bitcoin ร่วงลง 5.5% ในรอบวัน และลดลงกว่า 10% ตลอดสัปดาห์ที่ผ่านมา ETH ร่วง 10% เหลือ 3,275 ดอลลาร์ ส่วน Solana (SOL) และ BNB ลดลง 8% และ 7% ตามลำดับ ขณะที่ XRP, Dogecoin และ Cardano ร่วงลงระหว่าง 5–6%

มูลค่าตลาดคริปโตทั้งหมดลดลงมาอยู่ราว 3.5 ล้านล้านดอลลาร์ ซึ่งเป็นระดับต่ำสุดในรอบกว่าหนึ่งเดือน

Gerry O’Shea หัวหน้าฝ่ายวิเคราะห์ตลาดโลกของ Hashdex กล่าวในอีเมลถึง CoinDesk ว่า Bitcoin ซื้อขายอยู่แถวระดับ 100,000 ดอลลาร์ในวันนี้ ท่ามกลางภาวะตลาดที่นักลงทุนเริ่มหลีกเลี่ยงความเสี่ยง ส่งผลกระทบต่อสินทรัพย์ดิจิทัล หุ้น และสินค้าโภคภัณฑ์ในวงกว้าง

เขาเสริมว่า การคาดการณ์ล่าสุดที่ว่า FOMC อาจไม่ลดอัตราดอกเบี้ยเพิ่มเติมในปีนี้ รวมถึงความกังวลเกี่ยวกับภาษี การเข้าถึงเครดิต และการประเมินมูลค่าหุ้นที่สูงเกินจริง ล้วนเป็นปัจจัยกดดันตลาด นอกจากนี้ การขายจากนักถือ Bitcoin ระยะยาวก็เป็นสิ่งที่คาดการณ์ไว้แล้วในฐานะส่วนหนึ่งของวัฏจักรการเติบโตของสินทรัพย์นี้

ในส่วนของการชำระบัญชี แพลตฟอร์ม Bybit มีมูลค่าการปิดสถานะสูงสุดที่ 628 ล้านดอลลาร์ ตามด้วย Hyperliquid ที่ 533 ล้านดอลลาร์ และ Binance ที่ 421 ล้านดอลลาร์ การปิดสถานะเดี่ยวที่ใหญ่ที่สุดคือ BTC-USDT Long มูลค่า 11 ล้านดอลลาร์บน HTX

แม้ตลาดจะผันผวน แต่นักวิเคราะห์ยังคงเชื่อว่าทิศทางระยะยาวของ Bitcoin ยังเป็นบวก O’Shea กล่าวเพิ่มเติมว่า ระดับ 100,000 ดอลลาร์อาจมีความสำคัญในเชิงจิตวิทยา แต่เราไม่มองว่าการเคลื่อนไหวของราคาวันนี้เป็นสัญญาณของการอ่อนแรงในกรณีลงทุนระยะยาว

ขณะที่ธนาคารกลางสหรัฐยังคงชะลอการปรับลดดอกเบี้ย และความเสี่ยงทั่วโลกยังเปราะบาง นักเทรดมองว่าช่วงไม่กี่วันข้างหน้าจะเป็นบททดสอบสำคัญว่า การดีดตัวของ Bitcoin ครั้งนี้จะกลายเป็นการฟื้นตัวจริงหรือจะเจอแรงขายบังคับระลอกใหม่อีกครั้ง

Bitcoin Hyper ทางรอดใหม่ของตลาดคริปโตท่ามกลางคลื่นล้างพอร์ต

Bitcoin Hyper เป็นโปรเจกต์ Layer 2 ที่ต่อยอดจากความแข็งแกร่งของ Bitcoin โดยผสานระบบความปลอดภัยระดับโลกเข้ากับเทคโนโลยีความเร็วสูง รองรับ Smart Contracts และ dApps พร้อมทำธุรกรรมได้ในต้นทุนที่ต่ำมาก ถือเป็นก้าวสำคัญที่ทำให้เครือข่าย Bitcoin ขยับเข้าใกล้โลกของการใช้งานจริงมากขึ้น

ในช่วงที่ตลาดคริปโตเผชิญแรงชำระบัญชีครั้งใหญ่และราคาผันผวนอย่างหนัก โปรเจกต์อย่าง Bitcoin Hyper กลายเป็นสัญญาณแห่งความหวังของนักลงทุนที่มองไปข้างหน้า เพราะมันสะท้อนให้เห็นว่าการพัฒนา Bitcoin ไม่ได้หยุดอยู่แค่การเก็บมูลค่า แต่กำลังมุ่งสู่การเป็นระบบนิเวศที่สร้างประโยชน์ได้จริง หากทีมพัฒนาเดินตามแผนได้ครบ โอกาสเติบโตในระยะยาวยังเปิดกว้าง

ไปยัง Bitcoin Hyper

Quick Facts:

Analyst Willy Woo has flagged potential liquidation risks in Strategy’s debt structure, marking it as more resilient than in past cycles — a sign of improved structural strength in the large-cap crypto sector. PEPENODE offers a gamified mine-to-earn loop: users buy virtual meme nodes, upgrade facilities, and combine nodes to boost bonuses inside a browser-based server-room simulator. $PEPENODE is currently offered in presale at $0.0011317, via $ETH, $BNB, $USDT or $USDC (ERC-20 & BEP-20) and via card payments for instant ‘buy & stake’ participation. Staking rewards are currently set at 627%. The token’s total supply is 210B, with allocations for public sale and staking rewards. The roadmap includes simulated mining, leaderboards, and cross-meme-coin bonuses.

Macro jitters persist, yet analysts say the next downturn may not trigger the same forced selling that wrecked past cycles.

Bitcoin strategist Willy Woo’s data on Strategy’s leverage indicates that the firm’s position remains safe even under bearish scenarios, a sign of greater structural resilience in today’s crypto market.

With major players better hedged, traders are rotating into emerging tokens like PEPENODE ($PEPENODE), whose staking yields and gamified mining model have driven over $2M in presale inflows. Many now see it as a low-risk speculative play amid market uncertainty.

Analysts say the market is shifting from panic-driven exits to selective accumulation of tokens with utility and community stickiness.

Unlike past meme cycles fueled by hype alone, today’s traders seek a balance between fun and function – tangible rewards, engagement, and yield. Projects that turn participation into measurable in-app outcomes, such as points, staking, or status, are retaining users even during sideways markets.

That’s where $PEPENODE shines. The mine-to-earn memecoin lets players build virtual server rooms, upgrade ‘meme nodes,’ and earn staking bonuses. With over $2M raised, it’s positioned as a gamified economy, not a fleeting meme, rewarding time in-app, not just time in chat.

Investor backing so far suggests that a community is forming around consistent participation rather than short-term speculation —a key differentiator in a choppy 2025 market. PEPENODE ($PEPENODE) — Mine-To-Earn Meme Token With Built-In Staking

PEPENODE’s ($PEPENODE) turns meme culture into a playable economy. Its core loop is refreshingly simple: buy virtual meme nodes, upgrade your server room, and earn rewards through a browser-based mining simulator.

The platform’s three-step interface and leaderboard progression make it instantly accessible while encouraging competition, combining nodes, climbing ranks, and unlocking higher-tier bonuses.

For meme-coin fans tired of passive hype, it offers an interactive, gamified way to earn that keeps users engaged long after the launch buzz has died down.

Currently in presale with tokens priced at $0.001137, over $2M has already been raised, signaling strong early traction. With its mix of DeFi mechanics and game-like incentives, PEPENODE is emerging as one of the best meme coins heading into 2026.

The PEPENODE ($PEPENODE) presale accepts $ETH, $BNB, $USDT, and $USDC (ERC-20 & BEP-20), and even card payments, lowering barriers for first-time buyers.

Staking rewards of up to 627% APY headline the offer, a figure designed to encourage holding and simulator engagement over short-term flipping. That structure fits the ‘safer meme’ narrative favored by traders seeking yield and utility in one place.

The token’s total supply is 210B, with clear allocations for presale and staking rewards. No private rounds or insider allocations are listed, underscoring a community-first approach. Supported wallets include MetaMask, Base Wallet, and Best Wallet for easy participation.

Following the TGE, the roadmap includes the Server Room Builder, node upgrades, and DEX listings, followed by the launch of the Virtual Mining Simulator, where users can earn cross-project bonuses in tokens such as $PEPE or future partner coins.

As with any early-stage token, presale terms and APY may evolve, and long-term success will depend on community participation and platform engagement.

Still, analyst projections suggest strong upside potential — some forecasts place $PEPENODE near $0.0244 by 2030, representing an ROI of over 2,000% from current presale prices.

For investors looking to combine meme-coin energy with DeFi utility, PEPENODE offers a unique blend of gamification, yield, and accessibility.

If you want in, visit the official presale page and buy your $PEPENODE today!

This article is informational only. Always DYOR and assess risks before investing.

Authored by Bogdan Patru, Bitcoinist: https://bitcoinist.com/bear-market-wont-hurt-strategy-pepenode-safe-buy

Con il prezzo di Bitcoin sceso sotto i 110.000 dollari e il crollo che continua ad approfondirsi, sono emerse alcune rivelazioni sul motivo per cui questo sta accadendo proprio ora. In un primo momento, le dita erano puntate contro i venti macroeconomici ribassisti, che hanno messo il mercato delle criptovalute nel mirino. Tuttavia, i dati on-chain mostrano che la spiegazione potrebbe essere molto più semplice: il calo sarebbe dovuto al classico “dumping”. Più precisamente, i mega-whale di Bitcoin di vecchia data stanno iniziando a vendere le loro ingenti riserve.

Gli “OG Whales” di Bitcoin vendono oltre 1,7 miliardi di dollari in BTC

Un post della piattaforma di analisi on-chain Lookonchain ha confermato che il recente calo del prezzo di Bitcoin è stato effettivamente innescato da massicce vendite. Il post evidenzia il movimento di enormi quantità di Bitcoin — dell’ordine di migliaia di unità — verso gli exchange, mentre questi grandi investitori iniziano a incassare i profitti.

Il primo di questi casi riguarda un early whale di Bitcoin, noto solo con lo pseudonimo 1011short, che ha trasferito la sua ingente riserva di BTC su diversi exchange. In totale, la whale ha depositato 13.000 BTC, per un valore complessivo di 1,48 miliardi di dollari al momento del trasferimento. I depositi sono stati effettuati su piattaforme come Binance, Kraken, Coinbase e Hyperliquid, a partire dal 1° ottobre.

Un altro portafoglio molto conosciuto, collegato al primo investitore in Bitcoin Owen Gunden, ha iniziato a muoversi di recente. Il wallet di Gunden ha trasferito 3.265 BTC, per un valore di 364,5 milioni di dollari al momento, anch’essi verso l’exchange Kraken. I movimenti sono iniziati il 21 ottobre e sono proseguiti fino a novembre.

Dopo questi massicci depositi di BTC sugli exchange, il prezzo di Bitcoin ha iniziato a scendere, suggerendo che le vendite siano effettivamente cominciate. Tuttavia, non è possibile prevedere per quanto tempo continueranno, poiché Gunden detiene ancora oltre 700 milioni di dollari in Bitcoin.

Il crollo indica pressione di vendita

Il calo del prezzo di Bitcoin suggerisce che gran parte del volume giornaliero medio — circa 65 miliardi di dollari, secondo i dati di Coinglass — provenga effettivamente dai venditori. Se questa tendenza dovesse continuare e i grandi whale dovessero continuare a scaricare BTC, il prezzo potrebbe precipitare fino alla soglia dei 100.000 dollari.

Tuttavia, con un sentiment già così negativo e con le voci che parlano sempre più di un “top” di Bitcoin, è possibile che la criptovaluta si stia avvicinando a un punto di svolta. Un’improvvisa inversione di tendenza da questi livelli potrebbe innescare una chiusura forzata delle posizioni short, provocando una cascata di liquidazioni e un possibile rimbalzo esplosivo del prezzo.