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Global banking behemoth JPMorgan Chase has disclosed its increased exposure to the world’s largest cryptocurrency through BlackRock’s spot Bitcoin exchange-traded fund (ETF), iShares Bitcoin Trust (IBIT). 

JPMorgan Held 5.2 Million IBIT At End Q3

In the latest 13-F filing with the United States Securities and Exchange Commission (SEC), JPMorgan disclosed its holding of 5,284,190 IBIT shares, BlackRock’s spot Bitcoin ETF, as of September 30. This third-quarter figure represents a sharp 64% increase in the firm’s exposure to spot Bitcoin exchange-traded funds.

JPMorgan’s IBIT holdings, which were worth about $333 million as of September 30, are now valued at around $312 million. While the bank’s expanded position places it amongst one of the major institutional holders of BlackRock’s Bitcoin ETF, it still sits behind other firms, like Goldman Sachs, with significantly larger holdings. Goldman Sachs disclosed that it held 30.8 million shares of IBIT in the first quarter of 2025. 

Furthermore, the filing with the SEC shows that JPMorgan held IBIT call options worth $68 million and put options worth $133 million as of September 30. 

The increased investment in spot Bitcoin ETFs is consistent with the bank’s price expectations for the flagship cryptocurrency. In a recent report, strategist Nikolaos Panigirtzoglou and his team shared that deleveraging in the crypto derivatives market, especially Bitcoin perpetual futures, appears to be mostly over.

The JPMorgan analysts revealed that the recent rise in gold volatility has made BTC a more attractive investment option on a risk-adjusted basis. Using this gold-based model, the pundits argued that Bitcoin is fairly undervalued compared to gold and could see a significant upward movement to around $170,00 over the next 6 to 12 months.

As of this writing, the price of BTC stands around $102,900, reflecting an over 1% jump in the past 24 hours. However, the premier cryptocurrency is still deep in the red on medium-term timeframes. According to data from CoinGecko, the BTC price is down by more than 6% in the last seven days.

BlackRock’s IBIT Struggles In Recent Weeks

BlackRock’s Bitcoin ETF has somewhat struggled over the past few weeks, registering significant withdrawals in the last two. According to data from SoSoValue, the exchange-traded fund posted a weekly net outflow of over $403 million in the previous week.

Excluding its performance on Friday, November 7, BlackRock’s IBIT looks set to record a weekly net outflow of roughly $450 million. Nevertheless, the iShares Bitcoin Trust still ranks as the largest spot BTC exchange-traded fund with a net asset of $80.58 billion under management.

As Ripple expands its offerings and operations to broader markets, the crypto company’s President, Monica Long, has unveiled its next phases of growth that could set the stage for a new era for XRP. The suggested roadmap points toward expanded innovation, deeper institutional adoption, and a broader role for the XRP Ledger (XRPL) in the global financial sector.

Ripple’s President Outlines Next Chapter For XRP

At the Ripple Swell 2025 event, held on November 4-5, Long shared the company’s ambitious roadmap for XRP, giving the crypto community a glimpse of Ripple’s future ecosystem plans. Speaking with CoinDesk, she explained that Ripple’s vision extends well beyond payments, focusing on developing a robust infrastructure that promotes financial inclusion globally. 

According to the Ripple President, the crypto payments company now runs two main parts of its business. One division focuses on helping financial institutions adopt digital assets, while the other is dedicated to enhancing the XRP Ledger through continuous innovation. She also emphasized that the XRP Ledger has grown a lot in the past few years, with numerous updates enhancing its strength, speed, and reliability.

Another big growth step the Ripple President mentioned for the ecosystem is a new lending protocol expected to expand how people and businesses interact and use XRP. Long added that Ripple is currently investing heavily in new use cases that show how its ledger can support more than just global digital asset payments. 

Long has reported that a significant part of Ripple’s roadmap involves bringing more institutions onto the crypto network by offering real, practical tools. She noted that stablecoins, for instance, enable companies to transfer value quickly and efficiently. By integrating stablecoins into the XRP Ledger, Ripple aims to enhance the cryptocurrency’s real-world utility and strengthen its liquidity. 

Commenting on the growth plans, prominent crypto analyst X Finance Bull noted that Ripple’s next big steps mark a shift away from speculation and toward global adoption. Long remarked that the crypto company’s development strategy reflects a “flywheel effect” between utility, trust, and liquidity.

More Updates And Milestones Revealed At The Ripple Swell

At the Swell 2025 event, Ripple also announced that it had recently closed a $500 million strategic investment round, valued at about $40 billion. The round was led by Fortress Investment Group and Citadel Securities, with participation from Panera Capital, Galaxy Digital, and others. Notably, the large-scale investment round highlights growing institutional confidence in Ripple’s leadership and business model after its most successful year to date. 

Additionally, Ripple highlighted recent milestones within its ecosystem. The company reported more than $95 billion in total payment volume across its global payments network and more than $1 billion in market capitalization for its RLUSD stablecoin. Ripple also discussed its six strategic acquisitions, completed in just over two years, which have expanded its reach across payments, custody, and stablecoins.

The price of Bitcoin began the new month on a rough note, continuing its tumultuous run from October. On the afternoon of Friday, November 7, the premier cryptocurrency briefly fell below the psychological $100,000 level for the second time in the past week.

The struggles of the Bitcoin price in recent weeks have been attributed to a shift in the behavior of investors, especially a class known as the long-term holders (LTHs). A prominent crypto expert on X has come forward with more insights as to the impact of the LTH behavior on BTC price.

BTC Apparent Demand Growth Turns Negative

In his latest post on the X platform, CryptoQuant’s Head of Research, Julio Moreno, acknowledged that the Bitcoin long-term holders have indeed been offloading their assets over the past few weeks. The crypto expert, however, noted that this increased selling activity by LTHs is not something new.

According to Moreno, it is quite normal for Bitcoin long-term investors to shave off some of their holdings during the bull markets, as they look to take some profits while prices are high. What has been different this time around is that there has been no corresponding demand to mop up these offloads.

To back this, Moreno shared a chart comprising the long-term holder spending and apparent demand growth in the past few years. For context, apparent demand growth measures the difference between how much of an asset (Bitcoin, in this case) is being acquired compared to the quantity being created (mined).

The CryptoQuant Head of Research noted that the Bitcoin price had reached new all-time highs in the past during periods of increased long-term holders selling—albeit with positive apparent demand growth. As observed in the chart, this occurred during all-time-high rallies of January-March 2024 and November-December 2024.  

The highlighted chart also shows that the Bitcoin long-term holders have been selling since October, which is not particularly out of place. However, the apparent demand growth has been contracting, implying that there has been no buy pressure to absorb the LTH supply at higher prices.

Ultimately, this on-chain observation suggests that less focus should be placed on the selling activity of the Bitcoin long-term holders. If there is to be a turnaround for the price of BTC over the coming weeks, a positive apparent demand growth would need to be in place first.

Bitcoin Price At A Glance

As of this writing, the flagship cryptocurrency has recovered back above $100,000 and is valued at around $103,700, reflecting an almost 3% jump in the past 24 hours.

In the volatile world of cryptocurrency trading, price discrepancies between exchanges can offer crucial insights into regional demand and market sentiment. Bitcoin is trading at a discount on Coinbase, a leading US-based crypto exchange, compared to its prices on global platforms. The exchange’s spot pricing has slipped into a discount relative to major offshore platforms.

Market Sentiment Softens Ahead Of Key Economic Data

A full-time crypto trader and investor, Daan Crypto Trades, has highlighted on X that it’s not unusual for Bitcoin to trade at a discount on Coinbase, and this happens quite often during a larger market pullback. However, the current discount is not as substantial as it was in the previous cycle.

The discount is fundamentally created when the market is oversupplied with spot selling pressure originating from the Coinbase platform, particularly from the ETFs, US investors, and institutional investors. Generally, this discount on Coinbase is not the strongest sign, but it points to downward momentum. As seen on the chart, the market rarely bottoms locally without first undergoing such a period of heavy selling, which generates the discount.

Daan noted that this data is similar to tracking ETF flows, and the fact that BTC’s price on Coinbase is negative is not a bullish indicator. However, if the BTC price can sustain or start grinding higher after absorbing this period of heavy selling pressure, which is indicated by the discount, that could be a bullish sign for BTC. “Always compare the data to know how the price is moving,” the expert mentioned.

Why This Cycle Might Last Longer Than Expected

Crypto analyst Batman has highlighted a fascinating perspective from giants like Wintermute, which suggests that the concept of the Bitcoin four-year cycle is no longer relevant. However, Wintermute is now calling for a BTC supercycle. Offering his insights on the statement, Batman is supporting the idea using the BTC chart against the Institute for Supply Management (ISM) and Purchasing Managers’ Index (PMI) composite.

According to the expert, risky assets like BTC historically flourish in a growing economy. When the economy shows signs of slowing down, as reflected by the ISM and PMI contracting, it usually coincides with the cycle top for BTC and ushers in a period of price slowdown.

Despite BTC not maintaining an all-time high level, the ISM and PMI are literally just beginning to expand, making this cycle different. A prolonged debt cycle due to the global Covid-19 shutdown may also cause the delay of the BTC cycle, as shown by the ISM and PMI starting to turn around toward an upward direction.

The co-founder of Samourai Wallet, Keonne Rodriguez, was given the maximum prison time this week after his guilty plea in a US federal case linked to tools that allowed Bitcoin users to attempt to conceal their transactions.

According to court filings, the sentence aims to close a chapter that began with an indictment unsealed in April 2024.

Pleas And Sentencing Dates

According to court documents, Rodriguez pleaded guilty in mid-2025 to running an unlicensed money transmitting business. The plea did not encompass all counts within the original indictment but did result in the scheduling of a sentencing hearing.

On November 6, 2025, a judge imposed the longest prison term of five years sought by prosecutors for that count. His co-founder, William Lonergan Hill, faces related proceedings after being arrested overseas; extradition efforts are underway.

Defense: He lived in a $250,000 home in Harmony, PA unlike SBF. He’s an engineer. He’s a warm family man. Keonne Rodriguez: I agree with what my counsel said. My letter, I wanted it to be personal. I’ve been silent for 18 months. I wanted to bring my story to you

— Inner City Press (@innercitypress) November 6, 2025

Samourai Wallet: Allegations And Figures

According to the Department of Justice, Samourai Wallet and associated services processed approximately $2 billion in transactions that the government says included funds tied to illegal activity.

Prosecutors say that more than $100 million of criminal proceeds were laundered through features allowing users to mix or route coins via extra hops.

The tools at the center of the case — known as Whirlpool and Ricochet — were repeatedly mentioned in filings as methods that made tracing funds difficult. The government also said the founders marketed these features in ways they said appealed to bad actors.

Records show the charge of unlicensed money-transmitting business carries up to five years in prison. The federal probation office had suggested a term below that, recommending about 42 months, but prosecutors asked the court to impose the full five-year sentence.

Those figures were based on court documents and public statements by the US Attorney’s Office in the Southern District of New York.

Charges Narrowed, Questions Remain

Reports have identified that the defendants did not plead guilty to each of the counts in the original complaint, with the plea agreement leaving some counts unresolved.

That has left defense lawyers and outside experts focusing on what the case means for software developers and privacy tools that operate in the cryptocurrency space.

Legal filings reflect a complex combination of criminal allegations and regulatory questions, and in various hearings, both parties used technical and legal arguments.

Legal And Community Reactions

The sentence has drawn sharp takes from different corners. Privacy advocates warn that criminal penalties aimed at developers could chill open-source work and set new limits on tools used by ordinary people to protect their financial privacy.

Featured image from Unsplash, chart from TradingView

Early in November, Bitcoin (BTC) went as far as slipping beneath its $100,000 psychological support, reaching about $98,900 before reclaiming its six-figure valuation. While this may suggest the predominance of a bearish sentiment among its investors, a recent on-chain evaluation has surfaced, explaining why the Bitcoin price might soon experience a major reversal.

Binance Sees Increased STH Activity; Triggers Liquidation Cascade

In a recent QuickTake post on CryptoQuant, on-chain analyst Amr Taha reveals a sudden shift in Bitcoin retail activity on the Binance network. Taha’s report dwells on the ‘[Bitcoin] LTH/STH Buy/Sell Binance’ metric, which tracks buying and selling activity on Binance, distinguishing between Long-Term Holders (LTHs) and Short-Term Holders (STHs). 

Taha points out that as of the 3rd and 5th of November, Binance recorded a significant increase in the selling activity of Bitcoin’s STHs, especially from holders known as “clown wallets”. About 251 BTC flowed into Binance on the 3rd of November, while an even greater amount of BTC, approximately 517, was sent to Binance on the 5th of this month.

Owing to these STHs’ usual inclination to panic, their positions often serve as liquidity to the cryptocurrency’s long-term holders who grab the chance of accumulation amid a fear-driven retail market.

 

On another hand, the analyst highlights results from the BTC: Binance Liquidation Delta, a metric that measures the difference between long and short liquidations on Binance, thereby revealing if more long or short positions are being forcefully closed. 

According to Taha, most of the recent liquidations appear to be long positions that were both entered too late into the Bitcoin cycle, and with high leverage. These positions were forcefully closed within the $107,000-$100,500 range, triggering what is commonly known as a long squeeze. For context, a long squeeze is a series of sales that follows after traders with overleveraged long positions are threatened, or have been wiped out. 

Although a long squeeze typically causes the price to drop swiftly, it poses no significant issue to a cryptocurrency’s long-term investors. As a result, Bitcoin’s long-term holders have historically seen these events as accumulation chances, thereby standing as a soft cushion against the sharp nosedive the cryptocurrency’s price may be seeing. If historical trends were to recur, BTC may soon reach its price bottom, after which an accumulation and possible price expansion may ensue.

BTC Price Overview 

At the time of writing, Bitcoin holds a valuation of about $103,500. The cryptocurrency has seen a 24-hour growth of more than 2%, per data from CoinMarketCap.

The Dogecoin and Shiba Inu prices are down today after a brief rebound yesterday. Crypto pundit Nobler has suggested that these price declines are due to price manipulation rather than a wave of sell-offs among investors. 

Why The Dogecoin and Shiba Inu Prices Are Down

CoinMarketCap data shows that the Dogecoin and Shiba Inu prices are on the decline today, following significant gains yesterday. In an X post, Nobler stated that Binance, Wintermute, and BlackRock were all selling Bitcoin ahead of the Federal Reserve’s announcement. This explains the DOGE and SHIB decline given the meme coins’ correlation with the flagship crypto. 

Nobler alleged that these firms have sold over $1.5 billion in Bitcoin and continue to sell more. The pundit added that there was too much market manipulation. Bitcoin is currently struggling to hold above the $100,000 level, which has sparked a bearish sentiment towards the Dogecoin and Shiba Inu prices. 

The Dogecoin price is currently trading way below the psychological $0.2 level, while the Shiba Inu price continues to underperform, down over 53% since the start of the year. The foremost meme coins are also at risk of a further decline, with speculations that the crypto market might already be in a bear market.

Market maker Wintermute recently claimed that liquidity has stopped flowing into the crypto market, which is why the bull market has halted while the Dogecoin and Shiba Inu prices decline. The market maker further noted that momentum in stablecoins, ETFs, and digital asset treasuries (DATs) has slowed, highlighting a liquidity drain in the market. 

Notably, companies such as CleanCore and Bit Origin had accumulated DOGE earlier in the year but have since slowed their purchase of the foremost meme coin. Meanwhile, Santiment data also showed that there has been a drop in DOGE and SHIB whale transactions, which also explained the decline in the Dogecoin and Shiba Inu prices. 

Macro Target For DOGE Still Remains $1

Despite the recent decline in the Dogecoin price, crypto analyst XForce stated that the macro target for DOGE remains between $1 and $2, which would mark new all-time highs (ATHs) for the foremost meme coin. He noted that DOGE has arguably been one of the best idealized Elliot wave 5-wave structures on the macro up to the wave 4 termination point. 

Furthermore, XForce remarked that the only bullish option left will be observed as an Expanding Ending Diagonal, as impulsive options are now off the table. Meanwhile, crypto pundit SHIB Booster stated that the Shiba Inu price could rally soon as tokens from last bull season are now recording significant gains. The pundit added that a small wave of momentum could send the SHIB price back toward the mid-range, around $0.00001603.

The Decentralized Autonomous Organization (DAO) behind troubled DeFi protocol Balancer has issued a notice to the wallet behind a $128 million heist of the money maker project. The Balancer DAO is requesting that the hackers cooperate to resolve the situation or face an escalation in any form necessary.

Related Reading: Ripple CLO Sees ‘Skinny’ Fed Account As Solution To Banking Concerns, Touts Benefits Balancer To Hacker: Take Bounty Or Risk Persecution 

On Monday, Balancer suffered a major security breach resulting in the loss of assets worth over $100 million. According to the report by the protocol’s development team, the attack affected the balancer V2 composable stable pools, which were outside the pause window due to their long-standing live on-chain period. 

Bitcoinist reported that the hackers deployed a malicious contract targeting at altering vault calls during these pools’ initialization and eventually dodging security protocols to steal about $70 million in Ethereum, among other assets. 

In an X post on Friday, the Balancer DAO, which serves as the protocol’s governing body, shows its efforts in reaching out to the hacker’s wallet via a blockchain message. The DAO is presenting an opportunity for an amicable settlement without any escalation or legal involvement. 

The DAO said:

We understand this wallet is linked to the exploit of Balancer V2 Composable Stable Pools on Nov 3rd. We are treating this as an opportunity for cooperation and would prefer to resolve this without escalation.

If you are willing to cooperate, reply to this message and begin contact procedures before November 8th, 21:00 UTC. If we do not hear from you by that time, we will assume you are unwilling to help make the liquidity providers whole and will escalate our response.

Notably, the message also includes an offer of a bounty, which allows the hacker to keep a percentage of the loot legally. 

The DAO added: 

We would like to extend you an offer: return the funds to the DAO multisig address in exchange for a bounty. The details of this offer shall be arranged privately. Upon verification that the returned funds meet the criterias, Balancer will not pursue legal action or investigative steps aimed at identifying or prosecuting the owner of the returning wallet that are based solely on the fact of the return.

With no reply by the specified deadline, the governing body intends to employ all technical, on-chain, and legal means to identify the attacker and initiate a persecution. Interestingly, they have also warned that the bounty offer will be given as a reward to any potential informant with relevant information on the attackers.

BAL Price Overview

At the time of writing, BAL, the native token of Balancer, is now trading at $0.8547 following a 4.54% gain in the last day. However, the negative sentiment surrounding the recent hack amid a broader market correction is reflected in its weekly loss of 13.26%. 

Featured image from Securities.io, chart from Tradingview.com

Bitcoin’s mining industry is feeling growing strain as the key profitability gauge, hash price, slides toward levels that could push smaller operators offline and put pressure on mining equipment providers and service partners.

Hash Price Nears Danger Level

According to industry reports, hash price — the expected daily revenue per unit of computing power — is about $42 per PH/s today, down from above $62 per PH/s in July.

That dip toward the $40 mark is forcing some smaller and less efficient miners to weigh powering down their rigs. Reports have disclosed that when revenue falls this far, operators with thin margins can no longer cover power and maintenance bills.

Hardware makers and hosting firms are being affected. Orders for machines have slowed, and any income tied to Bitcoin has lost value after the market slide in October.

Some manufacturers have started mining with their own machines to offset weaker customer demand. Bitdeer and similar firms have been reported to expand self-mining operations to fill gaps in sales.

Miners Move Into AI Compute

High capital costs and steady increases in hashrate make running ASIC farms tougher, especially after the April 2024 halving cut the block reward to 3.125 BTC.

Back in 2009, the block reward was 50 BTC and people could mine with CPUs. Today, only specialized hardware makes mining viable for most operators. That shift has pushed some companies to convert capacity into general compute for AI workloads.

Based on reports, big deals show the trend is real. Cipher Mining signed a $5.5 billion, 15-year deal to supply compute power to Amazon Web Services in October.

IREN later agreed to provide GPU services to Microsoft in a contract valued at $9.7 billion. These moves are meant to bring steady revenue when Bitcoin mining profits shrink.

Market Slump Adds To Miner Stress

Bitcoin’s price weakness has compounded the problem. The token briefly fell below $100,000, trading as much as 20% below the October 6 high of above $126,000.

Analysts point to heavy selling by long-term holders: since late June, net sales from that group have topped 1 million bitcoin, according to Compass Point analyst Ed Engel.

A large liquidation of leveraged positions on Oct. 10 also shook the market and knocked out support levels near $117,000 and $112,000.

Markus Thielen, founder and CEO of 10X Research, said the market’s failure to reclaim key levels suggests bearish conditions, and his firm maintains that bitcoin could still fall further before a bottom appears.

His team had earlier forecast a drop to $100,000 and now says a buyable bottom may be “a few weeks away.”

Featured image from Pexels, chart from TradingView

The recent crypto market downturn triggered a sharp decline in the Dogecoin price that saw it erase its gains from prior days. However, this move has also exposed a critical level that the cryptocurrency must hold if there is to be any hope of a recovery. As with any critical support level, holding above it with momentum has its upsides, but also, breaking below it could have some dire consequences for Dogecoin holders, who are already seeing a lot of losses.

Why Dogecoin Price Must Hold $0.15

In a shared post on TradingView, crypto analyst The Alchemist Trader highlighted how the Dogecoin price is now facing critical support just above $0.15. This level has held through the last drawdown as buyers seem to have chosen this level to stage their defense. However, the meme coin is still not out of the woods, making the next moves all the more important.

The analyst explained that the last recovery attempt stopping so abruptly was a testament to the lack of bullish momentum. Given this, it is possible that bears might push the Dogecoin price back down enough to actually revisit the $0.15 level, and here, the strength of the support would be tested once again.

With the Dogeocin price still holding above $0.15, it points to some bullish sentiment that still remains. The Alchemist Trader also added that it is keeping the meme coin within a broader range, and this means that there is still the potential that the price will recover.

If the cryptocurrency is able to hold $0.15, bouncing off with momentum, then it could maintain its short-term bullish structure. A bounce could see it rise by more than 20%, with the next major resistance lying at the $0.2 level that has been a hurdle in the past.

What Happens If Support At $0.15 Fails?

The support at $0.15 is currently the level holding the Dogecoin price from crashing further. Therefore, if this level fails to hold, then it means that the digital asset risks a deeper decline from here. As the analyst’s post highlights, the Dogecoin price is already suffering from a weak rebound and declining volume.

These two factors suggest that Dogecoin is in a phase of consolidation, which is historically a very volatile phase for any cryptocurrency. So, a break below this level could see the price crash further to fill the wick from the October 10 crash. “If Dogecoin maintains its footing above $0.15, a gradual rotation toward $0.20 is likely, but a clean break below support could trigger a deeper correction in the short term,” the analyst explained.

American bankers are urging the US Treasury Department to enforce the prohibition on interest for payment stablecoins in the GENIUS Act. In response, cryptocurrency exchange Coinbase, has called on the Treasury to ensure that the forthcoming regulations align with Congress’s original intentions regarding the act.

Coinbase Pushes Back On GENIUS Act’s Interest Restrictions

According to the bill, signed by President Trump back in July, “No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin.” 

However, companies like Coinbase are exploring a potential loophole that they believe allows them to continue offering yields on stablecoin deposits. They argue that since these platforms are not the issuers of the stablecoins, the prohibition does not apply to them.

Coinbase’s letter to the Treasury was a direct response to an advanced notice regarding the GENIUS Act’s implementation. In this letter, dated November 4, Coinbase argued that interpreting third-party rewards or loyalty programs as prohibited “interest” would fundamentally alter the intent of Congress and contradict the statute’s text and purpose. 

The letter warned that any misinterpretation of the GENIUS Act could harm consumers by eliminating market-based incentives that reduce payment costs, encourage merchant acceptance, and assist new users in adopting regulated US stablecoins.

Banking Sector Unites Against Stablecoin Interest

The response from the banking sector was robust, with the Consumer Bankers Association, the American Bankers Association, the Bank Policy Institute, the Financial Services Forum, and The Clearing House Association collectively representing the interests of American banks. 

They asserted that Congress intended the prohibition on stablecoin interest to be broadly interpreted. Their letter indicated that any interest or yield payments that the GENIUS Act prohibits should encompass any economic benefits provided by issuers, directly or indirectly, including those through affiliates or partners. 

They cautioned that allowing stablecoin interest would effectively transform these digital assets into investment products, which could lead consumers to perceive stablecoins as akin to bank accounts, potentially resulting in a “deposit flight” that threatens banks’ ability to generate credit.

Beyond concerns related to interest payments, Coinbase also raised issues regarding the taxation of stablecoins. The firm argued that stablecoins should be classified as pure payment instruments for tax purposes, rather than as forms of debt or investment. 

They posited that treating payment stablecoins as debt would introduce unnecessary complexity into the financial system. Instead, Coinbase advocated for these stablecoins to be considered cash equivalents, which would simplify their tax treatment and support their intended use as payment mechanisms.

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

The price of Bitcoin is trading just below $103,000 after falling by 16% over the past month, and even the market’s most optimistic believers are tempering expectations. 

ARK Invest CEO Cathie Wood, known for her bold projections for Bitcoin, said during an interview on CNBC’s Squawk Box that she has revised her bullish Bitcoin price target downward by $300,000, citing the rapid rise of stablecoins as the main reason for the adjustment.

Stablecoins Taking Over Part Of Bitcoin’s Role

Wood explained that stablecoins are fulfilling a function she and her team initially believed Bitcoin would dominate, i.e., serving as a financial tool for emerging economies. She noted that stablecoins have become the preferred digital assets in many markets. According to her, this trend has expanded far more quickly than anyone expected, leading ARK Invest to trim its long-term bullish projection for Bitcoin by $300,000. This brings down the Bitcoin projection from $1.5 million by 2030 to about $1.2 million.

Wood said the firm’s models now recognize that stablecoins are scaling faster than anticipated. In her words, “stablecoins are scaling here much faster than anyone,” and their growth is effectively taking a slice of the market Bitcoin was once expected to capture.

Gold, Institutions, And The Bigger Picture

When asked if gold is factored into her forecast, Wood explained that the $300,000 reduction assumes all other things being equal, and gold continues to grow the way it is. 

However, since gold has also doubled in value since ARK Invest’s initial Bitcoin forecast, the comparison has become more nuanced. She reiterated that Bitcoin’s investment case remains intact because it is both digital gold and a technological innovation forming the foundation of a global monetary system.

Wood noted that Bitcoin is the “lead in a new asset class” while distinguishing stablecoins as digital cash equivalents. The relationship between gold, stablecoins, and Bitcoin represents what she described as a dynamic interplay of “puts and takes.” Despite trimming her price forecast, Wood stressed that ARK is fundamentally bullish on Bitcoin’s long-term potential.

Even as ARK Invest moderates expectations, Wood highlighted that institutional interest in Bitcoin and blockchain-based payment systems is still at an early stage. She noted that large financial players are only beginning to test the waters, with early experiments in new payment rails and digital asset integration just beginning to take shape.

For Wood, this early stage of institutional involvement is the first of a long runway for Bitcoin’s growth. Despite the current short-term market weakness and competition from stablecoins, she also maintained her belief in Bitcoin’s technological role as the lead in a new asset class.

“We have just started,” she said, adding that there is still “a long way to go.”

At the time of writing, Bitcoin is trading at $102,413, up by 1% in the past 24 hours but down by 7% and 16% in the past seven and 30 days, respectively.

Featured image from Unsplash, chart from TradingView

My First Bitcoin (MFB) has announced it is rebranding to start a new chapter in its independent BTC education initiative. The organization shared significant changes to its mission’s approach as part of its strategy for global transition.

From El Salvador To The World

Non-profit organization My First Bitcoin has announced its official transition from offering local BTC education and support to providing tools and resources to educators worldwide.

MFB, also known as Mi Primer Bitcoin, was founded in El Salvador in 2021 and focuses on independent BTC education with various programs. In early 2022, the organization launched its BTC Diploma program to facilitate education on multiple Bitcoin-related topics, including fiat money, BTC’s history, and the challenges of the flagship crypto’s different facets.

The program has reportedly reached over 27,000 students over the past few years, most of whom are located in El Salvador. Meanwhile, the 2023 workbook has been translated into 23 languages and independently taught from South America to Asia.

Now, MFB revealed that it seeks to continue its project with a global approach. The organization shared that it is retiring its local name, Mi Primer Bitcoin, and officially rebranding to the English version.

Additionally, the team has reportedly been restructured with new roles and directors added. As part of the shift, the organization will also close its physical office in El Salvador and move to a fully remote, globally distributed structure.

“Our ambition was always to change the world, but we had to start with a single student, then a single city, then a single nation and now we are ready to raise the potential impact from 6 million people to 8 billion,” MFB’s founder, John Dennehy, stated.

My First Bitcoin’s New Focus

Despite the shift, MFB affirmed that it will stay grounded in its mission. Dennehy noted the significant scale jump of the organization’s mission, adding that they will be “focusing on empowering educators and projects everywhere, rather than trying to do it ourselves.”

The new focus seeks to teach the teachers, “creating the tools, systems, and guidance for everyone that wants to start their own Bitcoin education initiatives: circular economies, meetups and community builders.”

According to the announcement, the team will transition into a “more facilitating role,” doubling down on “building and improving new and existing curricula for all audiences.”

MFB shared that it is stepping back from its weekly and monthly meetups in El Salvador, which will now be owned and run by a collective of local projects. Moreover, the organization unveiled that its Public School Program in El Salvador had ended.

In 2023, the non-profit started collaborating with El Salvador’s Ministry of Education to promote adoption and financial empowerment locally, aiming to introduce the BTC diploma curriculum to the country’s public educational system in 2024.

Lastly, the organization will make the expansion of its Independent Bitcoin Educators Node Network a focal point of the new approach. The Node Network was launched in 2023, aiming to provide a space for people to join MFB’s mission. The self-governing network spans over 70 projects from 38 countries.

“We want to help others get started and be successful in their own communities, then link everyone together to create a global movement,” MFB’s founder concluded.

On-chain data shows a humongous amount of old Bitcoin saw revival in 2025. Here’s how the year stacks up against previous ones.

5+ Year Old Bitcoin Revived Supply Broke $52 Billion This Year

As explained by on-chain analyst Checkmate in a new post on X, 2025 has seen a large amount of old tokens come back to life. Coins are considered to be “old” when they are dormant (that is, not involved in any transaction on the blockchain) for at least 5 years.

There are different bands these old tokens can be further divided into. The youngest band is the 5 to 7 years range, containing buyers from the last two BTC cycles who are resolute enough to still not have sold their coins.

The middle band corresponds to an age of 7 to 10 years old. At this range, there is a real chance that coins entering the cohort are doing so by becoming lost, rather than through “HODLing.” Finally, there is the 10+ years band, reflecting the truly ancient BTC supply.

In 2025 so far, the three cohorts have made movements worth (from youngest to oldest): $22.7 billion, $16.2 billion, and $13.3 billion. In total, over $52 billion in old supply broke dormancy this year. Below is the chart shared by Checkmate that shows how previous years compared.

As is visible in the graph, 2024 was the only year that surpassed this year in terms of total 5+ years old revived supply, although 2025 isn’t over yet so it may well surpass it by the end of December.

Interestingly, an old supply band that 2025 has already overtaken 2024 in this metric is the 10 years+ cohort. This means that this year Bitcoin saw the most amount of ancient supply come alive. The analyst has noted that $9.5 billion of these tokens have come from a single holder with 80,000 BTC.

In some other news, a large amount of liquidations have hit the cryptocurrency derivatives market as a result of the volatility that Bitcoin and others have gone through.

As data from CoinGlass shows, $686 million in liquidations have taken place over the last 24 hours.

Long contracts have outweighed short ones in liquidations in this period, as a result of volatility being to a net downside. More specifically, the bullish flush has amounted to $363 million, while the bearish one to $318 million.

Short liquidations have still been of a significant amount since down isn’t the only way the market has gone. Bitcoin initially fell below $100,000, before recovering back to the current level.

In terms of the individual assets, BTC-related contracts contributed the most toward the squeeze with $231 million in liquidations, while Ethereum came second at $165 million.

BTC Price

At the time of writing, Bitcoin is floating around $101,500, down nearly 8% in the last seven days.

Bitwise Asset Management signaled this week that a spot Dogecoin ETF could become effective in late November, with a possible launch date of November 26, 2025, if regulators do not intervene.

Based on reports, the firm changed its filing to remove a delaying amendment, which starts a clock that could make the registration effective automatically after a set window.

Automatic Effectiveness Could Trigger Launch

The filing change relies on a mechanism allowed under Section 8(a) of the US Securities Act. Reports say that removing the delaying language starts a 20 calendar-day countdown.

If the US Securities and Exchange Commission does not act during that period, the registration could become effective around November 26, 2025. That is why several outlets have used that specific date when describing the move.

Bloomberg ETF analyst Eric Balchunas said in a post on X (formerly Twitter) that Bitwise has taken out the “delaying amendment” from its S-1 filing.

Looks like Bitwise is doing the 8(a) move for their spot Dogecoin ETF, which basically means they plan on going effective in 20 days barring an intervention. pic.twitter.com/y8jyxbYKXQ

— Eric Balchunas (@EricBalchunas) November 6, 2025

Custody And Structure Details Provided

According to the prospectus excerpts cited in multiple reports, the fund would hold actual Dogecoin — not futures contracts. Custody arrangements listed include Coinbase Custody Trust Company, LLC for DOGE and BNY Mellon for cash holdings.

The ETF’s net asset value would be tied to the CF Dogecoin-Dollar Settlement Price, the filing shows. Reports also indicate the product is expected to list on NYSE Arca, though a final ticker symbol and fee schedule have not been published.

Regulatory Roadblocks Remain

Even with the 20-day clock ticking, approval is not guaranteed. The SEC can step in during that window to delay or require further disclosures, and officials have done so in other cases. Market participants also note that an effective registration is only one step.

Exchange listing mechanics, market-maker arrangements and custodial confirmations can affect when shares actually begin trading. As a result, an effective date and a trading launch date may differ.

Market Context And What It Could Mean

A spot ETF for Dogecoin would be a continuation of a wave of spot crypto products that have sought to gain access to mainstream distribution. Reports indicate the move signifies heightened institutional demand to expand regulated access to altcoins in addition to Bitcoin and Ethereum.

Still, the filing itself warns of usual risks: token price swings, liquidity concerns and competition from other funds. No specific expense ratio or seed capital figures were disclosed in the filings cited by the press.

Public statements from the SEC, formal confirmation of the effective date on regulatory filings, and notices from NYSE Arca are expected to outline the next steps. Details such as the ETF’s ticker symbol, expense ratio, and participation from market makers are likely to surface as the launch process continues.

Featured image from WallpaperCG, chart from TradingView

Kazakhstan is set to establish a national cryptocurrency reserve fund valued between $500 million and $1 billion, primarily utilizing assets that have been seized and repatriated from abroad. 

Central Bank Governor Timur Suleimenov announced the initiative during an interview with Bloomberg in London, stating that the fund would focus on investments in exchange-traded funds (ETFs) and shares of companies involved in the sector, rather than holding digital assets directly.

State-Run Crypto Asset Fund

During the interview, Suleimenov expressed confidence that the fund would be operational by the end of the year or early January. He emphasized that the investment strategy would be cautious, steering clear of direct crypto exposure. 

Kazakhstan’s Deputy Chairman of the National Bank, Berik Sholpankulov, further clarified the government’s strategy, revealing that they are considering using some of the National Fund’s assets, as well as gold and foreign exchange reserves, for investments linked to crypto assets. 

Sholpankulov noted that any such investment activities would be managed exclusively through a state-run digital asset fund, which is currently under discussion.

The National Bank’s Deputy Chairman detailed that confiscated cryptocurrency assets would be allocated to this state digital asset fund, where they will serve as a strategic reserve for the government. 

Additionally, he mentioned a proposal from the Ministry of Digital Development to allow state-owned mining companies to provide energy to private mining operations in exchange for payment in virtual currencies.

According to the National Bank, the assets of the National Fund increased by $990 million in September compared to August, reaching a total of $62.7 billion. Concurrently, gold and foreign exchange reserves also saw a rise, with gold reserves growing to $39.7 billion, despite a decline in foreign exchange assets.

Kazakhstan Eyes Regulated Digital Asset Landscape

This initiative comes on the heels of the National Bank’s approval of a concept to create a national reserve of crypto assets, which will be managed through a new subsidiary focused on alternative investments. 

The government is also exploring the establishment of licensed crypto banks and a national cryptocurrency exchange to foster a regulated environment for digital asset trading in Kazakhstan.

Over the past few months, authorities have cracked down on illicit cryptocurrency exchanges, shutting down 130 operations suspected of laundering criminal proceeds. This crackdown has led to the seizure of crypto assets worth approximately $16.7 million. 

However, Sholpankulov noted that around $15 billion in cryptocurrency has reportedly exited the country due to regulatory gaps surrounding digital assets.

At the time of writing, Bitcoin (BTC) was trading at $100,820, marking a notable 9% decline over the past week. This puts the leading cryptocurrency 20% below its all-time high of $126,000, which was reached in early October of this year. 

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

Japan’s three largest banking groups have received the greenlight from the FSA for a stablecoin issuance and cross-border payments project.

Mitsubishi UFJ, Mizuho, & Sumitomo Mitsui To Jointly Issue Stablecoins

As announced in a press release by MUFG bank, its banking group, along with two other major financial institutions, has just received approval from Japan’s Financial Services Agency (FSA) on a stablecoins proof-of-concept.

According to the press release, the banks’ project will involve joint stablecoin issuance and advanced cross-border payments, with both set to receive support from the FSA. Digital asset platform Progmat, founded by Mitsubishi UFJ, will provide the infrastructure and technological support for the proof-of-concept. “The three banks considering joint issuance will define requirements and establish evaluation criteria to build a concrete structure,” said MUFG.

A stablecoin is a cryptocurrency that has its price pegged to a fiat currency. Currently, the most popular assets of this type are tied to the US dollar (USD). The three big banks are expected to issue a stablecoin backed by the Japanese yen (JPY).

Last month, Japanese startup JPYC launched the nation’s first yen-based stablecoin, as reported by Bitcoinist. The token, called “JPYC,” is backed by domestic deposits and Japanese government bonds. For now, the company is offering 0% fees on issuance and redemption of JPYC to promote adoption.

MUFG’s press release noted that blockchain-based payments and use of tokenized deposits and stablecoins are being explored both domestically and overseas. So this proof-of-concept from the banks will serve as a testing ground to accumulate practical knowledge related to joint stablecoin issuance.

Elsewhere in Asia, Hong Kong approved its legislature on these fiat-tied tokens earlier this year, and big names like Standard Chartered in its joint venture are on the waiting list for an issuer license.

The first batch of approvals was earlier expected to drop next year, but a recent Financial Times report has revealed that mainland regulators have urged applicants to pause their plans, due to concerns about the growth of currencies controlled by the private sector.

Over in Europe, a consortium of big banks has come together to launch a euro stablecoin in the second half of 2026. Initially, the consortium included nine European banks, but later a tenth financial institution in the American Citigroup joined the effort.

The euro-pegged token, which aims to be fully compliant with the European Union’s Markets in Crypto-Assets Regulation (MiCAR), seeks to provide a real alternative to the USD-heavy stablecoin market.

Bitcoin Price

Bitcoin has been facing bearish pressure recently, which has taken its price to the $100,000 level, down over 8% on the weekly timeframe.

Earlier in the week, Bitcoin saw a recovery surge above $104,000. This rally interestingly occurred alongside notable stablecoin exchange inflows, as pointed out by an analyst in a CryptoQuant Quicktake post. It’s possible that investors made these deposits to convert their stables for BTC and other volatile assets, but considering the latest price trend, the buying pressure didn’t last.

A public research center in Tenerife is preparing to sell a stash of Bitcoin it bought more than a decade ago — a holding that has grown from a modest experiment into a multi-million dollar pot.

Reports say the Institute of Technology and Renewable Energies (ITER), tied to the Tenerife Island Council, purchased 97 BTC in 2012 for about €10,000. The coins are now worth over $10 million at current prices.

Preparing To Liquidate A Long-Held Holding

ITER did not buy the Bitcoin as a bet on prices. According to local reporting, the purchase was part of a project to study blockchain and related systems. Now, after years of rising values, council officials are in talks with a regulated Spanish financial institution to move the assets into cash in line with Bank of Spain and CNMV rules.

The sale process faces hurdles. Banks and brokers often demand detailed compliance paperwork for big crypto transactions. That means the operation will be carried out through official channels rather than on a retail exchange. Some sources note ITER has been trying for years to sort legal and administrative steps around the holdings.

Funds Pledged To Research Projects

Based on reports, the money raised from the sale will be used to fund new research at the institute. ITER plans to put the proceeds toward projects including quantum technology and other scientific work that it says will benefit the island and regional development. Officials have framed the plan as a way to turn an old experiment into a public resource for research.

How Big Is The Gain?

The numbers are stark. Buying 97 Bitcoin for roughly €10,000 in 2012 and selling them now at market levels would mean a return measured in the thousands of percent. Exact figures will depend on the final sale price and exchange rates used on the day the coins move. Tax and legal costs could also affect the net amount the institute receives.

What Officials Have Said

Council members and ITER representatives have given short statements to local press about the plan, noting that the original purpose was research rather than investment. Reports indicate officials are coordinating with legal and financial advisers to make sure the disposal meets Spanish rules around public funds and asset sales. The aim is to avoid any misstep that might delay the cashing-out.

Featured image from Unsplash, chart from TradingView

Bitcoin is struggling to hold the $100K level, with bulls unable to reclaim momentum as fear and uncertainty dominate the market. The price continues to trade near critical support, and despite strong on-chain fundamentals, sentiment remains fragile. According to top analyst Darkfost, the market is undergoing a profound transformation — one that’s making many traditional on-chain indicators less reliable.

“With time, we can clearly see that the structure and dynamics of the market are evolving,” he notes. While retail behavior and exchange flows once defined market cycles, the growing influence of institutions, ETFs, and long-term investors has changed the rhythm of Bitcoin’s price action.

Still, some metrics remain vital, and one of the most insightful, according to Darkfost, is Coin Days Destroyed (CDD) — a measure of long-term holder activity. “It’s one of the indicators I follow the most because long-term holders are still driving this market,” he says.

Currently, between 75% and 80% of all Bitcoin supply is held by long-term holders, signaling that the majority of investors remain strong-handed despite volatility. This consolidation among patient holders may ultimately set the stage for the next major trend once short-term fear fades.

Long-Term Holders Drive Market Dynamics Through Rising CDD

According to Darkfost, the Coin Days Destroyed (CDD) metric remains one of the most valuable tools for understanding Bitcoin’s market structure. It provides a clear visualization of long-term holder (LTH) activity and the potential selling pressure they exert. Essentially, CDD measures how long coins have been held before being moved — and when older coins start circulating again, it’s often a sign that distribution is underway.

Currently, the 30-day moving average of CDD is steadily rising, having doubled since early summer. Interestingly, this metric declined before Bitcoin’s last all-time high, helping fuel that rally, but it has continued to climb since — reflecting growing LTH activity.

On an annual scale, CDD levels have already surpassed the 2021 cycle and are approaching those from 2017, marking one of the most active long-term holder phases in Bitcoin’s history.

This trend signals a massive transfer of supply between market participants. Despite this, Bitcoin remains above $100,000, showing that today’s market is more liquid, resilient, and institutionally driven than in previous cycles. LTHs now have the ability to distribute significant volumes without crashing prices, demonstrating how far Bitcoin’s maturity and market depth have evolved over time.

Bitcoin Battles to Hold $100K Support

Bitcoin is currently trading near $100,767, struggling to maintain stability after a volatile week marked by aggressive selling pressure. The daily chart reveals that BTC has once again tested the $100K psychological support, a key level that bulls must defend to prevent further downside momentum.

From a technical perspective, Bitcoin remains below its 50-day (blue) and 100-day (green) moving averages, signaling that short- and mid-term momentum continues to favor the bears. The 200-day moving average (red) — now positioned slightly above $106K — is acting as dynamic resistance, reinforcing the broader correction phase that began in late October.

If Bitcoin manages to close above $103K–$104K, it could signal a short-term recovery toward $108K–$110K. Conversely, a decisive break below $100K could trigger a sharper correction toward $95K, potentially testing the market’s resilience as sentiment continues to waver between fear and cautious optimism.

Featured image from ChatGPT, chart from TradingView.com

Bitcoin (BTC) continues to consolidate around the $100,000–$102,000 zone as global markets remain cautious following the hawkish comments from the U.S. Federal Reserve.

Related Reading: Is A Ripple IPO Coming? Garlinghouse Shares New Insights

Despite short-term weakness, analysts remain divided, with institutional forecasts ranging from $120,000 to $170,000 for 2025.

Macro Pressure Keeps Bitcoin in Tight Range

Currently, Bitcoin is trading around $100,900, down 2.01% in the last 24 hours, extending its 8.2% weekly decline.

The broader crypto market capitalization slipped to $3.37 trillion as Ethereum fell below $3,400 and altcoins posted mixed results. Analysts attribute the muted action to tight liquidity and risk-off sentiment, with BTC trapped between key support at $100,500 and resistance at $102,500.

According to CoinSwitch Markets Desk, maintaining levels above $100,500 keeps sentiment “constructive,” but a breakout above $102,500 is needed to target $104,000–$105,000.

Whale activity, however, suggests accumulation. Wallets holding 1,000–10,000 BTC added nearly 30,000 BTC last week, signaling growing confidence among large holders.

Diverging Institutional Bitcoin Forecasts Add to Uncertainty

Institutional analysts remain split on Bitcoin’s next move. JPMorgan values BTC at $170,000, comparing its risk-adjusted volatility to gold, while Bitwise CIO Matt Hougan and MicroStrategy’s Michael Saylor forecast a $150,000 year-end target driven by ETF inflows and institutional rotation.

In contrast, Galaxy Digital cut its 2025 forecast to $120,000 after whales sold 400,000 BTC in October, warning that Bitcoin’s “maturity era” may lead to slower but steadier growth.

Meanwhile, Cathie Wood of ARK Invest has trimmed her 2030 price target from $1.5 million to $1.2 million, citing stablecoin adoption in emerging markets like Venezuela and Argentina, where citizens are increasingly using USDT to hedge against inflation.

Market Sentiment and Corporate Impact

Market sentiment remains fragile, with RSI readings below 40 suggesting an oversold phase. Veteran analyst Tom Lee believes current macro challenges could “turn into opportunities,” predicting a turnaround once U.S. inflation eases.

Adding to the mix, Block Inc., led by Jack Dorsey, reported $1.97 billion in Bitcoin-related revenue for Q3 2025, nearly one-third of its total earnings, despite a broader earnings miss that sent shares down over 10%.

Related Reading: Will Michael Saylor’s $64 Billion Bitcoin Stack Get Liquidated At $74,000? Here’s The Truth

For now, Bitcoin’s resilience above $100,000 offers cautious optimism. A decisive close above $105,000 could confirm a trend reversal; however, until then, BTC’s consolidation reflects a market at the crossroads of macroeconomic headwinds and institutional conviction.

Cover image from ChatGPT, BTCUSD chart from Tradingview