XRP experienced a significant spike to $2.93 on October 8, driven by a 2% intraday rally and nearly double the average trading volume. However, profit-taking led to a decline back to $2.85, where the support level is now under scrutiny as macroeconomic factors weigh on market flows. Despite this short-term bearish momentum, the overall outlook remains cautiously optimistic due to ongoing institutional interest and potential regulatory catalysts. Traders are closely watching whether the $2.85 support holds or if a further drop to $2.80 occurs, which could signal deeper bearish trends.
Bitcoin's on-chain profitability surged, with 97% of its supply now in profit, as institutions drove over $2.2 billion into U.S. spot Bitcoin ETFs within a week. This influx has helped absorb available supply on exchanges, pushing Bitcoin to a new all-time high near $126,000 before consolidating around $122,500. Meanwhile, Dogecoin saw significant accumulation as large holders added 30 million tokens, valued at approximately $8 million, despite facing resistance at $0.26.
This suggests that institutional confidence remains strong, even as profit-taking pressures the price back toward $0.25.
DDC Enterprise secured $124 million in funding to bolster its Bitcoin treasury strategy, aiming to acquire 10,000 BTC, valued at over $1.2 billion. This funding round, priced at a 16% premium to its recent trading price, highlights the growing trend of corporations investing heavily in Bitcoin as a reserve asset. Similarly, Helius, a digital asset treasury firm, plans to acquire at least 5% of Solana, equivalent to over $6 billion, contingent on market conditions. These moves reflect a broader institutional shift towards accumulating significant digital asset holdings.
The upcoming approvals of multiple crypto ETFs, particularly for Solana and XRP, are expected to significantly influence market dynamics. Analysts suggest that these approvals could unleash a wave of institutional capital, potentially driving prices to new highs. As regulatory clarity improves, particularly for assets like XRP, the market sentiment appears to be shifting positively. This environment may set the stage for a robust year-end rally as institutional players continue to seek exposure to digital assets.
Short-term holders (STHs) have significantly increased their Bitcoin holdings, adding approximately 450,000 BTC since July 2024, bringing their total to about 2.6 million BTC. This trend has historically indicated local price tops, with previous peaks aligning with Bitcoin's all-time highs of $73,000 in March 2024, $110,000 in January 2025, and the latest at $126,000. Despite this increase, the share of STHs in the total circulating supply has decreased from 22% to 18%, indicating a potential cooling in market euphoria. Long-term holders, on the other hand, have reduced their positions, distributing around 250,000 BTC since July, which may contribute to selling pressure during Bitcoin's recent price fluctuations.
Analysts expect STH supply to continue rising, potentially surpassing 3 million BTC as Bitcoin enters its historically strong quarter.
Despite a broader market pullback, Binance Coin (BNB) has shown remarkable resilience, trading 0.8% higher while major cryptocurrencies like Ethereum and XRP faced losses. BNB's recent performance can be attributed to its ecosystem utility and a $1 billion fund announced by former Binance CEO CZ's YZi Labs to support BNB Chain developers. Over the past week, BNB has gained 27.6%, and its price is just 2% below its all-time high. This demonstrates strong investor confidence in BNB's long-term prospects, even as the Binance Smart Chain ecosystem experiences corrections following speculative trading activity.
The crypto market experienced significant liquidations, with over $635 million wiped out in the past 24 hours due to profit-taking and external economic factors like a stronger dollar. Bitcoin's price has retreated by 1.2% in the last day and is down nearly 3% from its recent peak of $126,080. Analysts view this correction as healthy, with potential price targets for Bitcoin set between $132,000 and $135,000 if key support levels hold. This volatility underscores the inherent risks in leveraged positions within the crypto market.
The state of North Dakota is set to introduce a U.S. dollar-backed stablecoin named "Roughrider Coin," in collaboration with payments infrastructure company Fiserv. This stablecoin aims to enhance bank-to-bank transactions and promote global money movement within the state's financial institutions. The rollout is expected next year and will utilize Fiserv’s digital asset platform, integrating with its white-label FIUSD system designed for regulated banking environments.
This initiative reflects a growing trend among U.S. states to explore stablecoins as a means to modernize financial transactions and improve efficiency.
MetaMask has expanded its trading capabilities by introducing perpetual swaps trading and planning to integrate Polymarket prediction markets into its platform. The perpetual futures trading feature is powered by Hyperliquid, a decentralized derivatives protocol that processed $275 billion in trading volume last month. This enhancement allows users to engage in trading without losing custody of their assets, thereby increasing the platform's utility and user engagement within the decentralized finance (DeFi) space.
Jupiter, a decentralized exchange aggregator on the Solana network, is preparing to launch its own stablecoin, JupUSD, in collaboration with Ethena. The stablecoin will initially be collateralized by Ethena's USDtb, which is backed by short-term U.S. treasuries. This development is part of a broader trend of stablecoin issuance within the DeFi ecosystem, which has seen significant growth, with the total stablecoin market cap surpassing $300 billion.
The Ethereum Foundation has established a dedicated research cluster focused on privacy, encompassing private payments, proofs, identity, and enterprise applications. This initiative aims to enhance the ecosystem's privacy capabilities while ensuring compliance with regulatory standards. The cluster will consolidate existing privacy projects and introduce new tools designed to facilitate secure transactions and identity management on the Ethereum network, thereby addressing the growing demand for privacy in blockchain applications.
YZi Labs, the venture arm of Binance co-founder Changpeng Zhao, has initiated a $1 billion fund aimed at supporting long-term builders on the BNB Chain. This fund will focus on various sectors, including decentralized science (DeSci), artificial intelligence, and DeFi. The initiative is designed to enhance the BNB ecosystem's competitiveness and facilitate the development of innovative projects that leverage blockchain technology.
Coinbase has officially launched its crypto staking services in New York, allowing residents to stake major tokens such as Ethereum and Cosmos, with estimated yields reaching up to 16% APY. This development comes after a significant regulatory shift, as New York state regulators had previously objected to such services. The approval follows a $100 million settlement reached between Coinbase and the state's crypto regulator earlier in 2023, marking a notable change in the state's stance towards crypto participation.
The UK's Financial Conduct Authority (FCA) has lifted its four-year ban on cryptocurrency exchange-traded notes (ETNs), which is expected to open the market to retail investors for the first time. This regulatory change is projected to spur a 20% growth in the UK digital asset market, reflecting a significant shift in the regulatory landscape and potentially increasing participation in crypto investments.
In the context of the ongoing government shutdown, the US Senate has confirmed Jonathan McKernan as a Treasury official, which is expected to enhance oversight on banking and digital assets. This appointment could influence future regulatory frameworks concerning cryptocurrencies as the government navigates its fiscal challenges.
Brian Armstrong, CEO of Coinbase, expressed strong optimism regarding the upcoming clarity in US cryptocurrency regulations, suggesting that 2025 could bring significant stability and investor confidence to the market. This sentiment reflects a growing anticipation among industry stakeholders for a more defined regulatory environment that could facilitate broader crypto adoption.
Jupiter and Ethena Labs have partnered to launch JupUSD, a new stablecoin on the Solana blockchain. As part of this initiative, approximately $750 million of USDC from Jupiter's Liquidity Provider Pool will be progressively converted into JupUSD, indicating a substantial move to enhance liquidity and stability within the Solana ecosystem.
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