A significant Bitcoin whale, allegedly linked to a Trump insider, recently closed a massive short position worth over $200 million, netting $6.4 million in profits. This move comes as Bitcoin's price has shown resilience despite recent market turbulence, including a $19 billion liquidation event earlier this month. The whale's actions reflect a strategic positioning ahead of Bitcoin's anticipated price movements. Meanwhile, medium-sized Bitcoin holders, known as "dolphins," have continued to accumulate, adding 907,000 BTC to their holdings.
This accumulation suggests a long-term bullish sentiment, even as short-term demand appears to be waning, indicated by a dip below the 30-day moving average.
Fidelity Digital Assets has launched trading and custody services for Solana (SOL) across its platforms, marking a significant step for traditional finance into the crypto space. This integration allows retail and institutional clients to access decentralized assets beyond Bitcoin and Ethereum, reflecting growing institutional interest in Solana. Additionally, T. Rowe Price, a $1.77 trillion asset manager, has filed with the SEC for an active crypto ETF targeting Bitcoin, Ethereum, Solana, and XRP.
This move could reshape the landscape of institutional investment in cryptocurrencies, potentially attracting significant inflows into the market.
Approximately $6 billion in Bitcoin and Ethereum options are set to expire, which could lead to heightened volatility in the market. This expiry coincides with record open interest levels, suggesting that trader positioning may significantly influence price action in the coming days. In related developments, Ethereum stablecoin usage surged by 400% over the past 30 days, reaching an all-time high of $580.9 billion. This increase in stablecoin activity indicates a strong interest from whales, who are buying the dip in Ethereum, further solidifying the bullish sentiment surrounding the asset.
The recent surge in speculative trading in Turkey, which recorded nearly $200 billion in annual crypto transactions, highlights the growing influence of retail investors in emerging markets. However, analysts caution that much of this activity is driven by speculation rather than sustainable adoption. As institutional players like Fidelity and T. Rowe Price enter the market, the landscape is shifting towards a more regulated and structured investment environment.
This could lead to increased stability and confidence in the crypto market, potentially attracting more traditional investors.
Hyperliquid Strategies Inc. recently filed an S-1 with the SEC to raise up to $1 billion through a 160 million share offering. Following the news, HYPE’s price jumped 11% in the past 24 hours, making it one of the top gainers in an otherwise slow market. In just the past 24 hours, Hyperliquid bought back over $3 million worth of tokens, and $21 million over the last week.
Before Oct. 23, only Bitcoin, Ethereum, and Litecoin had buy, sell, and trading support on the Fidelity Crypto platform.
KuCoin is expanding its ecosystem with KuPool, a new mining pool service which provides access to PoW and merge mining assets. KuPool will open with assets like Dogecoin (DOGE) and Litecoin (LTC), with Bitcoin (BTC) support to follow soon.
Wallet '18eY9…6EfyM' transferred 150 BTC, worth around $16.6 million, in its first move in approximately 14 years.
JPMorgan says Stripe’s ‘twin revolutions’ in AI and money movement could unlock a $350 billion market.
The company formerly known as Brera Holdings rebranded last month into a Solana-based digital asset treasury.
The acquisition adds Dynamic’s wallet and onboarding tools to Fireblocks’ institutional-grade custody stack, expanding its reach into consumer-facing crypto apps.
The total crypto market capitalization surged by $118 billion, with Bitcoin (BTC) breaking through the $110,000 resistance level, currently trading at approximately $111,156. Ethereum (ETH) also saw gains, rising by 2.44% to $3,975.80. This bullish sentiment was bolstered by regulatory advancements, as Revolut and Blockchain.com secured MiCA licenses to operate across 30 European Economic Area countries, enhancing their service offerings in the crypto space. Additionally, the recent pardon of Binance founder Changpeng Zhao by President Trump has further fueled positive market sentiment, leading to notable price increases in major cryptocurrencies like Bitcoin, Ethereum, and XRP.
Aster (ASTER) emerged as the top-performing altcoin, gaining 11% in the last 24 hours, reflecting a broader trend of altcoins benefiting from the overall market uplift. Meanwhile, BNB, Binance's native token, also saw a significant rise, climbing about 4.7% to trade around $1,115. This performance comes amidst scrutiny of Binance's operations, indicating that despite regulatory challenges, investor confidence in BNB remains strong. The market is currently weighing the implications of Zhao's pardon and its potential influence on Binance's operations and the broader crypto ecosystem.
Market analysts are cautiously optimistic about Bitcoin's trajectory, with predictions suggesting that it may reach $120,000 before dipping below $100,000. The current market sentiment is mixed, as traders are assessing key support levels to avoid a potential drop to $88,000. Ethereum's long-term outlook remains bullish despite high selling pressure, indicating that while immediate volatility may persist, the fundamentals for a recovery are still in place. This sentiment is echoed by traders on platforms like Myriad, who are leaning towards a bullish outlook for both Bitcoin and Ethereum as the month progresses.
Fidelity has introduced Solana (SOL) trading across its various crypto platforms, including Fidelity Crypto, Fidelity Crypto for IRAs, and Fidelity Digital Assets, which serves institutional clients. This addition marks a significant step towards the mainstream adoption of cryptocurrencies within traditional finance. Solana is noted for its high transaction throughput, processing approximately 60,000 transactions per minute, which contrasts sharply with Bitcoin's 250 and Ethereum's 800 transactions per minute. Furthermore, Solana's transaction fees are minimal, often just fractions of a cent, compared to the higher costs associated with Bitcoin and Ethereum transactions, which typically exceed 50 cents.
Despite Fidelity's endorsement, Solana has faced reliability issues, including several major outages that have raised concerns about its long-term stability. The most recent outage occurred in February 2024, when the network went offline for five hours. These challenges could impact investor confidence and the overall adoption of Solana as a reliable blockchain solution.
The overall cryptocurrency market experienced significant gains recently, with Bitcoin (BTC) surpassing the $110,000 mark. The CeFi sector saw a 3.9% increase, driven by the positive sentiment following the pardon of Binance founder Changpeng Zhao. Binance Coin (BNB) rose by 4.4%, while Ethereum approached $3,900. Other notable performers included Fartcoin, which surged by 11.9%, and Solana, which increased by 5.3%.
David Sacks, the White House AI and Crypto Czar, expressed optimism about the potential passage of crypto market structure legislation in the U.S. by the end of 2025. In an October 23 post, he noted that bipartisan support is building among lawmakers, which could lead to much-needed regulatory clarity for the crypto industry. Sacks highlighted productive discussions with members of both the Senate Banking and Agriculture Committees, indicating a collaborative effort to advance this legislation.
President Donald Trump's pardon of Binance founder Changpeng Zhao (CZ) has sparked discussions about a potential shift in U.S. crypto regulation. The pardon, which follows CZ's conviction for violating U.S. anti-money laundering laws, is viewed by some as a move to restore fairness in crypto policy and could pave the way for Binance's return to the U.S.
market. This decision has been interpreted as a signal of looser regulation ahead, potentially impacting market sentiment positively.
The European Union has enacted its first direct crypto-related sanctions against Russia, banning Russian cryptocurrency exchanges and the A7A5 ruble-backed stablecoin. This move is part of the EU's broader sanctions package in response to the Ukraine invasion, marking a significant regulatory action that restricts the distribution of crypto payment software within the EU. Such measures reflect the EU's commitment to tightening its regulatory framework in the crypto space.
A British Columbia court ruled that the NDAX crypto exchange was not liable for a customer's C$671,000 (approximately US$480,000) loss due to an online scam, emphasizing the exchange's compliance with its obligations to warn the customer. This ruling arrives amid increasing scrutiny of crypto platforms in Canada, signaling a potential shift in how courts may interpret the responsibilities of exchanges regarding customer protection and fraud prevention.
India's largest crypto exchange, WazirX, is set to resume operations on October 24, 2025, following a period of uncertainty due to past security breaches and ongoing investigations. Despite the relaunch, there remains skepticism among users regarding the platform's trustworthiness, reflecting broader concerns about regulatory compliance and security in the Indian crypto market.
Canada’s financial intelligence agency, FINTRAC, has imposed a record $126 million (Canadian $176.9 million) fine on cryptocurrency platform Cryptomus for several anti-money laundering breaches. Investigators found 2,593 AML breaches, including 7,557 unreported Iran-linked transfers. The firm operated without Canadian staff, with communications traced to Uzbekistan and Spain.
Decentralized exchange Bunni announced its permanent shutdown following an $8.4 million hack on September 2, which drained funds through flash loan manipulation and rounding errors. The founders stated they lack the capital needed for a secure relaunch, which would require six to seven figures in audit expenses. Users can still withdraw assets, and Bunni pledged to distribute remaining treasury to token holders.
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