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Binance to Shut Down 4 Services: Users Warned of Deadline
Binance has announced that it will close its Binance Pool mining platform and related services on November 10, 2026. The shutdown takes effect at 7:00 a.m. UTC and covers Binance Pool, Pool Savings, Cloud Mining, and Transaction Accelerator. The exchange asked users to redirect their mining equipment to other pools and close active savings positions before the deadline.According to Binance’s October 13 announcement, the decision forms part of its ongoing review of products and services. The notice provided no further details about the reasons for the closure. The schedule sets separate deadlines for ending mining operations and closing access to historical records.Binance Pool Will Stop Accruing New Rewards on November 10Binance will begin disconnecting mining connections to the pool at 7:00 a.m. UTC on November 10. The Stratum URLs and connection endpoints used by miners will also be disabled at that time.The pool will no longer accept hashrate submissions or mining shares after the cutoff. Users will earn no rewards for shares submitted after the shutdown. Mining shares are proofs of work that record the computing contribution a device makes to a pool.The closure extends beyond users who connect mining equipment to the platform. Cloud Mining, Pool Savings, and the Transaction Accelerator service will follow the same shutdown schedule.Telegram hashrate alerts, email notifications, and mining pool API services will also end. Binance will close access points to the affected products, which will stop generating new rewards, yield, or other service benefits.Eligible mining shares submitted before the deadline will still count toward the final reward calculation. Binance will calculate these rewards under its existing pool rules. The cutoff therefore also determines which contributions qualify for miners’ final reward period.Miners Must Redirect Their Equipment to Other PoolsBinance asked miners who want to avoid interruptions to change their equipment’s connection settings before the deadline. Users need to disconnect from Binance Pool and redirect their devices to another mining pool.The warning makes clear that keeping equipment running will not be enough to continue earning rewards. Devices that keep submitting work to old Binance Pool addresses after the cutoff will generate no new earnings through the service.Pool Savings users also need to review their active positions. The exchange asked them to unsubscribe from or redeem those positions before the service ends.Processing of remaining rewards, eligible balances, refunds, and other settlements will continue after the shutdown. However, these transactions will depend on the relevant product terms and each user’s account status.Binance said risk controls, compliance checks, and applicable laws will also govern payment processing. The announcement therefore does not guarantee simultaneous, unconditional payments to every user; eligibility will depend on the relevant product terms.Users must also ensure their accounts can receive any eligible rewards and refunds. Completing account requirements, including any necessary identity verification, will help facilitate the processing of remaining payments.Access to Historical Records Will End on November 24Binance will remove links to Binance Pool from its homepage on November 10. Pool pages will remain accessible for another 14 days so users can review historical information.During that period, users will be able to view historical mining data, account records, and payout status where available. Access to the pages will end permanently at 7:00 a.m. UTC on November 24, 2026.Users therefore need to track the deadline for saving their records as well as those for moving equipment and closing savings positions. They should download any reports and transaction history they may need for future account checks before access ends.The decision comes as Binance expands its product range into other areas. In September, the exchange announced plans to offer physically settled options on more than 1,000 U.S.-listed stocks and exchange-traded funds through Nest Trading.Binance also opened its AI-powered trading interface to English-language users globally on October 12. The mining shutdown represents another change to the company’s product portfolio; the announcement does not establish a direct causal link between its new offerings and the closure.
Long-Held Bitcoin Fortune Moves: 4,582 BTC Transferred
A wallet that received Bitcoin days before the pandemic crash in March 2020 has transferred approximately 4,582 BTC to five different addresses. The transfer, which took place on Monday, October 12, was worth around $377.6 million. None of the receiving addresses had moved the Bitcoin onward at the time of writing.According to data from Arkham and mempool.space, the funds came from the address “18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x.” Four addresses received exactly 1,000 BTC each, while the fifth received approximately 582 BTC. The purpose of the transfer and the identities behind the receiving addresses remain unclear.Bitcoin Held Through the Pandemic Crash Is on the MoveThe Bitcoin arrived in the wallet on March 3, 2020. Records show that the funds came from the address “17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot.” At the time, the holdings were worth approximately $40.8 million.Just nine days later, panic surrounding the coronavirus pandemic swept through global markets. Bitcoin fell more than 40% during the sell-off, dropping below $4,000.Despite the crash, the wallet did not send any Bitcoin out during that period. The holdings remained largely at the same address through the market’s sharp rallies and declines in subsequent years.Their total value rose from approximately $40.8 million in March 2020 to $377.6 million at the time of the latest transfer. That represents an increase of roughly 9.3 times in dollar terms.However, this comparison does not establish the wallet owner’s actual investment return. The date the Bitcoin arrived at the address may differ from its purchase date, so the available information does not reveal the owner’s cost basis.The Wallet’s First Outgoing Transaction Took Place in August 2024The wallet’s transaction history contains a small but significant detail. After making no outgoing transfers for more than four years following the March 2020 deposit, the address recorded its first outgoing transaction in August 2024.That transaction sent just 0.009 BTC to another address. The remaining Bitcoin returned to the original wallet as change.It would therefore be inaccurate to describe the latest movement as the first transfer from a wallet that had been completely inactive for more than six years. What makes the October transaction stand out is the distribution of thousands of Bitcoin, held at the same address for years, across five addresses.The lack of further movement from the receiving addresses is another point to monitor. However, their inactivity provides no definitive indication of the owner’s next step.A Large Transfer Does Not Confirm a SaleMovements of long-held Bitcoin can fuel discussions about potential selling pressure. For this reason, wallets holding substantial amounts attract close attention from on-chain analysts.However, a transfer from one wallet to another does not, by itself, prove that a sale has taken place. The same individual or institution may move funds between addresses for security reasons or to change custody arrangements.In this case, there is no confirmation that the five receiving addresses belong to different people. The available information is insufficient to conclude that the wallet owner is preparing to sell the Bitcoin.An increase in the movement of older Bitcoin is one of the signals analysts consider when assessing potential volatility. However, a single large transfer cannot determine the direction of prices.The central question remains why the 4,582 BTC was moved. Further activity from the receiving addresses and any potential links to exchanges will be key to understanding the nature of the transfer.At the time of writing, Bitcoin is trading at $83,216.67.
Strategy and Bitmine Add More Bitcoin and Ethereum
Strategy and Bitmine expanded their crypto reserves with fresh purchases. Strategy bought $21.5 million worth of Bitcoin, bringing its total holdings to 848,250 BTC, while Bitmine acquired 12,532 ETH over the past week. According to the companies’ October 12 announcements, Bitmine’s Ethereum reserves have also surpassed 6 million ETH.The purchases reflect the companies’ continued efforts to expand their crypto treasuries. Strategy funded its Bitcoin acquisition through share sales and cash holdings, while Bitmine is focusing on increasing staking revenue alongside its Ethereum accumulation.Strategy’s Bitcoin Holdings Reach 848,250 BTCStrategy purchased 250 BTC between October 5 and 11 at an average price of $86,194 per Bitcoin. The acquisition, worth approximately $21.5 million, brought the company’s total Bitcoin holdings to 848,250 BTC.According to figures shared by co-founder and Executive Chairman Michael Saylor, the company’s average acquisition cost across its entire Bitcoin reserve stands at $75,444 per coin. Its total investment, including fees and expenses, amounts to approximately $64 billion.At current prices, Strategy’s Bitcoin holdings are worth approximately $70.6 billion. This implies roughly $6.6 billion in unrealized gains, a figure that fluctuates with Bitcoin’s price.Strategy’s holdings exceed 4% of Bitcoin’s maximum supply of 21 million BTC. The latest purchase further expanded this substantial reserve.Approximately $21 million of the purchase was funded by the sale of 125,183 MSTR shares through the company’s at-the-market offering program. Strategy covered the remaining approximately $500,000 using its dollar cash holdings.As of October 11, approximately $18.8 billion worth of MSTR shares remained available for issuance and sale under the program. This capacity represents a potential funding source for the company in future periods.During the same period, Strategy repurchased 1,932,145 STRC preferred shares for approximately $192.4 million under its digital credit securities repurchase program. The company reported its separately classified USD Reserve and USD Cash balances at $4.88 billion and $640.5 million, respectively.Bitmine’s Holdings Reach 4.9% of Ethereum’s SupplyBitmine Immersion Technologies increased its total Ethereum holdings to 6,028,946 ETH after purchasing 12,532 ETH over the past week. According to the company, this represents approximately 4.9% of Ethereum’s circulating supply of 122.1 million ETH.At a reference price of $2,544 per ETH, the reserve is worth approximately $15.3 billion. This valuation reflects the price used in the company’s announcement. Bitmine has staked 5,067,309 ETH, representing 84% of its Ethereum holdings. These assets, valued at approximately $12.9 billion, generate returns through the company’s MAVAN platform and staking partners.Based on a seven-day annualized yield of 2.61%, the company projects annual staking revenue of approximately $336 million. It expects that figure to reach $400 million once all its Ethereum holdings are staked.These figures do not represent realized annual revenue. They reflect Bitmine’s projections based on current yields and the assets allocated to staking.Beyond Ethereum, the company reported holdings of 214 BTC, a $180 million stake in Beast Industries, and an $85 million investment in Eightco Holdings. With $612 million in cash and marketable securities, Bitmine’s total holdings, including crypto assets and other investments, reached approximately $16.2 billion as of October 11.Tom Lee Anticipates a Strong Crypto Bull MarketBitmine Chairman Tom Lee maintained his optimistic outlook for the crypto market in the latest treasury announcement. Lee argued that the next cycle could potentially become the largest bull market in crypto history.He pointed to tokenization, wealth transfers, corporate crypto accumulation, and use cases linked to artificial intelligence as factors supporting his outlook. According to Lee, digital asset treasuries could support the next cycle by moving part of the market’s supply onto corporate balance sheets for the long term.The latest announcements from Strategy and Bitmine show how treasury expansion is progressing through different funding and revenue models. Strategy channels proceeds from share sales into Bitcoin accumulation, while Bitmine aims to generate staking income from most of its Ethereum reserves.
Crypto This Week: 35 Developments and US Inflation in Focus
Crypto this week began with Bitcoin trading at around $83,300 and Ethereum near $2,555. US inflation, comments from Fed officials, oil prices above $100 and Singapore’s stablecoin regulatory process could shape the market’s direction. The crypto calendar features Shardeum’s mainnet upgrade, the first listings of CENT, Sonic’s token burn and the final trading day for the Bitwise Dogecoin ETF. Supply events involving seven tokens, including STRK, ARB, CRO and DBR, will also enter focus.US inflation could reshape Fed expectationsThe US Bureau of Labor Statistics will release September consumer inflation data on Wednesday, October 14, at 3:30 p.m. Türkiye time. A Reuters poll forecasts annual headline inflation at 3.7% and core inflation at 2.5%.These figures are market forecasts rather than published results. A headline reading above expectations could strengthen the view that higher energy costs are passing through to consumer prices more rapidly.Producer prices, retail sales and weekly jobless claims will arrive on Thursday, October 15, at 3:30 p.m. Türkiye time. Retail sales increased by 1.2% in August, making the September report important for assessing whether consumer spending retained its momentum.Import and export prices will be released on Friday, October 16, at 3:30 p.m. Türkiye time. Industrial production will follow at 4:15 p.m.Futures markets assign an approximately 81% probability to the Fed leaving interest rates unchanged at its October 27–28 meeting. Employment growth of only 29,000 in September weakened expectations for an October increase, while persistent inflation could bring December back into focus.Fed officials and the Beige Book enter focusFederal Reserve Governor Christopher Waller will discuss the economic outlook in Istanbul on Tuesday, October 13, at 11:30 a.m. Türkiye time. Waller will participate in a separate session on artificial intelligence on October 14 at 10:45 a.m.Vice Chair for Supervision Michelle Bowman will discuss regulatory and supervisory policy on October 14 at 12:40 p.m. Her speech in Bangkok falls on Friday, October 16, at 5:55 a.m. in Türkiye due to the time difference.Fed Chair Kevin Warsh and IMF Managing Director Kristalina Georgieva will begin their discussion in Bangkok on October 16 at 6:30 a.m. Türkiye time. The times appear on the Fed’s official calendar.The Fed will also publish its Beige Book on October 14 at 9:00 p.m. The report will provide updated assessments of prices, wages, employment and demand from businesses across the United States.Singapore reaches a stablecoin consultation deadlineThe Monetary Authority of Singapore will announce its monetary policy decision and macroeconomic assessment on October 14. All 10 economists in a Reuters poll expect MAS, which conducts policy through its exchange-rate band, to tighten its stance further.The week’s clearest crypto regulatory deadline arrives on October 16. MAS will close its consultation on legislative amendments to the Payment Services Act that would implement Singapore’s stablecoin framework.The proposal covers reserve value stability, capital requirements, redemption at par and disclosure obligations. MAS is also considering an interest ban for regulated stablecoins, stress-testing requirements and orderly recovery and wind-down plans.No new vote has been scheduled this week for the CLARITY Act in the United States. The Senate’s September 15 procedural vote failed to reach the required 60 votes, so it is excluded from the upcoming calendar.Oil remains above $100Brent crude started the week at approximately $103.30 a barrel, while US crude traded near $90.30. President Donald Trump’s announcement of an energy infrastructure ceasefire between Russia and Ukraine pushed prices lower, although Moscow has yet to confirm an agreement.Tanker incidents and intensifying Houthi attacks in the Middle East continue to support the supply-risk premium. Another rise in oil could affect crypto liquidity through inflation expectations and the Fed’s interest-rate outlook.Shardeum will upgrade its mainnet to v1.1.0Shardeum will activate its governance-approved v1.1.0 upgrade on Tuesday, October 13, at approximately 9:00 a.m. Türkiye time. The transition will begin at block 7,927,860, so the exact time may change with the pace of block production.The upgrade will synchronize the network with Cosmos EVM v0.6.3, apply security fixes and complete a state migration. Shardeum expects the network to pause for one to two hours and recommends that exchanges suspend SHM deposits and withdrawals at around 5:00 a.m.Unichain will migrate its testnet to OP Enterprise infrastructure on October 13. The chain ID, contracts and user balances will remain unchanged, while the mainnet migration is scheduled for October 29.Sonic’s final claim deadline for approximately 32.69 million S falls on October 15. Tokens left unclaimed after the deadline may be permanently burned, with the final amount depending on claims submitted before the cutoff.A Sky ecosystem governance package approved on October 8 will become executable on October 12 at 5:00 p.m. Türkiye time. The package includes the launch of the stUSDS Keeper, treasury adjustments, reward changes and the burning of certain SKY tokens held in the Pause Proxy.CENT begins trading on three exchangesIncentiv’s CENT token will begin trading against USDT on Gate, KuCoin and MEXC on Monday, October 12, at noon Türkiye time. Gate’s HODLer event, which will distribute 34,482,759 CENT, ends at 11:00 a.m.Upbit will terminate all Ravencoin trading pairs on October 12 at 9:00 a.m. Open RVN orders will no longer be executed after the cutoff.October 14 will be the final trading day for the Bitwise Dogecoin ETF, BWOW, on NYSE Arca. Investors who retain their shares will receive a cash payment based on the fund’s October 21 net asset value, with liquidation scheduled for October 22.CRO and ARB lead the week’s token unlocksCronos has the largest supply event of the week by dollar value. Approximately 1.17 billion CRO allocated to the strategic reserve will unlock at around 4:03 a.m. Türkiye time on October 17, representing roughly $72.7 million at the spot price recorded during preparation.Arbitrum will release approximately 92.65 million ARB on October 16 at 3:00 p.m. The tokens are allocated to the Arbitrum DAO Treasury and are worth approximately $18.2 million at the current price.Starknet will unlock 127 million STRK on October 15 at 3:00 a.m., worth approximately $13.6 million. At 3:00 p.m. on the same day, 55.56 million SEI allocated to the ecosystem reserve will create around $3.9 million in additional supply.deBridge will release 618 million DBR from its community and launch allocation at around 3:00 a.m. on October 17. The tokens have an estimated current value of $13.1 million.Approximately $7.4 million in STBL and $5.8 million in PENGU will unlock at around the same time. All dollar values were calculated using spot prices available during preparation, remain approximate and do not indicate that recipients will immediately sell their tokens.Four events and the earnings season will be monitoredTABConf, which focuses on Bitcoin development, will take place in Atlanta from October 12 to 15. The program covers Lightning, Bitcoin privacy, security and post-quantum cryptography.Paradigm Frontiers will run in San Francisco from October 12 to 14, while EDCON will take place in Kuala Lumpur on October 17–18. Ethereum.org’s current event calendar confirms both dates.Blockchain Africa Conference will be held in Johannesburg on October 15, focusing on stablecoins, tokenization and South Africa’s COFI regulatory framework. The IMF will also release its updated World Economic Outlook on October 13 during the IMF–World Bank Annual Meetings.No confirmed earnings date falls within October 12–18 for Coinbase, Circle, Robinhood, Strategy or the major publicly traded crypto miners. Robinhood will report its third-quarter results on October 27, placing it outside this week’s calendar.The US earnings season beginning with JPMorgan, Citigroup and Goldman Sachs will still matter for broader risk appetite. TSMC is also expected to report a record quarter, supported by demand for artificial intelligence infrastructure.This week’s 35-event crypto calendarOctober 12, 9:00 a.m. Türkiye time: Upbit ends trading support for RVN.October 12, noon: CENT/USDT trading begins on Gate.October 12, noon: CENT/USDT trading begins on KuCoin.October 12, noon: CENT/USDT trading begins on MEXC.October 12, 5:00 p.m.: Sky’s governance package becomes executable.October 12–14: Paradigm Frontiers.October 12–15: TABConf 8.October 13, approximately 9:00 a.m.: Shardeum v1.1.0 mainnet upgrade.October 13: Unichain testnet migrates to OP Enterprise.October 13, 11:30 a.m.: Fed Governor Christopher Waller discusses the economic outlook.October 13: IMF World Economic Outlook report.October 14: Monetary Authority of Singapore policy decision.October 14, 10:45 a.m.: Waller participates in an artificial intelligence discussion.October 14, 12:40 p.m.: Michelle Bowman discusses regulation and supervision.October 14, 3:30 p.m.: US consumer inflation for September.October 14: Final trading day for the Bitwise Dogecoin ETF.October 14, 9:00 p.m.: Federal Reserve Beige Book.October 15, 3:00 a.m.: Approximately $13.6 million STRK unlock.October 15, 3:00 p.m.: Approximately $3.9 million SEI supply release.October 15: Sonic’s final claim and burn threshold for 32.69 million S.October 15: Blockchain Africa Conference.October 15, 3:30 p.m.: US producer prices for September.October 15, 3:30 p.m.: US retail sales for September.October 15, 3:30 p.m.: US weekly jobless claims.October 16, 5:55 a.m.: Michelle Bowman’s Bangkok speech.October 16, 6:30 a.m.: Kevin Warsh and Kristalina Georgieva discussion.October 16: MAS stablecoin consultation deadline.October 16, 3:30 p.m.: US import and export prices.October 16, 3:00 p.m.: Approximately $18.2 million ARB unlock.October 16, 4:15 p.m.: US industrial production and capacity utilization.October 17, approximately 3:00 a.m.: Approximately $13.1 million DBR unlock.October 17, approximately 3:00 a.m.: Approximately $7.4 million STBL unlock.October 17, approximately 3:00 a.m.: Approximately $5.8 million PENGU unlock.October 17, approximately 4:03 a.m.: Approximately $72.7 million CRO unlock.October 17–18: EDCON 2026 in Kuala Lumpur.Wednesday’s US consumer inflation report will be the week’s main price catalyst. MAS’s stablecoin rules, the Shardeum migration, the CENT launch and elevated oil prices will shape both crypto-specific developments and the broader market outlook.
Bitcoin, Ethereum and Solana ETFs See Outflows as XRP Attracts Inflows
JPMorgan analysts estimate that approximately $50 billion has flowed into digital assets since the start of the year. The bank said recovering ETF demand and growing futures positions supported the outlook for the fourth quarter. However, spot Bitcoin, Ethereum, Solana and XRP ETFs collectively recorded approximately $312 million in net outflows on October 8.In an October 7 report, the analyst team led by Nikolaos Panigirtzoglou calculated that current inflows represented an annualized pace of approximately $66 billion. While that figure rose from $52 billion in May, it remained roughly half of last year’s pace.The annualized figure represents the amount that would accumulate if the current pace of inflows continued for a full year. The $66 billion figure therefore measures something different from the total inflows recorded so far this year.ETF Recovery Accompanied by Daily OutflowsAccording to the report, Strategy’s Bitcoin purchases and funding for crypto startups were the main sources of capital entering the digital asset market during the first half of the year. Meanwhile, withdrawals from crypto ETFs weighed on overall flows.ETFs experienced particularly heavy outflows in May and June. However, flows began recovering in August, pushing the year-to-date total back into positive territory.The picture changes when measured over a longer period. Analysts noted that cumulative ETF flows remained negative when calculated from October 10, 2025, when the crypto market downturn began.The recovery in recent months has therefore yet to fully offset earlier withdrawals. Although ETFs have returned to net inflows for 2026, they have not closed the cumulative shortfall recorded since October 2025.XRP ETFs Bucked the Trend on October 8Daily figures for October 8 showed that ETF demand continued to fluctuate. Spot Bitcoin ETFs recorded $244 million in net outflows, while Ethereum ETFs lost $72.54 million and Solana ETFs saw withdrawals of $3.32 million.XRP spot ETFs, meanwhile, attracted $8.17 million in net inflows. That brought the combined daily net outflow across ETFs tracking the four assets to $311.69 million.Bitcoin funds accounted for the largest withdrawals, followed by Ethereum ETFs. Inflows into XRP funds offset only a small portion of the money leaving funds tracking the other three assets.These daily figures cover a different time frame from JPMorgan’s assessment of the broader recovery. The October 8 flows also occurred after the bank’s October 7 report.Bitcoin and Ethereum Futures Positions ExpandedInstitutional positions in Bitcoin and Ether futures on the Chicago Mercantile Exchange (CME) increased over the past two months. After a slow start to the year, activity strengthened toward the end of the third quarter.According to JPMorgan’s calculations, Bitcoin futures positioning surpassed its previous peak. Ether positions approached the high recorded in October 2025.Capital flows consequently broadened beyond corporate purchases and venture funding, which had provided most of the support during the first half. Analysts linked the growth in ETF flows and futures positions to greater participation from retail and institutional investors.The report also noted that trend-following traders had begun rebuilding long positions in Bitcoin and Ether. Meanwhile, leverage indicators in perpetual futures remained above historical averages despite declining from their previous peaks.JPMorgan Expanded Its Flow CalculationsThe bank combines several investment channels when estimating capital flows into digital assets. Crypto fund inflows and outflows, flows implied by CME futures, and capital raised by crypto startups form the core components of the calculation.Digital asset purchases by publicly listed miners and corporate treasuries also contribute to the total estimate. In its latest report, the analysts expanded the calculation to include purchases by private companies, private mining businesses and government-related entities.The approximately $50 billion estimate therefore extends beyond money entering ETFs. It provides a measure of total capital flowing into the digital asset ecosystem through various channels.Miners Remained Net SellersAccording to JPMorgan, Bitcoin miners recorded approximately $1.8 billion in net sales this year. Publicly listed mining companies accounted for most of the selling.These companies sold newly mined Bitcoin to finance spending on artificial intelligence infrastructure, while some also reduced their existing reserves. The mining sector therefore followed a different pattern from corporate treasuries making purchases.The bank concluded that stronger ETF flows and futures positioning in the third quarter had created positive momentum heading into the fourth quarter. However, the October 8 net outflows showed that daily fund demand remained uneven despite the broader recovery.
Robinhood Adds $25 Million in Bitcoin to Its Balance Sheet
Johann Kerbrat, Robinhood’s head of crypto and international operations, said the company has added approximately $25 million worth of Bitcoin to its balance sheet. The announcement indicates that the U.S.-based financial services company has begun holding Bitcoin among its own assets. However, the company has yet to provide separate corporate confirmation of the purchase.Kerbrat appeared on The Starting Block during the Digital Asset Summit (DAS) Asia conference on Wednesday, October 7. Explaining the reasoning behind the investment, he emphasized Robinhood’s commitment to the crypto ecosystem and its goal of aligning the company’s vision with the community.Bitcoin purchase underscores commitment to the ecosystemAccording to Kerbrat, adding Bitcoin to the company’s balance sheet demonstrates Robinhood’s commitment to the sector. Discussing the size of the investment, he pointed to the company’s market capitalization of approximately $100 billion.He noted that a $25 million Bitcoin position would not fundamentally change the financial trajectory of a company of that size. His remarks centered on Robinhood’s desire to build a long-term relationship with Bitcoin and its surrounding ecosystem.The amount represents approximately 0.025% of the market capitalization cited by Kerbrat. However, market capitalization does not reflect the company’s cash reserves or total balance sheet size; the ratio simply illustrates the investment’s scale relative to its stock market valuation.Kerbrat’s remarks concern assets Robinhood holds for its own account, separate from Bitcoin purchased by customers through the platform. The company’s involvement in crypto therefore extends to direct Bitcoin ownership alongside providing trading services to investors.Purchase details and future investment plans remain unclearThe announcement refers to a Bitcoin position worth approximately $25 million. However, it provides no details about the transaction date, average purchase price, or total number of BTC acquired.The dollar amount alone is therefore insufficient to calculate the exact quantity of Bitcoin purchased. It also remains unclear whether the figure reflects the acquisition cost or the position’s market value at the time of the announcement.The statement does not include a schedule for regular Bitcoin purchases. Further details on the company’s plans to expand its reserves, any potential budget, and its approach to other digital assets remain pending.Robinhood expands its crypto activities across multiple areasThe Bitcoin announcement comes as Robinhood expands its blockchain infrastructure and decentralized finance products. In a July 1 announcement, the company said it had launched the public mainnet of Robinhood Chain.Built using Arbitrum infrastructure, the Layer 2 network focuses on real-world asset tokenization and decentralized finance applications. Robinhood listed Uniswap among the network’s launch partners, with Chainlink, Alchemy, and BitGo among its infrastructure integrations.In the same announcement, the company said it was offering stock tokens to eligible users through Robinhood Wallet. Subject to regional requirements, these products support round-the-clock trading and use within decentralized finance applications.Robinhood Earn, meanwhile, aims to allow eligible U.S. users to earn yield by lending their dollar-backed USDG holdings. These products reflect the company’s ambition to expand its crypto activities into payments, investment, and financial infrastructure services.The Bitcoin position disclosed by Kerbrat extends that expansion to the company’s balance sheet. Further announcements from Robinhood will clarify whether the approximately $25 million investment represents a one-time decision or the beginning of a broader treasury policy.
U.S.-Linked Wallets Transfer $103 Million in Crypto as Bitcoin Falls
Cryptocurrency wallets linked to the U.S. government returned to the spotlight after transferring more than $103 million worth of Bitcoin and BNB. According to information based on Arkham data, roughly $71.6 million in Bitcoin reached Coinbase Prime deposit addresses through intermediary wallets, while $31.6 million in BNB moved to unidentified wallets.The transactions coincided with Bitcoin’s decline below $84,000. Although no sale has been confirmed, rising oil prices and a stronger dollar also contributed to pressure on the crypto market.Bitcoin reaches Coinbase Prime as BNB moves to unidentified addressesWallets labeled by Arkham as linked to the U.S. government transferred a total of 833.599 BTC. The Bitcoin, worth approximately $71.6 million at the time, initially moved to two addresses that the platform had not associated with any organization.Within hours, those addresses forwarded the assets to wallets Arkham identifies as Coinbase Prime deposit addresses. The Bitcoin’s route therefore led to the institutional trading platform, although the purpose of the transfers remained unclear.Around 568.7 BTC came from funds labeled as forfeited in the Potapenko and Turogin case. The remaining 264.9 BTC came from assets seized during the investigation into the Bitfinex hack.A separate wallet movement also drew attention on the BNB side. A wallet linked to assets seized from Alameda Research sent approximately 40,285 BNB to an unlabeled address; the recipient then transferred all the tokens to a second unidentified wallet.The combined value of the two assets reached approximately $103.2 million at the time of the transfers. While the Bitcoin reached Coinbase Prime, the identity of the final BNB recipient remained unclear in the available on-chain information.Transfers do not confirm a saleMoving a large amount of cryptocurrency to a trading platform can fuel expectations of a sale. However, movement between wallets alone does not establish that a sell order was placed or a transaction completed.U.S. policy on Bitcoin holdings makes this distinction particularly relevant. The executive order signed by President Donald Trump on March 6, 2025, provides for a Strategic Bitcoin Reserve funded with eligible Bitcoin that has been finally forfeited to the government.The order stipulates that Bitcoin deposited into the reserve should be held without being sold. However, it includes exceptions for court orders, restitution to victims and certain legal obligations, meaning that reserve policy alone cannot explain every movement involving government-linked wallets.Assets other than Bitcoin fall under a separate digital asset stockpile. That framework gives the Treasury management options that may include sales; nevertheless, there is no verified information showing that the latest BNB transfer represents a sale.Oil and dollar pressures accompany Bitcoin’s declineBitcoin traded at around $86,600 on Tuesday before dropping below $84,000 on Wednesday. At the time of writing, its price had fallen to approximately $83,640. There is insufficient evidence to attribute the decline solely to transfers from U.S.-linked wallets. Over the same period, oil prices rose amid tensions in the Middle East, while higher U.S. Treasury yields and a stronger dollar added pressure on risk assets.Selling also spread to altcoins. Dogecoin fell approximately 5%, Ethereum declined 3.5% and XRP dropped nearly 3%, with BNB and Solana also posting losses.The market’s attention now turns to the minutes of the Federal Reserve’s September meeting. Investors are watching for signals about the future path of interest rates, while movements in the dollar and Treasury yields remain relevant to Bitcoin’s direction.
Russia’s Largest Bank Receives Approval for Bitcoin, Ethereum and USDT Services
Russia’s largest bank, Sberbank, has obtained digital depository status to provide crypto asset services. The bank plans to initially offer products for Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), targeting December 1, 2026, for its first product launches. The launch schedule remains dependent on the readiness of implementing regulations governing the market.The Bank of Russia’s October 6 announcement marked an important step in establishing the country’s regulated crypto market. The regulator announced that it had added the first five digital depositories and four cryptocurrency exchange providers to its respective registers.What services does Sberbank’s new status cover?According to the Bank of Russia, digital depositories can maintain records of crypto assets and digital rights and facilitate their transfer. They can also provide clients with access to the blockchain addresses where those assets are recorded.Sberbank’s new status allows it to provide these services under regulatory supervision. The bank has therefore secured the authorization needed to offer new services through which clients can manage their crypto assets using its recordkeeping and transfer infrastructure.According to registry information reported by Interfax, VTB, Atomyze, Voltari and Cloud Infrastructure joined Sberbank among the first digital depositories. VTB also entered the register of cryptocurrency exchange providers, alongside Zefir, Sistema Crypto and T-Invest Lab.Existing apps will support Bitcoin, Ethereum and USDT servicesIn its October 5 application announcement, Sberbank said it would initially focus on BTC, ETH and USDT. According to the bank’s statement quoted directly by Finam, customers will not need to download separate apps or use new access channels.The bank aims to bring crypto transactions into the banking interfaces its customers already use. Customer identification, transaction monitoring and reporting will form part of the service.Sberbank also said it was technically ready to launch. Under its plan, the bank will conduct test transactions with a limited group of customers after obtaining its status, allowing it to assess transaction processes before a wider rollout.Although December 1, 2026, is the target date for the first products, the bank had made the schedule conditional on regulatory approval and the readiness of implementing regulations. Admission to the register completes the application stage, while regulatory preparations remain relevant to the product launch.Retail investors face testing and annual purchase limitsRussia’s new regulatory framework, which took effect on September 1, allows both qualified and non-qualified investors to conduct crypto transactions through intermediaries. According to the central bank’s official statement, non-qualified investors must first pass a knowledge test.These investors will be able to purchase the most liquid crypto assets up to an annual limit of 300,000 rubles through each intermediary. Qualified investors will also need to pass a test, but they will face no monetary limit and will have access to a broader range of crypto assets.The framework brings banks, brokers, asset managers and new crypto service providers into the same market infrastructure. Foreign stablecoins are subject to the same rules as cryptocurrencies.However, using cryptocurrency to pay for goods and services within Russia remains prohibited. The new framework expands investment and trading channels while also allowing exporters and importers to use crypto for cross-border payments.The central bank emphasized that registered entities must comply with transaction and recordkeeping rules from the date of their registration. Entities admitted under the transitional provisions must bring their operations into compliance with the relevant legal requirements by September 1, 2027.
BlackRock Outlines a New Scenario for Bitcoin and Stablecoins: The AI Economy
BlackRock said artificial intelligence agents could become a new source of demand for digital assets. According to the firm, stablecoins could take the lead in automated payments, while Bitcoin could serve as a long-term store of value.“The Machine-Native Economy” report, shared in BlackRock’s October 5 website article, examines the economic relationship between AI and blockchain. The firm highlights how software performing increasingly independent tasks could require programmable payment infrastructure.Stablecoins could lead AI paymentsAI agents are systems capable of completing multiple tasks toward a specific goal with limited human intervention. As these systems purchase data, access software services and rent computing power, they also need ways to make payments.According to BlackRock, blockchain networks could provide suitable infrastructure for very small transactions repeated throughout the day. Stablecoins’ price stability could make it easier to price services and plan payments.Figures cited by the firm show that stablecoins’ total circulating market capitalization exceeded $300 billion as of September 2026. Adjusted transaction volume surpassed $11 trillion in 2025.BlackRock sees this scale as an existing foundation for the AI economy. It also notes that traditional payment systems will remain important in agents’ interactions with businesses and consumers.A store-of-value scenario for BitcoinThe report’s Bitcoin discussion draws on research conducted by the Bitcoin Policy Institute. In controlled simulations, AI models preferred stablecoins for everyday payments and Bitcoin for long-term value preservation.BlackRock explicitly states that the findings reflect simulated model responses rather than observed real-world transactions. The research therefore does not show that agents are currently accumulating Bitcoin.The firm views these findings as preliminary evidence pointing toward a possible monetary structure in which stablecoins function as a means of payment and Bitcoin serves as a store of value.Automated payments could increase blockchain usageThe report also highlights Coinbase’s x402 protocol. This infrastructure enables software to initiate payments for data or services and access the requested resource once payment has been verified.According to BlackRock, increased activity on permissionless blockchain networks could generate demand for network capacity and validator services. However, the extent to which a network’s native cryptoasset benefits will depend on design features such as transaction fees and staking.Computing power could become a digital asset marketBlackRock also identifies the computing capacity required by AI as a potential market for digital assets. Standardized capacity contracts could allow rights to computing resources to be traded and used in financing arrangements.In such a market, agents could compare resources by price and performance before purchasing what they need. However, the firm emphasizes that agent-driven payments and liquidity in computing capacity markets remain limited.
4 Crypto Treasury Companies Announce New Purchases as Bitcoin and Ethereum Reserves Grow
Publicly traded companies accumulating cryptocurrencies shared new reserve updates on October 5. Strategy announced the purchase of 334 Bitcoin, Strive added 2,000 Bitcoin, and Bitmine acquired 15,112 Ethereum. Metaplanet also increased its reserves by a net 1,000 BTC during the third quarter after selling 10,000 BTC and purchasing 11,000 BTC.The announcements cover different trading periods. Strategy’s and Strive’s latest purchases span late September and early October, while Metaplanet’s sales and repurchases cover the third quarter.Strategy’s Bitcoin reserves reach 848,000 BTCStrategy disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it purchased 334 BTC between October 1 and 4. The company spent approximately $28.7 million, paying an average of $85,838.80 per Bitcoin.The filing divided the weekly activity into two periods to account for the quarter-end. Strategy made no Bitcoin purchases between September 28 and 30, acquiring all 334 BTC during the first four days of October.The latest purchases increased the company’s total Bitcoin holdings to 848,000 BTC. The aggregate acquisition cost reached approximately $63.97 billion, with an average cost of $75,440.70 per Bitcoin.Strategy funded $15.7 million of the purchase using net proceeds from MSTR share sales. It covered the remaining $13 million with cash; the reported acquisition costs include fees and expenses.Metaplanet sells 10,000 Bitcoin and buys 11,000 BTCMetaplanet’s third-quarter transactions revealed a different approach to reserve management. The Japanese company sold 10,000 BTC and subsequently purchased 11,000 BTC, bringing its total holdings to 44,000 BTC as of September 30.According to the company’s official announcement, the transactions aimed to demonstrate its ability to convert Bitcoin reserves into cash when needed. Metaplanet intends to strengthen confidence in its creditworthiness and broaden access to financing options such as bonds and preferred shares.The company received approximately ¥124.7 billion from the sales and allocated roughly ¥149.9 billion to purchases. The average sale price was ¥12.47 million per Bitcoin, compared with an average purchase price of ¥13.63 million.Metaplanet also stated that it did not repay its existing debt as part of these transactions. After repurchasing Bitcoin, the company ended the quarter with a net increase of 1,000 BTC; the gross purchase of 11,000 BTC therefore does not represent an equivalent increase in reserves.Strive purchases approximately $169 million in BitcoinAccording to Strive CEO Matt Cole’s October 5 announcement, the company purchased 2,000 BTC for approximately $169 million. The average purchase price was $84,422 per Bitcoin, bringing total reserves to 29,462 BTC.Cole said 61.5% of the capital raised came through SATA, while warrants generated $56.7 million. He also noted that the company’s 8-K filing submitted that day included key financial metrics for the third quarter.Strive’s latest Bitcoin purchase was approximately six times the size of Strategy’s in BTC terms. Combined, the two companies announced purchases totaling 2,334 BTC, with spending of approximately $197.7 million.At the time of writing, Bitcoin is trading at $86,060.24. Bitmine adds 15,112 ETH to its Ethereum reservesOn the Ethereum side, Bitmine announced that it purchased 15,112 ETH over the past week. According to the company’s October 5 release, its total Ethereum holdings reached 6,016,414 ETH as of October 4.Bitmine said these holdings represent 4.9% of the total supply of approximately 122.1 million ETH. The company continues to pursue its goal of accumulating 5% of Ethereum’s supply.Chairman Tom Lee said the company has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025. Bitmine has 5,067,309 ETH staked, representing approximately 84% of its total ETH reserves.The company reported a combined value of $17.4 billion for its crypto assets, cash, marketable securities, and other specified investments. It used a reference price of $2,726 per Ethereum for this calculation.At the time of writing, Ethereum is trading at around $2,716.62.
Crypto This Week: 30 Events in Focus as Fed Minutes Take Center Stage
Crypto this week began with Bitcoin trading at around $85,500 and Ether near $2,700. The Federal Reserve’s September meeting minutes, the Reserve Bank of India’s interest-rate decision and oil prices above $100 form the core of the macroeconomic agenda.The crypto calendar features approximately $337.5 million in scheduled HYPE unlocks and $40.9 million in ENA unlocks. Binance, Bybit and Robinhood will discontinue several products, while three validator-dependent XRP Ledger upgrades could take effect.Fed minutes will shape expectations for OctoberThe Fed raised its target rate by 25 basis points to 3.75%–4% on September 16. All members supported the decision, which marked the US central bank’s first rate increase since 2023.Minutes from the meeting will be published on Wednesday, October 7, at 9:00 p.m. Türkiye time. Investors will examine how policymakers assessed energy-driven inflation risks and whether they disagreed over the timing of the next increase.US nonfarm payrolls rose by only 29,000 in September. The result fell well below the Reuters poll forecast of around 90,000 and reduced the market-implied probability of an October rate increase to approximately 18%–20%.The US services outlook will come into focus with the ISM services PMI on Monday, October 5, at 5:00 p.m. Türkiye time. The index is expected to ease to 55 from 55.4 in August, with a reading above 50 indicating continued expansion.The University of Michigan’s preliminary October consumer sentiment index will follow on Friday, October 9, at 5:00 p.m. Türkiye time. The consensus forecast points to a decline from approximately 48.2 in September to 47.7.India is expected to raise interest ratesThe Reserve Bank of India’s Monetary Policy Committee will meet from October 5 to 7. Its interest-rate decision will be announced on Wednesday, October 7, at 7:30 a.m. Türkiye time.Thirty-five of the 61 economists surveyed by Reuters expect the RBI to raise its repo rate by 25 basis points to 5.50%. Such a decision would mark the central bank’s first increase in nearly four years.High oil prices, broader inflationary pressure and weakness in the rupee support expectations for tighter policy. The decision could influence emerging-market currencies and global risk appetite.The European Central Bank will publish the account of its September 9–10 meeting on Thursday, October 8, at 2:30 p.m. Türkiye time. Investors will look for discussions about energy prices, growth risks and the direction of upcoming rate decisions.Canada’s September employment report will arrive on Friday, October 9, at 3:30 p.m. Türkiye time. Statistics Canada says the report will reflect labour-market conditions during the week of September 13–19.Oil remains above $100Brent crude started the week at around $101.60 per barrel, while US West Texas Intermediate traded near $90.10. The G7’s decision to release 100 million barrels of oil and fuel from emergency reserves has limited prices, although attacks around the Strait of Hormuz continue to support a geopolitical risk premium.Middle Eastern crude exports exceeded pre-war levels on several days, even as authorities recorded at least seven new attacks on vessels in the region. Persistently high energy costs could encourage central banks to maintain tighter monetary policy for longer.Oil-driven inflation can affect Bitcoin through interest rates and government bond yields. Markets will monitor the speed of the G7 reserve release and the security of Gulf shipping routes.Russia’s crypto registration rules take effectThe Bank of Russia’s new registration regulations for the cryptocurrency market take effect on October 5. Crypto exchanges, digital depositories and operators of systems used to issue digital financial rights will need to join the relevant official registers.The rules establish qualification requirements for executives, the necessary application documents and the central bank’s registration process. Existing market participants will also have access to a simplified application route.In the US, the investment adviser and fund custody proposal announced last week does not have a new effective date within the coming seven days. The comment period for the SEC’s broader Regulation Crypto Assets proposal will remain open until October 20.Binance, Bybit and Robinhood will discontinue tradingBinance will automatically settle and delist the PROMPTUSDT, PUMPBTCUSDT and 1000000BOBUSDT perpetual contracts on Monday, October 5, at noon Türkiye time. The exchange will prevent users from opening new positions in these contracts from 11:30 a.m.Bybit will close deposits for SCOR and AGI on October 7 at 11:00 a.m. Türkiye time. Trading in the SCOR/USDT and AGI/USDT spot pairs, along with Convert support, will end on October 8 at 11:00 a.m.Robinhood Europe will disable sales of BERA, EOS, PAXG and TIA on Friday, October 9, at 10:00 p.m. Türkiye time. The platform will automatically sell remaining BERA and TIA balances at market prices because withdrawals are unavailable for these assets.EOS and PAXG withdrawals will remain available until October 14, placing the next stage of their delisting process outside this weekly calendar. No major new spot listing or high-profile token launch had been confirmed at the time of preparation.Three XRP Ledger upgrades could activateThe XRP Ledger’s PermissionDelegationV1_1 amendment could activate on Friday, October 9, at approximately 12:25 a.m. Türkiye time, provided validator support remains above the required threshold. The feature will let accounts delegate limited permissions without sharing the private keys controlling their funds.The projected activation time for fixBatchV1_2 is 5:12 p.m. on the same day. Servers that fail to upgrade to the security-focused xrpld 3.4.1 release could become amendment-blocked and lose synchronisation with the network.BatchV1_1 is expected to activate at around 5:46 p.m. Türkiye time. The feature will allow users to bundle and submit up to eight transactions together, enabling use cases such as atomic swaps.All three dates depend on validator support remaining above 80% for the full required period. If support falls to or below the threshold, the 14-day countdown will restart and the activation dates will change.HYPE and ENA supply will expandCurrent Tokenomist data show that HYPE and ENA account for most of the week’s major one-time token unlocks. All dollar values are approximate because they were calculated using spot prices available during preparation.Ethena will release approximately 172.7 million ENA to core contributors on October 5. At an ENA price of around $0.237, the unlock is worth approximately $40.9 million and represents about 1.88% of the reported supply measure.Hyperliquid’s scheduled HYPE unlock for core contributors on October 6 is worth approximately $337.5 million. A spot price near $90 puts the scheduled amount at around 3.75 million HYPE.Tokenomist displays a mismatch between the scheduled unlock and the broader committed vesting figure for the same event. This calendar uses the narrower $337.5 million scheduled value, while the amount that becomes claimable or moves on-chain could differ.Aerodrome will release approximately $3.53 million in AERO on October 8. Aptos’s roughly $9.13 million APT unlock on October 11 will be joined by approximately $4.29 million in PEAQ and $2.7 million in IO.The PEAQ unlock stands out with a reported ratio of 3.73%. The io.net schedule shows that approximately 15.88 million IO will become available on October 11.Applied Digital will report earningsApplied Digital, which has shifted from blockchain workloads toward artificial intelligence and high-performance data-centre infrastructure, will report its fiscal first-quarter results on October 7. The conference call will begin at midnight on Thursday, October 8, in Türkiye because of the time difference.The report covers the fiscal quarter that ended on August 31. Investors will monitor data-centre rental income, energy expenses, newly operational capacity and the company’s capital requirements.TOKEN2049 begins in SingaporeTOKEN2049 Singapore will take place at Marina Bay Sands on October 7–8. The programme will focus on crypto infrastructure, stablecoins, institutional capital, tokenisation and regulatory developments across Asia.The broader TOKEN2049 Week programme runs from October 5 to 11. CoinFerenceX will take place on October 5–6, Solana Summit Singapore on October 6 and RWA Summit Singapore on October 9.ETH Lagos will hold its conference and parallel hackathon from October 8 to 10. The event will bring together Ethereum developers and Web3 projects from across Africa.No separate binding, high-impact DAO vote with a confirmed deadline during the week was identified. Gitcoin’s proposal to lower the participation threshold for Snapshot votes from 2.5 million GTC to 1.5 million GTC remains at the forum discussion stage.This week’s 30-event crypto calendarAll times are Türkiye time, UTC+3.October 5: Russia’s registration rules for crypto-market entities take effect.October 5: Approximately $40.9 million in ENA unlocks.October 5, noon: Binance delists three perpetual contracts.October 5, 5:00 p.m.: US ISM services PMI.October 5–6: CoinFerenceX Singapore.October 6: Approximately $337.5 million in scheduled HYPE unlocks.October 6: Solana Summit Singapore.October 6, noon: Euro-area retail sales for August.October 6, 3:30 p.m.: US trade balance for August.October 7, 1:00 a.m.: Dallas Fed President Lorie Logan speaks.October 7, 7:30 a.m.: Reserve Bank of India interest-rate decision.October 7, 11:00 a.m.: Bybit closes SCOR and AGI deposits.October 7–8: TOKEN2049 Singapore.October 7, 9:00 p.m.: Minutes from the Fed’s September FOMC meeting.October 8, midnight: Applied Digital earnings conference call.October 8: Approximately $3.53 million in AERO unlocks.October 8, 11:00 a.m.: Bybit ends SCOR and AGI spot trading.October 8, 2:30 p.m.: ECB minutes from its September meeting.October 8, 3:30 p.m.: US initial jobless claims.October 8–10: ETH Lagos conference and hackathon.October 9, approximately 12:25 a.m.: XRP Ledger PermissionDelegationV1_1 activation.October 9, 3:30 p.m.: Canada’s September employment report.October 9, 5:00 p.m.: Preliminary University of Michigan consumer sentiment.October 9, approximately 5:12 p.m.: XRP Ledger fixBatchV1_2 activation.October 9, approximately 5:46 p.m.: XRP Ledger BatchV1_1 activation.October 9, 10:00 p.m.: Robinhood disables sales of BERA, EOS, PAXG and TIA.October 9: RWA Summit Singapore.October 11: Approximately $9.13 million in APT unlocks.October 11: Approximately $4.29 million in PEAQ unlocks.October 11: Approximately $2.7 million in IO unlocks.The scheduled HYPE release represents the week’s largest crypto-specific supply risk by dollar value. Fed minutes, the RBI’s decision, services-sector data and oil prices above $100 could have a greater influence on the direction of the wider market.
Bullish Bitcoin Bets Build as Dominance Nears 60%
Risk appetite strengthened across the crypto market as Bitcoin reached $86,500. Bitcoin’s share of total cryptocurrency market capitalization approached 60%, while growing derivatives positions highlighted traders’ bullish expectations. However, the recovery in leverage also brought potential losses from a price reversal into focus.Bitcoin open interest rises by $2.3 billionAccording to CoinGlass data, Bitcoin open interest increased from approximately 626,000 BTC to 653,000 BTC starting September 30. That represents an additional 27,000 BTC, worth roughly $2.3 billion, in outstanding positions.The increase of approximately 4.3% brought total open interest to $56.2 billion. Over the same period, Bitcoin’s price climbed from around $83,500 to $86,500.Open interest measures the total number of outstanding futures contracts that have not yet been closed or settled. An increase alongside rising prices suggests new positions are accompanying the rally; it does not, on its own, mean all those positions are bullish.Funding rates reflect bullish expectationsRising funding rates in perpetual futures also indicate that buyers are taking on more risk. When funding is positive, traders holding long positions pay those holding short positions.Higher funding may suggest that traders are willing to bear greater costs to maintain their bullish positions. However, the recovery in open interest followed levels seen in late September that were close to a one-year low.The starting point therefore matters when assessing the recent increase. More expensive long positions can leave leveraged traders more vulnerable to a sudden price decline.Bitcoin’s market share approaches 60%Bitcoin’s dominance also stood out in the spot market. The largest cryptocurrency’s share of total market capitalization approached 60%, while the share held by dollar-pegged USDT slipped to approximately 6.3%. This pattern may suggest that investors are becoming more comfortable taking risks. However, a decline in USDT’s market share does not, by itself, show how much money has left stablecoins; rising valuations elsewhere in the crypto market can also push the ratio lower.Several altcoins joined Bitcoin’s advance. Ethereum, XRP, Solana and BNB rose, while SKY, AAVE and APT stood out among the 100 largest cryptocurrencies by market capitalization, gaining between 7% and 10%.The picture shows that rising altcoin prices and increasing Bitcoin dominance can occur simultaneously. Because dominance measures relative market capitalization, faster growth in Bitcoin’s value can increase its share even as other assets post gains.U.S. employment data falls short of expectationsThe market activity began before the release of the U.S. employment report on October 2. The subsequent figures showed that nonfarm payrolls increased by 29,000 in September, below expectations of 90,000.The unemployment rate rose from 4.1% to 4.2%. August’s payroll gain was also revised down from 162,000 to 133,000.The weaker employment picture was viewed as potentially giving the Federal Reserve room to hold interest rates steady despite elevated inflation. Alongside strengthening crypto demand, the direction of monetary policy therefore remained in focus for investors.
Bitcoin Returns to $87,000 as U.S. Jobs Growth Misses Expectations
Bitcoin climbed back to $87,000 after U.S. employment data fell short of expectations. Nonfarm payrolls increased by 29,000 in September, while the unemployment rate stood at 4.2%.The figures, released on Friday, October 2, at 8:30 a.m. ET, weakened expectations for another Fed rate hike in October. Bitcoin extended its earlier gains in the first few minutes after the release. U.S. job growth reaches roughly one-third of expectationsThe U.S. economy added 29,000 nonfarm jobs in September. The figure fell 60,000 short of the 89,000 forecast listed on the economic calendar followed for this report.Job growth therefore amounted to roughly one-third of expectations. The figures showed that hiring continued, although at a considerably slower pace than anticipated.The unemployment rate also exceeded the 4.1% forecast, reaching 4.2%. Together with slower hiring, this reinforced the labor market’s importance in monetary policy assessments.Previous figures also saw a downward revision. According to the Financial Times, August’s payroll gain was revised from the initially reported 162,000 to 133,000.The report therefore brought more than a disappointing September figure. The August revision also showed that the previous month’s hiring performance was weaker than initially reported.Bitcoin reaches $87,000 after the releaseBitcoin was trading above $86,000 before the jobs report. At that point, its gain over the previous 24 hours was approximately 2%.According to the first price update after the release, Bitcoin returned to $87,000 at 8:32 a.m. ET. The rally that began before the report continued immediately afterward.This distinction matters when assessing the price movement. Bitcoin’s entire daily gain did not occur after the jobs report; the cryptocurrency was already rising ahead of the release.The $87,000 level reflects the initial reaction to the data. Subsequent buying and selling will determine whether the price can hold that level.Expectations for an October Fed rate hike weakenU.S. short-term interest rate futures rose after the weaker-than-expected employment figures. Traders reduced positions anticipating an additional Fed rate hike in October.For the crypto market, the key connection was the employment outlook’s effect on interest rate expectations. Weaker hiring brings renewed attention to the potential economic consequences of further monetary tightening.A lower probability of rate hikes could ease pressure on risk assets. Bitcoin’s initial reaction suggests that investors may have interpreted the report along those lines.However, reduced expectations for a rate hike do not automatically translate into expectations for a rate cut. Markets could also place greater weight on a scenario in which the Fed holds rates steady.A single employment report does not determine the Fed’s decision. Inflation trends, wage developments and economic activity remain relevant to its policy assessment.Crypto markets watch for further gainsThe initial price movement showed Bitcoin’s continued sensitivity to macroeconomic data. Subsequent trading will reveal how strongly the shift in interest rate expectations translates into demand for crypto assets.
Bitcoin ETFs End Nine-Day Inflow Streak With $148.7 Million in Outflows
U.S. spot Bitcoin ETFs closed September’s final trading session with net outflows. Investors withdrew a net $148.7 million from the funds on Wednesday, September 30, ending nine consecutive trading days of inflows.The Bitcoin funds had attracted approximately $3.1 billion during that stretch before demand weakened at month-end. Spot Ethereum ETFs also recorded $59.6 million in outflows on the same day, bringing combined net withdrawals across both groups to $208.3 million.Fidelity Led Bitcoin ETF OutflowsAccording to Farside Investors, Fidelity’s FBTC recorded the largest net outflow of the day at $125.6 million. Bitwise’s BITB lost $13.6 million, while BlackRock’s IBIT saw $9.5 million leave the fund.All other spot Bitcoin funds reported zero net flows. FBTC therefore accounted for approximately 84% of the day’s withdrawals; no fund recorded net inflows to offset those outflows.BlackRock’s IBIT also ended its own nine-day inflow streak. The fund had attracted approximately $1.6 billion over the previous nine trading sessions.IBIT’s outflow remained small compared with the inflows accumulated in preceding sessions. Still, the reversal at a fund that has accounted for a substantial share of Bitcoin ETF demand stood out in the month-end figures.The fund-level breakdown shows that withdrawals were unevenly distributed across products. Fidelity’s outsized contribution is therefore an important factor when assessing the overall figure.Withdrawals Reversed a Small Portion of the Nine-Day InflowsThe recent inflow streak had helped Bitcoin ETFs recover from outflows earlier in 2026. Approximately $3.1 billion in net demand helped push year-to-date flows back into positive territory.The $148.7 million withdrawn on September 30 represents roughly 5% of that nine-day total. Although the streak ended, the withdrawals reversed only a small portion of the preceding inflows.That comparison helps put the daily move into perspective. A single day of outflows is insufficient to establish a lasting decline in investor demand; flows over subsequent trading sessions will be needed to assess whether the shift persists.ETF data alone does not explain why investors withdrew their money. Additional evidence would be needed to attribute the figures directly to profit-taking, institutional investors leaving the market, or a response to a particular macroeconomic development.Ethereum ETF Outflows Extended Into a Second DayEthereum funds recorded a second consecutive trading day of net outflows. Before that reversal, spot Ethereum ETFs had attracted approximately $850 million over seven straight sessions.Fidelity’s FETH accounted for the largest share of the $59.6 million withdrawn on September 30. The fund recorded $26.6 million in net outflows, followed by $25.5 million from Grayscale’s ETH and $7.5 million from its ETHE fund.Both Bitcoin and Ethereum funds therefore ended September with negative daily flows after strong inflow streaks. However, the latest withdrawals in both groups remained below the amounts attracted during those preceding runs.Cumulative net inflows into Ethereum funds since their trading debut stand at approximately $14 billion. The latest two days of withdrawals reduced that total while leaving cumulative flows firmly positive.Whether outflows continue will be one of the developments to watch during October’s opening sessions. In particular, flows into and out of IBIT and FBTC remain major contributors to the daily aggregate for Bitcoin ETFs.At the time of writing Bitcoin is trading at $84,199.71.
Citi Raises Bitcoin and Ethereum Targets to $113,000 and $3,028
Citigroup has raised its 12-month price forecasts for Bitcoin and Ethereum. The bank increased its Bitcoin target from $82,000 to $113,000 and its Ethereum target from $2,240 to $3,028.According to Reuters’ October 1 report, the revision stems from the bank’s September 30 research note. Citi cited stronger cryptocurrency market activity, macroeconomic conditions and renewed inflows into exchange-traded funds.Bitcoin target rises nearly 38%The new forecast represents a $31,000 increase from Citi’s previous Bitcoin target. The difference between the two targets amounts to an upward revision of approximately 37.8%.For Ethereum, the revision amounts to $788. This brings the increase in its 12-month price target to approximately 35.2%.These percentages reflect the changes between the bank’s previous and updated forecasts. Calculating potential returns from current market prices requires comparing the targets with prices at the time of trading.Based on the price levels cited in CoinDesk’s report, Citi’s targets implied approximately 35% upside for Bitcoin and 12% for Ethereum. However, the forecasts cover the next 12 months; they are not presented as year-end 2026 targets.Gradual growth expected in ETF demandInvestment advisers’ and brokerages’ allocations to Bitcoin play an important role in Citi’s assessment. The bank expects inflows into cryptocurrency investment products to grow at a slower but steady pace as these firms gradually increase Bitcoin’s share of their portfolios.Projected inflows over the next 12 months stand at $5 billion. This expectation represents one of the demand assumptions supporting the bank’s price targets.The recent performance of U.S. spot Bitcoin ETFs also points to a recovery in demand. According to September 25 data, the funds had attracted approximately $800 million in net inflows since the start of the year.On July 13, those same funds had recorded year-to-date net outflows of $5.8 billion. Capital returning between the summer and late September therefore fully offset the year’s earlier outflows.The six-day inflow streak covered in the September 25 report totaled $2.84 billion. These figures show a substantial recovery in ETF demand ahead of Citi’s forecast revision.Still, cumulative annual inflows remained below the totals for the previous two years. According to the same source, U.S. spot Bitcoin ETFs attracted $35.2 billion in net inflows in 2024 and $21.4 billion in 2025.Treasury yields continue to weigh on prices in the short termAs Citi announced its higher price targets, Bitcoin remained sensitive to macroeconomic data. A rally following softer-than-expected U.S. inflation figures failed to produce sustained gains.Bitcoin briefly climbed above $85,500 the previous day. It subsequently pulled back to trade just above $83,700.The report identified elevated U.S. Treasury yields as one of the factors limiting gains in the cryptocurrency market. The U.S. 10-year Treasury yield hovered around 5.3%, while the 30-year yield remained near its highest levels since 2002. These conditions illustrate how long-term price expectations and daily market movements can move in different directions. While sustained ETF inflows feature prominently in Citi’s forecast, inflation data, interest rate expectations and bond market movements continue to influence short-term prices.
