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The cryptocurrency market is passing a critical juncture on the last day of the week. A total of $4.3 billion worth of Bitcoin and Ethereum options contracts will expire today. This volume has the potential to both increase price volatility and cause investors to reconsider their positions.According to options data, $3.36 billion of the expiring contracts belong to Bitcoin. Ethereum accounts for $974 million in volume. According to information from the Deribit exchange, the "maximum pain" level for Bitcoin is $115,000. This level is known as the point at which the most options contracts become worthless, and market participants are closely monitoring the possibility of a price pullback to this level. Bitcoin is currently trading above $119,000. While this strengthens the position of bullish investors, it also raises the possibility that options sellers will push the price down. A total of 27,962 Bitcoin options contracts are expiring, with a put-call ratio of 1.13. This ratio indicates that there are more put contracts than call contracts, and the market trend is slightly negative.The picture is slightly different for Ethereum. The total value of contracts expiring is $974 million. The maximum pain level in this market, which includes 216,210 contracts, is calculated as $4,200. The put-call ratio of 0.93 indicates a more neutral outlook compared to Bitcoin. However, analysts note that volatility on the Ethereum side has decreased significantly in recent weeks, and investor interest has shifted to Bitcoin.$21 billion was on the agenda last weekLast week, the record $21 billion monthly options expiration significantly shook the markets. While this week's figures remain well below that level, they still have the potential to create volatility. Bitcoin's price, in particular, being just above the critical $120,000 level, indicates that the price is vulnerable to sharp fluctuations in the short term. Options analytics platform Greeks.live describes the current market environment as "extremely volatile and difficult to determine direction." According to analysts, intraday movements exceeding 3% are frequently observed, catching many investors off guard. It has become particularly common for short-term options contracts, which experienced 80% losses in the morning, to reverse course in the afternoon, leaving investors in the wrong position.Ethereum, on the other hand, is notably low in volatility. Consequently, many traders are aiming to capitalize on short-term sideways movements by selling ETH puts and buying Bitcoin calls at $120,000. This strategy is based on the expectation that the market will not make a significant breakout.In short, today's $4.3 billion options expiration will test Bitcoin's ability to sustain the $120,000 level. For Ethereum, the price is expected to remain relatively calm due to low volatility. However, it's important to remember that maximum pain levels for both assets can act as a "center of gravity" in the market.
As cryptocurrency markets enter the final quarter of the year, Wall Street giant JPMorgan has released a striking report. The bank stated that Bitcoin is significantly undervalued compared to gold, setting an ambitious year-end price target of $165,000.Bitcoin and gold comparisonUS banking giant JPMorgan stated that Bitcoin is significantly "cheap" compared to gold, setting a year-end price target of $165,000. The bank's analysts highlighted the volatility-based valuation gap between Bitcoin and gold.In their report, a team led by JPMorgan senior manager Nikolaos Panigirtzoglou highlighted that the Bitcoin-gold volatility ratio has fallen below 2. Accordingly, Bitcoin's risk capital consumption has fallen to 1.85 times that of gold. Analysts stated that Bitcoin's current market capitalization of $2.3 trillion would need to increase by approximately 42% to approach the $6 trillion level of private investment in gold. This theoretically points to a Bitcoin price of $165,000.At the end of last year, the bank calculated that Bitcoin was $36,000 overvalued compared to gold, but now reports that it is $46,000 undervalued. This rapid change, according to analysts, indicates significant upside potential for Bitcoin.The "Debasement Trade" EffectA JPMorgan report stated that investors are increasingly turning to a strategy called "debasement trade." This concept describes a shift to alternative value-preserving instruments due to factors such as inflation, government debt, geopolitical risks, and a decline in confidence in fiat currencies. Significant increases in inflows into both gold and Bitcoin ETFs have been observed in the past year.While spot Bitcoin ETFs saw strong demand, particularly in the first half of 2025, momentum slowed somewhat during the summer months. In contrast, inflows into gold ETFs accelerated, narrowing the gap between the two assets. JPMorgan noted that this process was driven primarily by the participation of individual investors, while institutional investors primarily held positions in CME futures. Rising gold prices may be making Bitcoin more attractiveAccording to analysts, the recent surge in gold prices is making Bitcoin relatively more attractive. JPMorgan, which announced a year-end target of $126,000 in August, revised its new price target upwards for Bitcoin following the gold rally.JPMorgan's forecast comes at a time of increasing bullish expectations in the market. In recent weeks, various analysts and financial institutions have begun talking about a $200,000 price target for Bitcoin. Currently trading around $119,000, Bitcoin's ability to reach $165,000 before the end of the year will depend on continued investor interest and a strengthening of the "debasement trading" trend.
As the US federal government shutdown continues into its second day, cryptocurrency markets are exhibiting a strong recovery. Historically, government shutdowns have led to a surge in stocks; this time, a similar effect is being seen in Bitcoin and Ethereum. Bitcoin tested $121,000 on Thursday, reaching its highest level since mid-August. Ethereum, meanwhile, traded above $4,500, reaching a three-week high. Experts emphasize that the correlation between crypto assets and stocks will increase significantly by 2025. Since 1990, the rise in the S&P 500 index during every government shutdown has boosted investors' risk appetite. In this context, Bitcoin is reportedly benefiting from the same wind.The record-breaking rise in the gold market is also providing additional support to Bitcoin. Gold has reached an all-time high of over $3,900 per ounce. JPMorgan analysts predict that Bitcoin remains relatively cheap compared to gold at volatility-adjusted valuations and could rise to $165,000 by the end of the year. The recent shift by individual investors toward both gold and Bitcoin suggests that the pursuit of protection against inflation and currency depreciation, known as "debasement trading," is gaining traction.Cryptos Also Have Institutional SupportOn the institutional front, spot Bitcoin ETFs have begun to play a significant role in the market. On October 1st, the daily trading volume of spot Bitcoin ETFs in the US surpassed $5 billion. BlackRock's iShares Bitcoin Trust (IBIT) fund alone attracted $405 million in inflows and currently holds 773,000 BTC, reaching a size of approximately $93 billion. Fidelity also added a $179 million position by purchasing 1,570 BTC in a single day. This brings the total assets under management of spot Bitcoin ETFs to $155.9 billion. This figure corresponds to 6.6 percent of Bitcoin's total market capitalization.Another development that has increased investor interest has come from traditional giants. Vanguard, which has long distanced itself from crypto, is considering offering Bitcoin and Ethereum ETFs to its clients. New CEO Salim Ramji's background at BlackRock signals a possible softening of the company's approach. Even just 1 percent of Vanguard's 50 million clients accessing ETFs could mean half a million new investors entering the market.On the macroeconomic front, the probability of another Fed rate cut at its October meeting is priced at 98 percent. Both stocks and crypto assets began to rally after the first rate cut in September. A new rate cut could reinforce the markets' upward momentum.All these factors combined further strengthen expectations for October, known within the crypto community as "Uptober," historically the strongest month for Bitcoin. Bitcoin, which has risen by over 14 percent on average in October since 2013, may be no exception this year. According to analysts, the technical outlook opens the door for a potential move to $128,000.
Global financial giant Citigroup has updated its year-end forecast for the cryptocurrency market. Driven by strong institutional demand and inflows from exchange-traded funds (ETFs), the bank revised its price target for Ether upwards, while making a small downward adjustment to its Bitcoin forecast.Citigroup Releases New Report on Bitcoin and EthereumAccording to Citigroup's new report, the year-end price target for Ether has been raised from $4,300 to $4,500. The bank stated that this increase was driven by increasing institutional demand, particularly through spot ETFs, and strong inflows from digital asset treasuries. This development demonstrates that confidence in the Ethereum ecosystem and liquidity inflows remain vibrant.In contrast, the revision for Bitcoin paints a relatively more cautious picture. Citigroup lowered its year-end price forecast for Bitcoin from $135,000 to $133,000. Bank analysts pointed to the strengthening dollar index and recent weakening gold prices as the reasons for this downward correction. It was stated that these two factors could limit investors' risk appetite.However, we are seeing Bitcoin moving in the opposite direction of Citigroup's prediction. Market data shows that Bitcoin is holding above $118,000, and trading volumes have increased by 32% to over $77 billion. While this outlook indicates continued interest in the market, analysts are debating whether the strong resistance level at $124,000 can be broken. The Latest on the Bitcoin RallySpot Bitcoin ETFs are the primary driver of this rally. Exceeding $150 billion in assets under management and daily inflows of hundreds of millions of dollars are creating a supply-squeeze effect in the market. For example, $741 million inflows were recorded into ETFs on September 11th. Such flows continue to support the Bitcoin price. However, it is emphasized that if inflows slow, the upside potential could be limited.On the macroeconomic front, the US Federal Reserve's (Fed) upcoming interest rate decision is the focus of markets. The unemployment rate rose to 4.3% in August, increasing the likelihood of a 25 basis point interest rate cut at the meeting on October 29th. Lower interest rates generally lead to a weakening of the dollar and increased demand for risky assets. Therefore, many analysts believe the Fed's policy could play a critical role in Bitcoin prices.Meanwhile, on-chain data shows that large investors (whales) continue their purchases. A single wallet was recorded to have accumulated approximately 1,721 BTC (approximately $196 million) in September. Long-term investors are reported to control 67% of the total supply. This trend could reduce market liquidity and push prices higher. However, whales' focus on profit-taking risks increasing volatility, as was the case during the 2021 peak. Ultimately, Citigroup's report suggests a stronger outlook for Ethereum driven by institutional investor interest, while cautious optimism prevails for Bitcoin. For the rest of the year, the Fed's interest rate action, whether ETF inflows slow down, and whale activity will be key factors in determining the crypto market's direction.
The U.S. Securities and Exchange Commission (SEC) has made a significant decision regarding digital assets. In a no-action letter, the agency announced that investment advisors can use state-licensed trust companies as "qualified custodians." This decision paves the way for institutional investors to store crypto assets like Bitcoin and Ethereum more securely and legally. A Solution to Long-Term UncertaintyFor years, one of the biggest challenges for investment advisors has been the uncertainty surrounding which institutions can hold digital assets. Traditional regulations have deemed only large federal banks and certain large corporations authorized for custody. The SEC's new approach allows state-licensed trust companies to offer the same custody services, provided they meet strict oversight and security requirements.This step allows advisors under the Investment Advisers Act of 1940 to hold crypto assets under regulated conditions, just as they do with cash and securities. However, companies must adhere to strict requirements such as cold storage, independent auditing, cybersecurity measures, and the separation of client assets from company funds.Initial Industry ReactionsBloomberg Intelligence analyst James Seyffart described the decision as "a textbook example of the clarity expected for the digital asset space." According to Seyffart, the industry has long been demanding this recognition. In the US, banks were indirectly pressured to limit their services to crypto companies in recent years during a process known as "Operation Choke Point 2.0." This new decision demonstrates a softening of the regulator's approach and their intention to integrate crypto into the financial system in more structured ways.Some states, such as Wyoming, had already pioneered similar regulations for crypto assets years ago. Senator Cynthia Lummis welcomed the SEC's move in a social media post, saying, "Wyoming was a pioneer in digital asset oversight in 2020. It's gratifying that the SEC has recognized this approach at this point." New Opportunity for Bitcoin and EthereumThe decision could facilitate institutional investors' access to cryptocurrencies. Bitcoin's positioning as "digital gold," in particular, is further strengthened by this development. Considering that gold is already a standard asset class in regulated funds, a similar inclusion of Bitcoin and Ethereum in portfolios seems more likely.Once the "custodial uncertainty," one of the biggest obstacles for institutions, is eliminated, investment funds and advisors are expected to be more comfortable investing in Bitcoin and Ethereum. This could, in the long run, contribute to accelerating ETF approvals, diversifying institutional strategies, and increasing market confidence.The SEC emphasized that the published letter is not a formal change in the law, but merely reflects the agency's current "enforcement position." Therefore, the decision is subject to revision if circumstances change in the future. Investment advisors are required to disclose risks to their clients and confirm annually that their custodian is authorized.
The US government has officially shut down due to an unresolved budget crisis. Weeks of negotiations between Republicans and Democrats have failed, and federal funding has been cut off as of midnight (6:00 a.m.) on Tuesday, September 30th. This development has created significant uncertainty not only for public services but also for financial markets.The White House Office of Management and Budget confirmed the shutdown in a statement released overnight. The statement alleged that Democrats were responsible, stating, "The duration of this unsustainable stance is uncertain, making it difficult to predict the duration of the shutdown." The Trump administration blames Democrats for the shutdown, while the opposition blames Republicans' failure to back down on health and social security policies as the cause of the crisis.Approximately 800,000 federal employees are expected to be furloughed. Essential services like border security, emergency medical services, air traffic control, and law enforcement will continue to operate. However, national parks, food inspections, student loans, research centers, and some social assistance programs will face cuts. As in previous shutdowns, some employees will be furloughed, while others will continue working without pay.Crypto ETFs in limboIt seems inevitable that this shutdown will impact the crypto markets. The U.S. Securities and Exchange Commission (SEC) accelerated the approval process for spot crypto ETFs in recent weeks. The individual review system previously used for Bitcoin and Ethereum ETFs was eliminated, replaced by "general listing standards." This change had led to expectations that popular altcoin ETF applications like Solana could be approved in October.However, with the government shutdown, the relevant divisions of the SEC suspended their operations. According to the SEC's published operating plan, the review of new applications, requests for comment, and no-action decisions will be suspended during the shutdown. Bitwise Investment Director Matt Hougan stated, "No approvals will be issued during the government shutdown," while Jason Allegrante, chief legal officer at Fireblocks, emphasized that this is a temporary disruption: "The demand is not going away. The process will resume when Washington reopens." US President Donald Trump, in a statement following the shutdown, blamed Democrats and declared, "We will not back down from this crisis." While the Trump administration has not yet provided a specific timeframe for how long the shutdown will last, past examples indicate that shutdowns have lasted an average of eight days.Nevertheless, a prolonged period could also put financial markets under pressure. Major crypto assets like Bitcoin and Ethereum are expected to experience particularly volatility, while the altcoin market could see sharper movements. Delays in the ETF approval process could also cause investors to reshape their short-term strategies.The Latest on Bitcoin and AltcoinsThe crisis in Washington has triggered rapid volatility in crypto markets. Market data at the time of the shutdown was as follows:Bitcoin (BTC): $115,167.64Ethereum (ETH): $4,147.69XRP: $2.85BNB: $1,010.32Solana (SOL): $210.18DOGE: $0.23355TRX: $0.3344 Bitcoin price remained positive or stable immediately after the shutdown announcements, but assets like Ethereum and Solana experienced sharper sideways or slightly negative movements. Previous government shutdowns in the US present different scenarios for the crypto market:In 2013, during a 16-day government shutdown, Bitcoin rose approximately 14%. However, during the longest lockdown, which lasted 35 days between 2018 and 2019, the BTC price was relatively bearish: it fell approximately 6%, from 3,802 to 3,575.These historical examples demonstrate that crypto markets do not follow a fixed direction during lockdowns. In some cases, upward pressure is generated, while in other periods, declines can occur due to risk perception.
The U.S. Securities and Exchange Commission (SEC) temporarily suspended trading in QMMM Holdings shares on September 29th following extraordinary price fluctuations. The Hong Kong-based company's announcement that it would create a $100 million cryptocurrency treasury sent its share price soaring; the shares quickly gained over 1,000%, catching regulators' attention.QMMM on SEC's radar: "Suspicious market activity" warningQMMM is traded on Nasdaq through a Cayman Islands-based holding company. The company's announcement of a large-scale investment in Bitcoin, Ethereum, and Solana has generated strong demand from individual investors. Analysts believe this development further demonstrates how the diversification of traditional companies into cryptocurrencies can cause sharp market volatility.The SEC announced that QMMM shares have been suspended until October 10th. The institution stated that manipulations made by "unidentified individuals" on social media unusually inflated share volume and price, increasing the likelihood of creating artificial demand. QMMM's shares, which were below $12 at the beginning of September, skyrocketed to $200 in the last week of the month. Experts say this scenario is reminiscent of manipulation tactics known as "pump and dump." The SEC and other US financial regulatory agencies (especially Finra) note that similar situations have increased recently, with unusual trading observed in some company shares ahead of crypto asset announcements.Investors are uneasy, the company remains silentQMMM has yet to issue an official statement. The company's shift from digital advertising to crypto assets earlier this year was interpreted as the first step in a strategic transformation. However, uncertainty prevails among investors following the trading halt.Market analysts suggest that such developments could temporarily curb the trend of institutional crypto treasury. The shift towards cryptocurrencies by mid-sized companies quickly creates significant individual buying waves; However, this also accelerates regulatory scrutiny.Institutional crypto adoption on the riseDespite this negative outlook, institutional crypto adoption continues to grow. According to current data, approximately 200 publicly traded companies worldwide hold over $112 billion in digital assets on their balance sheets. These companies' Bitcoin reserves exceed 1 million BTC, representing 4.7% of the total supply. Companies' total holdings of altcoins like Ethereum and Solana have also surpassed $10 billion. Analysts agree that while the QMMM example may create uncertainty in the short term, it will likely increase the use of cryptocurrencies in corporate treasuries in the long term. In addition to Bitcoin and Ethereum, alternatives like Solana are also expected to gain a greater presence in institutional portfolios.While the SEC's temporary trading ban on QMMM has caused market volatility, institutional interest is expected to remain strong. With tightening regulatory oversight in the coming period, companies may be required to conduct their crypto investments in a more transparent and controlled manner.
The resurgence of activity in wallets that have been dormant in the cryptocurrency market for a long time is attracting attention. Most recently, a Bitcoin wallet that had been dormant for 12 years made headlines on Sunday by transferring $44 million worth of assets to other addresses.According to data from the blockchain analysis platform Lookonchain, the wallet in question sent approximately 400 BTC to multiple addresses. Transactions were generally made in equal increments of 15 BTC, leaving the wallet completely empty. Arkham Intelligence's data indicates that this wallet was first funded by miners 15 years ago. However, it is unknown who transferred the funds or what the purpose of the transfer was. These old wallets, opened during Bitcoin's early years, known as the "Satoshi era," are being closely watched within the cryptocurrency ecosystem. This is primarily because these addresses likely belonged to early miners or market-leading investors. During this 12-year period of inactivity, Bitcoin's value increased approximately 830-fold. BTC, which was around $135 in 2012, is currently trading at over $111,000. This brings the value of these assets held in a single wallet to millions of dollars.Bitcoin whales are taking actionSimilar activity has been frequent in recent months. With Bitcoin reaching new record highs, millions of dollars in transfers are coming from wallets that have been dormant for a long time. In July, Galaxy Digital sold more than 80,000 BTC as part of the estate management of a Satoshi-era investor. The value of this sale exceeded $9 billion.A similar development occurred in September. A wallet that had been dormant for about 13 years moved 444 BTC (approximately $50 million). Earlier this month, a major investor flipped their portfolio, converting billions of dollars worth of Bitcoin into Ethereum and accumulating approximately $4 billion worth of ETH.According to experts, there may be different motivations behind these movements. Some believe that previous investors are profit-taking, while others suggest that the assets are being managed as part of inheritance or corporate strategies. However, wallet owners generally keep their identities secret, and the exact reasons behind the transfers remain unknown.While such transfers don't directly exert significant pressure on cryptocurrency prices, they are closely monitored by investors. This is because activity from older wallets can often be interpreted as a signal of a shift in market trends. The repeated activation of Satoshi-era wallets, particularly during periods of peak Bitcoin prices, is no coincidence.
Bitcoin fell below $109,000 ahead of US inflation data, unsettling investors. The Personal Consumption Expenditures (PCE) price index, which the Fed closely monitors, is seen as particularly important in reshaping market expectations for interest rate cuts. According to a Reuters poll, the data is expected to rise 0.3 percent monthly and 2.7 percent annually in August. The results will be released at 3:30 PM Turkish time.Uncertainty surrounding the US Federal Reserve's (Fed) interest rate decision throughout the week significantly weakened risk appetite in crypto markets. The volatile atmosphere following the FOMC meeting increased selling pressure on Bitcoin. According to market data, BTC fell below $109,000 within 24 hours, approaching a 6 percent weekly loss. Ethereum and many altcoins are also closing out the week with double-digit declines. The situation on the ETF front has also dampened investor spirits. Spot Bitcoin ETFs in the US recorded net outflows of approximately $258 million on September 25th. BlackRock's iShares Bitcoin Trust was the only fund to see limited inflows. Spot Ether ETFs also experienced net outflows of approximately $251 million on the same day, marking the fourth consecutive day of outflows for these funds.The futures market also felt the brunt of this selling wave. According to CoinGlass data, approximately $1 billion worth of crypto positions were liquidated in the last 24 hours. More than 225,000 investors liquidated, with the largest single transaction being a $19.3 million ETH/USDT position. This development revealed that the market is undergoing a significant cleanup process due to leveraged trading.According to experts, Bitcoin broke through short-term support levels, falling to $108,652, before making a limited recovery. While BTC was still up around 4.5% in September, October has historically been a positive month for BTC. However, he points out that a clear recovery cannot be confirmed until the price breaks the $113,500–116,000 range with strong volume.How are investors acting?Meanwhile, on-chain data suggests that institutional and large investors are also on the sell side. Since August 21st, whales have been net sellers, while long-term investors have been focused on profit-taking. This situation is increasing pressure on the spot market, while the daily fluctuation of ETF inflows and outflows has left the market directionless.All eyes are now on PCE data. A deviation from expectations could alter the Fed's year-end interest rate policy expectations, which could set a new direction for risky assets. While analysts emphasize that long-term trends and seasonality remain positive for crypto, they emphasize that caution is more important in the short term than aggressive buying.With this situation, the crypto market is focused on new signals from both macro data and investor behavior. Unless consistent inflows, particularly from ETFs, are seen, it appears unlikely that Bitcoin will mount a strong recovery. The primary strategies for investors appear to be capital preservation and risk management.
Financial regulators in the US have begun scrutinizing the stock movements of some publicly traded companies before they announce crypto asset purchases. According to the Wall Street Journal, the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (Finra) are investigating unusual trading patterns at companies pursuing a digital asset treasury strategy.Authorities have identified striking trading volumes and price movements, particularly at publicly traded companies known as "Digital Asset Treasury Companies" (DATs), which have added cryptocurrencies to their balance sheets. The fact that these movements occurred shortly before the companies' official public announcements raises suspicions that they may be based on insider trading.The SEC has reportedly issued warnings to some companies about potential violations of Reg FD (Fair Disclosure). This regulation prohibits companies from sharing material, not yet publicly disclosed information only with certain investors. The aim is to ensure equal access to information for market participants. More than 200 companies contactedFinra and the SEC reportedly contacted approximately 200 DAT companies. The investigations focused on unusual trading volumes and sudden increases in share prices immediately preceding crypto acquisition announcements. Regulators believe such transactions could undermine market confidence and lead to manipulation.This development comes as companies are shifting to crypto treasury strategies. This trend, spearheaded by MicroStrategy since 2020, has been increasingly adopted by more companies in recent months. By holding assets like Bitcoin and Ethereum on their balance sheets, companies are diversifying their investments and aiming to capitalize on their long-term value growth.This year alone, DAT companies have attracted more than $20 billion in venture capital investment, demonstrating the institutional interest in crypto. Regulators, however, emphasize that this growth must occur within the framework of transparency and market fairness.MicroStrategy remains the largest institutional player in this space. The company, led by Michael Saylor, recently purchased an additional 850 Bitcoins, bringing its total reserves to 639,835 BTC. The total value of these purchases reached $99.7 million. The investigation launched by the SEC and Finra is seen as a sign that institutional investors' involvement in crypto assets will now be subject to stricter scrutiny, not only from a financial perspective but also from a regulatory perspective. As US companies continue to add crypto to their balance sheets, allegations of insider trading or unfair dealings are expected to increase.Therefore, publicly traded companies investing in crypto assets are expected to be more vigilant about their transparency obligations in the coming period. Otherwise, they could face both serious sanctions and the loss of investor confidence.
The U.S. Securities and Exchange Commission (SEC) has officially approved the Nasdaq Crypto Index US ETF (NCIQ), launched by Hashdex. Thanks to the new regulation, the fund will not only offer Bitcoin (BTC) and Ethereum (ETH) but will also be able to add leading altcoins such as XRP, Solana (SOL), and Stellar (XLM) to its portfolio. This decision is seen as a significant milestone in diversifying regulated crypto investment instruments.Hashdex's ETF was established in Delaware, and last week, a new trust agreement, revised for the third time, entered into force. This brings the fund into compliance with Nasdaq's current listing standards. With the SEC approval, the fund's fiscal year structure remains unchanged, but it has gained official authorization to add altcoins such as XRP, SOL, and XLM.New Rules Bring Expedited ApprovalThe SEC recently adopted new rules that expedite the listing process for crypto ETFs. While it could previously take up to 270 days for an ETF to receive approval, the new standards have reduced this timeframe to 75 days. This eliminates the need for individual reviews during the application process. Now, funds that meet certain requirements can launch directly to the market much sooner.Canary Capital Group founder Steven McClurg stated that there have already been approximately a dozen applications filed with the SEC, with more in the pipeline, adding, "We'll see a wave of launches in the last quarter of this year." DGIM Law's Jonathan Groth also stated that the crypto ETF market could experience a "boom period" starting in October.The fund's new allocation is noteworthy.The updated fund allocation maintains a strong emphasis on BTC and ETH, allocating 6.93% to XRP, 4.11% to Solana, and 0.33% to Stellar. Projects such as Cardano (1.22%), Chainlink (0.50%), and Uniswap (0.14%) are also included in the portfolio in small percentages. This makes the Hashdex ETF one of the first funds to officially include Stellar (XLM). Crypto market expert Nate Geraci, in a social media post, described the SEC's approval as "a significant development that paves the way for diversification in crypto investment." While the majority of users welcomed the decision, some commentators emphasized that adding altcoins to ETFs would foster broader market acceptance.The SEC's new standards allow funds to be approved quickly if they meet certain conditions. For example, the listed crypto asset must have at least six months of CFTC-regulated futures contracts or another ETF must directly hold 40% of that asset. This has enabled projects like XRP, SOL, and XLM to quickly become part of the regulated investment vehicle.Grayscale also took action shortly after the SEC's announcement, converting its private fund into a publicly traded product, the CoinDesk Crypto 5 ETF. This ETF includes BTC, ETH, XRP, SOL, and ADA. Grayscale CEO Peter Mintzberg stated that the swift action stemmed from "the goal of providing greater regulatory clarity and investor access."Crypto market analysts expect ETFs focused on XRP and Solana to launch in October. However, the real question is whether investors will genuinely show interest in these altcoins beyond Bitcoin and Ethereum. The SEC's recent decision has been noted as one of the most significant steps in the opening of altcoins to traditional markets.
Bitcoin, the first cryptocurrency, has become almost universally recognized. Bitcoin, a product of blockchain technology, also serves as a medium of exchange, storage, and measurement, much like the dollar or euro. But with a difference! Neither the Fed nor the ECB are behind it. Indeed, its primary distinguishing feature is its lack of any central authority.So, when did Bitcoin, the digital currency we're all familiar with, come into being? What are its evolutions since its launch? What are its true uses? We'll explore this in detail in our blog post.The Definition and Origins of BitcoinWhat does Bitcoin mean? The term Bitcoin is a combination of the words bit (the smallest piece or unit of something) and coin (coin). Bitcoin is a digital currency that operates with an open-source ecosystem that offers an alternative to today's monetary system and allows everyone to access it.What is BTC? Cryptocurrency (virtual currency) is a type of digital currency. In other words, digital currency encompasses cryptocurrencies. In digital money, units of account are traditional, legally circulating currencies like the Euro, Dollar, and Turkish Lira, while virtual currencies, such as the Linden Dollar or Bitcoin, are later-invented currencies that lack legal circulation.Records of Bitcoin transactions are kept in blockchain databases, which can be summarized as a global ledger. Blockchain can be defined as an electronic medium that enables fast, low-cost, and secure money transfers between parties. This technology is based on a peer-to-peer (P2P) system.Peer-to-peer electronic cash systems allow you to easily send online payments to other parties without requiring approval from any intermediary institution (bank, etc.).The 2008 Whitepaper and Satoshi NakamotoWhen was Bitcoin released? The history of Bitcoin dates back approximately 20 years. Bitcoin was created in 2008 by an individual or group using the name or pseudonym Satoshi Nakamoto, whose identity is unknown. Like other revolutionary technology developers worldwide, Satoshi Nakamoto published a paper online before launching Bitcoin. His 2008 whitepaper, also known as Bitcoin: A Peer-to-Peer Electronic Cash System, detailed the foundation, technical structure, and goals of a crypto asset or blockchain project.To this day, the identity of Satoshi Nakamoto remains unknown, and even his very existence is a matter of debate.Genesis Block and the First Transfer (2009)The blockchain technology on which the Bitcoin digital currency is based stores transaction data transparently and securely. Because data is stored in a chained structure of blocks, it cannot be altered or deleted.While transactions in traditional systems are verified through a trusted third party, thanks to the blockchain, transactions occur directly between parties without the need for a central authority.The Bitcoin Genesis Block, which forms the basis of blockchain technology, is the first block in a blockchain network. As its name suggests, it represents the beginning of the network and forms the backbone of the entire blockchain system. Satoshi Nakamoto limited the maximum number of Bitcoins that could be generated in the Bitcoin Genesis Block to 21 million.The first Bitcoin block was created on January 3, 2009. The first Bitcoin transfer then took place on January 12, 2009, between Satoshi Nakamoto and Hal Finney, the cryptographer who helped him develop the system.Rationale for its emergence: Criticism of the financial systemToday, when you make an online purchase, your payment first goes to a bank or credit card company. These intermediaries then deduct transaction and commission fees. Once your transaction is confirmed by the bank, the payment reaches the merchant.Your bank is the sole accountant for your payments. Due to the pre-signed agreements, you are obligated to trust your bank 100% during this process.In 2008, Satoshi Nakamoto introduced the idea of a secure, fast, and low-commission digital currency that could be sent directly from person to person, without the need for banks or any other intermediaries. This idea solved all the problems of current internet payments.The financial crisis, which began in the US due to the Mortgage System and spread to EU economies in 2008/2009, becoming global, caused the national currencies of many countries around the world, especially the US dollar, to lose significant value. This situation profoundly shook the widespread belief that these currencies would not lose value.Bitcoin, the decentralized digital currency that began operating in 2009 and based on an article published by Satoshi Nakamoto in 2008, quickly became popular, attracting the attention of investors seeking a new monetary unit of value.Bitcoin's History: Major Turning PointsDue to the 2008 global financial crisis, trust in the traditional banking system diminished. During this period, an individual or group named Satoshi Nakamoto took a bold step.On October 31, 2008, Nakamoto published the article titled Bitcoin: A Peer-to-Peer Electronic Cash System. In this article, Nakamoto laid the foundation for a decentralized financial system, unlike the traditional structure.January 3, 2009, marked the beginning of a new era in the financial world. Satoshi Nakamoto created Bitcoin's first block, the Bitcoin Genesis Block. This innovation can also be considered the date of Bitcoin's release.What is a Genesis Block? The Genesis Block is the first block on the Bitcoin network and is also known as "Block 0." It can be translated into Turkish as "Starting Block." As its name suggests, it represents the beginning of the network. Bitcoin blockchain technology operates as a transparent and secure ledger that verifies transactions without relying on a central authority.Each block contains transactions made within a specific timeframe. It is then added to the chain using an encrypted hash (encryption algorithm). The Bitcoin Genesis Block is the first link in this system, and all subsequent blocks are added to it.With the creation of the Genesis Block, the Bitcoin network officially launched, and the first 50 Bitcoins were generated. However, these Bitcoins were not spent. Today, they remain symbolically in a wallet believed to belong to Nakamoto.2010: First commercial transaction (Pizza Day)While discussions continue regarding the acceptance of Bitcoin as a payment method, the first transaction in this regard occurred on May 22, 2010, when two pizzas were purchased for 10,000 BTC.The first transaction using Bitcoin was made on bitcointalk.org between software developer Laszlo Hanyecz and Satoshi Nakamoto. This date is celebrated worldwide as Bitcoin Pizza Day. 2012 / 2016 / 2020: Halving EventsMiners play a critical role in the Bitcoin network, ensuring it remains decentralized and secure. While banks verify transactions in traditional financial systems, miners undertake this task in Bitcoin. Using powerful computers, miners solve complex mathematical problems and create new Bitcoin blocks. Miners who successfully add blocks earn Bitcoin as a reward.Initially, miners were given a reward of 50 Bitcoin for each block. Following the halving events in 2012, 2016, and 2020, this reward was reduced to 25, 12.5, and 6.25 Bitcoin, respectively. In 2024, it dropped to 3.125 Bitcoin. A halving, which occurs thanks to an immutable code that balances supply and demand in favor of Bitcoin, is simply a periodic halving of the reward per block. 2021: El Salvador's Legal AdoptionEl Salvador adopted Bitcoin as its official currency on September 7, 2021. This paved the way for BTC to be accepted as legal tender for the purchase and sale of goods and services in the country.El Salvador's President, Nayib Bukele, had recognized Bitcoin's potential in enabling Salvadorans living abroad to easily send money back home.El Salvador relaxed its Bitcoin regulations due to a $1.3 billion loan agreement with the IMF. The IMF stated that using Bitcoin as official currency carried economic risks and stipulated that the loan be relaxed. Bitcoin's volatile value, low adoption rates, and concerns from foreign investors also influenced this decision. Therefore, as of April 1, 2025, the requirement for businesses to accept Bitcoin was lifted, but Bitcoin remains available for voluntary use in the country. All-Time Price Peak ($124,000)Bitcoin's all-time high was recorded on August 14, 2025. On that day, Bitcoin reached an all-time high of $124,457. This price far surpassed the previous record of $69,000 set in 2021. Considering the current exchange rate, this figure is equivalent to approximately 5,162,000 Turkish Lira.Why Is Bitcoin Valuable?According to Erik Voorhees, an American cryptocurrency entrepreneur and founder of cryptocurrency exchange ShapeShift, Bitcoin's value stems from its convenience and scarcity.In traditional financial systems, users must trust an intermediary. However, in the Bitcoin system, transactions occur directly between users. Therefore, it is censorship-resistant and cannot be stopped by anyone.This decentralized structure reduces intermediary costs. By speeding up transactions, it offers financial freedom to those who lack access to banking services.Bitcoin's limited supply allows it to maintain its value against inflation. It also offers users financial independence, allowing them to fully decide how to manage their money. Here are some key features of Bitcoin:Decentralization PrincipleBitcoin is a cryptocurrency that offers a direct, peer-to-peer payment system independent of central authorities.Bitcoin's independence from central authorities provides many advantages, including trust, financial access, low costs, transparency, and security.Nodes worldwide verify transactions, rather than a centralized system.The First and Most Widely Used CryptocurrencyModern cryptocurrencies are decentralized systems based on blockchain technology. In the crypto universe, blockchain serves as a public ledger of encrypted transactions stored and updated on the computers of thousands of people worldwide. Transactions are anonymous but public.While Bitcoin was not the world's first digital currency or the first application to utilize blockchain technology, it was the first cryptocurrency to combine all these elements in a single system. Therefore, it remains the most traded and widely used cryptocurrency today. Secure, Transparent, and Censorship-ResistantAll transactions related to Bitcoin, which is not under the control of any government or bank, occur on a network managed by users (the blockchain). The blockchain network operates as a data ledger where all transactions are transparently recorded and is highly secure.Transactions conducted directly between users are resistant to censorship. Because all Bitcoin transactions are recorded on the blockchain, it has a transparent structure that can be verified by anyone. This significantly reduces the risk of fraud.Who is the Founder of Bitcoin?Satoshi Nakamoto, a very important figure in cryptocurrency history, is the name or pseudonym of the individual or group known as the creator of Bitcoin.When was Bitcoin founded? Nakamoto played an active role in Bitcoin's development until December 2010. He is also the creator of the blockchain database.Satoshi Nakamoto remains anonymous today. However, general claims suggest that Nakamoto was born on April 5, 1975, was of Japanese descent, lived in the United States or Japan, and was a cryptographer and computer scientist.Some of the candidates thought to be Satoshi Nakamoto, the founder of Bitcoin, include: Nick Szabo, Dorian Nakamoto, Vincent van Volkmer, Hal Finney, Craig Steven Wright, Paul Le Roux, Cyrano Jones, Ross Ulbricht, Gavin Andresen, and Elon Musk.Nakamoto is thought to have approximately 1 million Bitcoins. Based on the all-time high price of 1 million Bitcoins on March 14, 2024, it would be approximately $73.780 billion.His contribution to anonymity and decentralizationSatoshi Nakamoto always kept his identity secret. He handed over the project to the Bitcoin community in 2011 and then disappeared. Satoshi's anonymity reinforced Bitcoin's decentralized nature and allowed the community to embrace the project.Nakamoto's anonymity allowed the Bitcoin community to focus on technology rather than relying on a single leader. Consequently, the project evolved into a structure where decentralization is paramount.Satoshi's Place in Crypto CultureSatoshi Nakamoto, a legendary figure in cryptocurrency history, symbolizes Bitcoin's core values.Nakamoto began writing the system's code in 2007 and designed the first blockchain database. He continued to develop the Bitcoin software with other developers until the mid-2010s.Nakamoto's proposed system formed the cornerstone of today's cryptocurrencies and elevated Bitcoin to digital gold status. Today, Bitcoin's market capitalization is equal to billions of dollars. Many cryptocurrencies, such as Ethereum and Ripple, emerged inspired by these revolutionary ideas developed by Nakamoto. In this context, the ideas and systems developed by Nakamoto led to the redefinition not only of financial institutions but also of trust, privacy, and decentralized finance.Frequently Asked Questions (FAQ)When and why did Bitcoin emerge?: Bitcoin's history as a cryptocurrency dates back to 2008. As paper money is printed without backing, inflation rises and our purchasing power decreases. The reason for Bitcoin's emergence is actually a move against the deception and enslavement of the majority by the minority. Now, when you swipe your credit card at the grocery store, the grocery store asks the bank if they have enough money. The bank checks their records, confirms the purchase, and deducts the amount spent from your card limit. There's also a commission for this service.If everyone keeps these records simultaneously, there's no need for a bank. This is the same with Bitcoin. Everyone is a network of interconnected computers.Who founded Bitcoin?: Bitcoin was founded by an individual or group using the name or pseudonym Satoshi Nakamoto, whose true identity is unknown. How does Bitcoin work, and who controls it?: Bitcoin is a digital currency that you can send directly to another party via the internet. However, the money doesn't pass through any institution or bank. Therefore, transaction fees are much lower, it can be used in every country, your account can't be frozen, and there are no prerequisites or arbitrary limits. In some places, you can buy and sell Bitcoin for dollars, euros, and other currencies. Your Bitcoins reside in the digital wallet on your computer or mobile device. You can send Bitcoin to another party just like sending an email, and you can buy anything you want with Bitcoin. Payments are recorded on a public ledger after they are verified. The Bitcoin network is decentralized and not controlled by any individual, institution, or government. The security and operation of the network are maintained by users and miners worldwide.What was Bitcoin's initial price?: What was Bitcoin's initial price? When Bitcoin's first block was created, its value was $0. Bitcoin's first real value was determined in 2010, when a user purchased two pizzas for 10,000 BTC. At the time of this transaction, the value of 1 BTC was calculated as approximately $0.004. The price fluctuated significantly in 2011. It exceeded $1 at the beginning of the year, dropped to $0.30 in the middle, and peaked at $31 by the end of the year.What is Bitcoin's purpose, and why is it valuable?: Bitcoin's value primarily stems from being the first cryptocurrency that no single institution controls. It allows users to transfer digital money directly without central intermediaries. With its new decentralized financial system, Bitcoin protects the value of assets while also promising users financial freedom. Finally, Bitcoin's limited supply and decentralization, the fact that transactions are publicly available but user identity is always anonymous, its permanence, and the fact that all transactions occur between individuals without intermediaries. Is Bitcoin limited or infinitely minable?: The total supply of Bitcoin is capped at 21 million. This limit helps Bitcoin maintain its value and resist inflation. Follow the JR Kripto Guide series for more content on the emergence and future of Bitcoin.
Jiuzi Holdings Inc. (JZXN), a Nasdaq-listed China-based electric vehicle retailer, attracted attention with its announcement on Wednesday. The company announced that it will invest up to $1 billion of its cash reserves in select cryptocurrencies under its new "Crypto Asset Investment Policy," approved by its board of directors.The Chinese company focuses on three cryptocurrenciesIn the first phase of the policy, investments will be limited to Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). The company's move is considered a strategic step aimed at long-term value preservation and hedging, rather than a speculative entry into the crypto market. Management also announced that the assets will not be held in-house but will instead be secured through professional custodians.Jiuzi's decision stems from the addition of a crypto industry veteran to the team. Doug Buerger, who recently took over as the company's chief operating officer (COO), will take a leading role in the new policy. Buerger stated, “Our goal is not to engage in short-term trading. We view crypto assets as long-term stores of value and hedges against macroeconomic uncertainties.”A “Crypto Asset Risk Committee” has also been established to implement the policy. This committee, led by CFO Huijie Gao, will oversee the progress of investments within the established framework and regularly report to the board of directors.Following the announcement, Jiuzi Holdings shares surged. JZXN shares, traded on Nasdaq, gained over 55% in pre-market trading. This investor response was driven by the company's aggressive growth strategy and its willingness to use its cash reserves more effectively. CEO Tao Li described the new policy as “a proactive step to protect and enhance long-term shareholder value.” According to Li, this initiative will not only diversify the company's financial strength but also pave the way for an innovative model that integrates traditional business practices with the crypto ecosystem. Recently, the number of US-listed companies turning to crypto investments has been increasing. The trend, initiated by MicroStrategy's Bitcoin purchases, is leading to an increasing number of companies holding crypto assets.
B HODL, a UK-based and recently listed Bitcoin treasury company, has announced its first major move. The company announced the purchase of 100 BTC for approximately $11.3 million. The average purchase price was $113,227 per Bitcoin. With this transaction, B HODL has entered the top 100 publicly traded Bitcoin treasury companies. According to market data, the company already ranks 98th. The top ranks are as follows: Lots of companies prefer BitcoinWhile still a beginner, the company faces significant competition. Smarter Web, another UK-based company, maintains $284 million in reserves with 2,525 BTC and is ranked 29th on the global list. Globally, Strategy, led by Michael Saylor, is solidifying its top spot. Last week, the company added 850 BTC, bringing its total reserves to 639,835 BTC. This amount has a current market capitalization of $72 billion. In a statement, B HODL stated that its strategy is based on disciplined Bitcoin purchases. The goal is not only to build long-term reserves but also to strengthen Lightning Network operations. The company aims to provide scalable liquidity and earn routing fees from Lightning payments by building high-performance Lightning nodes. This will enable both reserve growth and revenue diversification.The company's story is quite new. B HODL began trading on the London-based Aquis Exchange under the ticker symbol HODL earlier this week. Approximately $20.7 million was raised during the IPO. Aquis is a cost-effective alternative exchange for small and medium-sized growth-oriented companies.B HODL's board includes well-known industry figures. Its CEO is former lawyer and co-founder of Bitcoin Policy UK, Freddie New. A key partner of the company is the UK-based crypto exchange CoinCorner. CoinCorner CEO Danny Scott also serves as B HODL's Chief Bitcoin Officer. Its most notable shareholder is Adam Back, a symbol of the Bitcoin world. Blockstream CEO Back has acquired more than 25.5% of B HODL. He is also preparing to assume the role of CEO of Bitcoin Standard Treasury Company, which is preparing to go public in the US.Investor interest has also been reflected in the stock. HODL shares traded at $29.06 on Wednesday and have risen 34.7% since its IPO. This chart demonstrates the market's interest in the company's Bitcoin-focused strategy.This move by B HODL could intensify competition among Bitcoin treasury companies in the UK. While the company has started with a small reserve, its goal is clear: to build a growing Bitcoin treasury through disciplined acquisitions and generate additional income through the Lightning Network.
The crypto market is trading today under the shadow of critical announcements. While investors are focused on US Federal Reserve (Fed) Chair Jerome Powell's speech on the economic outlook, Bitcoin and Ether ETFs have seen billions of dollars in outflows. Statements from US President Donald Trump and Bitcoin lobbyist Dennis Porter are also increasing market tensions.Record Outflow in Bitcoin ETFsAccording to Farside Investors data, spot Bitcoin ETFs recorded a total net outflow of $363.1 million on September 23rd. This is the largest outflow in September. Fidelity's FBTC fund alone saw $276.7 million in outflows, while Ark 21Shares' ARKB withdrew $52.3 million and Grayscale's GBTC withdrew $24.6 million. VanEck's HODL fund also contributed to the outflow with $9.5 million. The drop in total assets below $150 billion is noteworthy. Ethereum ETFs also faced similar pressure. Spot Ether funds experienced $76 million in outflows, ending a two-day trend of inflows. Fidelity's FETH fund saw $33.1 million, Bitwise's ETHW, and BlackRock's ETHA products also saw significant outflows. It became clear that investors were reducing their positions in response to Powell's statements.Powell's message is criticalPowell's speech today at 6:30 PM GMT will include the new guidance markets have been waiting for following the Fed's 25 basis point rate cut at its September 2025 meeting. Powell emphasized last week that the cut was not a signal of aggressive easing but rather a "risk management" measure.Markets will now be watching to determine whether the Fed will remain cautious or open the door to further cuts. US 10-year Treasury yields are hovering around 4.15%, while the dollar index remains strong above 97. Gold, meanwhile, continues to rise amid safe-haven demand. JPMorgan CEO Jamie Dimon believes the Fed will not take any further action until inflation clearly declines.Trump and Porter Expect SurprisesThe first significant development of the day will be US President Donald Trump's speech at the UN General Assembly in New York at 4:50 PM Turkish time. Trump is expected to deliver messages about the ceasefires in the Middle East and the war in Ukraine. However, the crypto market is reportedly focusing on possible announcements regarding the US's plan to create a "Bitcoin reserve." Even a single suggestive statement from Trump on this matter could move the markets.In the final act of the day, Bitcoin lobbyist Dennis Porter will take the stage. Porter announced that he will make a "big announcement" at the X Spaces event, organized by the Satoshi Action Fund, at 2:45 AM Turkish time. There's speculation that this announcement could be related to a bill in the US that would elevate Bitcoin to strategic reserve asset status like gold, or the "CLARITY Act," which would limit the SEC's authority over Bitcoin ETFs. Porter describes this development as a "turning point" for Bitcoin in Washington.Market tensions highBitcoin is trading around $113,000 today, with a strong support line at $111,000. Ethereum is struggling to hold above $4,200. The Fear and Greed Index is at 40, in neutral territory. Opinions are divided among analysts; some interpret this decline as a signal of the end of the bull cycle, while others see the events as a classic "liquidity sell-off."
