Market Overview - A significant market rout on October 10 resulted in liquidations exceeding $19 billion within 24 hours, marking the worst leverage flush in crypto history [1] - Despite this volatility, many investors remain optimistic, with a survey indicating that 66% of crypto investors plan to increase their holdings over the next six months, prioritizing long-term growth over short-term losses [2] Volatility and Institutional Demand - The theory suggests that institutional demand for cryptocurrencies should stabilize the notoriously volatile markets, yet the influx of institutional investment in Bitcoin and Ether has not significantly mitigated price fluctuations [3] - Historical data shows that while crypto volatility is declining over the years, dramatic price swings, such as the recent crash, are still prevalent, with Bitcoin experiencing over 21 instances of price movement exceeding seven percent in 24 hours in 2025 [4] Liquidation Details - Bitcoin led the recent wave of liquidations with $5.36 billion lost, followed by Ethereum, while altcoins accounted for approximately $9 billion in liquidations, indicating a strong interest in high-risk leverage strategies [5] - It is suggested that centralized exchanges may underreport liquidation figures, implying that actual losses could be more severe than reported [5] Market Cycle Analysis - Bitcoin's market trends have historically followed a four-year halving cycle, which includes phases of accumulation, bull market, distribution, and bear market, with the current phase interpreted as distribution due to increased retail adoption following previous bull runs [6][7] - Despite the ongoing volatility, some analysts believe that Bitcoin may have outgrown its tendency for prolonged bearish periods, as indicated by the positive sentiment among investors [8]

BitMine’s Ethereum hoard swells to 2.83 million ETH after accumulating $821 million in ether last week https://t.co/hWsfhVJxVd ...

Market Trends & Economic Outlook - The market seems to be shrugging off the shutdown and valuation concerns [1] - Two fundamental drivers for the economy are a tremendous capex tailwind from AI and the Fed's dovish stance [2] - The ISM (Institute for Supply Management) has been below 50 for 31 months, indicating manufacturing sector contraction [2][4] - A rise above 50 in ISM manufacturing would signal a return to expansion mode, benefiting financials, small caps, and the tech trade [5] - Seasonally, Q4 sees an average rise of about 5% since 1950 [8] - Investor sentiment is muted despite a 30% rally in stocks [10] Federal Reserve Policy - The Fed has been on hold for 9 months, providing a lifeline to the economy [2] - The Fed may need to be more dovish due to the government shutdown disrupting economic activity and weakening confidence [7][8] - Rate cuts by the Federal Reserve could boost the manufacturing sector [4] Investment Opportunities & Company Specifics - Financials are a pick due to the expectation of a dovish Fed and the potential for AI to be leveraged in the industry [11] - Financials may end up getting technology valuations, especially given blockchain [12] - Tether, valued at $500 billion or about 25 times earnings, demonstrates the cost reduction potential of building on the blockchain [13] - Tether has 300 employees, while JP Morgan has 313,000 employees [14] - Tether is valued at around $1.8 billion per employee, JP Morgan around $2.6 billion per employee [14]

What are option expiries in Bitcoin and Ether?https://t.co/US9MnhqhMI ...

RT BSCN (@BSCNews)💎 JAPAN'S FIRST $ETH TREASURY SECURES $180M IN FRESH FUNDING - Quantum Solutions, which plans to hold more than 100,000 Ether, received nearly $200 million in investment, including contributions from @ARKInvest... The impact could be massive ⬇️https://t.co/wCtlwua1BD ...

RT BSCN (@BSCNews)💎 JAPAN'S FIRST $ETH TREASURY SECURES $180M IN FRESH FUNDING - Quantum Solutions, which plans to hold more than 100,000 Ether, received nearly $200 million in investment, including contributions from @ARKInvest... The impact could be massive ⬇️https://t.co/wCtlwua1BD ...

Market Trends - Ether exchange net flows (30DMA) hit the lowest since 2023 [1] Regulatory and Licensing - Crypto.com obtains CFTC margined derivatives licenses [1] Custody Solutions - Exodus Movement selects Crypto.com Custody as digital asset custodian [1]

Market Outlook & Economic Policy - The market experienced gains for five consecutive months, defying seasonal expectations, driven by positive policy and macroeconomic factors [1] - Deregulation, particularly in crypto, and tax policy changes, including full expensing of manufacturing structures for three years, are expected to stimulate economic activity [2][3] - The effective corporate tax rate in the US is projected to be roughly 10% for the next three years, among the lowest globally, potentially leading to a productivity-driven economic boom [4][5] - The industry anticipates a shift from a rolling recession to a recovery and then a productivity-driven boom [5] Monetary Policy & Inflation - The fund's performance historically wasn't inversely correlated with interest rates [7] - Interest rates are expected to continue to decrease, and a productivity-driven boom could lead to surprisingly low inflation, potentially below 2% next year [8][9] Investment Strategies & Crypto - A barbell strategy is observed, combining equities to capitalize on lower interest rates and gold as a hedge against geopolitical uncertainty [12] - Stablecoins, particularly Tether and Circle, holding 90% of the market, are considered an important trade, providing access to the decentralized finance (DeFi) ecosystem [14][15] - The company has exposure to Bitcoin, Ether, and Solana, believing all three will play a significant role [18] - The company did not invest in Bitcoin debt, but did invest in Ether and Solana due to staking opportunities [19] ETF Dynamics & IPOs - Surges in share creations in the fund A1, ahead of IPOs like Klarna, are theorized as a strategy to gain exposure to IPO shares [23] - The company doesn't have the ability to reject trades from authorized participants, as market makers and authorized participants handle all the flows [27][28]

Market Trends & Regulatory Landscape - Digital currencies are rising, with Bitcoin climbing 35% to under $114,000, and Ether and Solana's SOL token climbing by about the same [2] - Swift is working to add a blockchain-based settlement solution, partnering with over 30 financial institutions to create a ledger for cross-border payments [4] - The Blockchain Association cautions against rolling back the Clarity Act, reaffirming support for the Genius Act, which establishes one-to-one reserves, federal supervision, and strict transparency for dollar-denominated stablecoins [6] - Security experts are asking lawmakers to re-examine parts of the Clarity Act over national security concerns, particularly regarding money laundering and sanctions evasion [9] - Regulatory acceptance of crypto in the US is a significant advancement, with the US aiming to position itself to foster crypto development [27][28] Company Specific News (E Toro & Orange BTC) - E Toro shares rose nearly 2% after announcing the launch of staking for US customers, allowing users to earn monthly rewards on ETH, ADA, and SOL holdings [2] - E Toro plans to expand its staking program to include more crypto assets in the future [3] - Orange BTC, a Bitcoin treasury company based in Latin America, purchased around $400 million in Bitcoin [11][16] - Orange BTC views Bitcoin as a hedging asset for Latin American investors to maintain purchasing power and savings growth, given the region's history of inflation and volatile capital markets [18] - Orange BTC believes the treasury model is a better model and can provide education to help people understand the asset and decide how to use it within their portfolios [21][22]

Market Trends - Bitcoin and Ether are predicted to potentially make a 'monster move' in the next 3 months [1] - Memecoins surge in September, leading to a daily volume exceeding $1 Billion [1] Cryptocurrency Supply - Bitcoin's illiquid supply could reach 8.3 Million by 2032 [1] Regulatory and Investment Products - Bitwise files S-1 application for an Avalanche ETF (Exchange Traded Fund) [1] Company Initiatives - American Express is offering NFT (Non-Fungible Token) passport stamps for travelers [1]