Bitcoin

One year has passed since the massive crash in the cryptocurrency market on October 10, 2025, and liquidity in Bitcoin and Ethereum is recovering, CoinDesk reported based on its analysis of buy and sell orders on major centralized exchanges. The study found that the value of buy and sell orders near the current prices of both assets exceeded levels on the day of the crash, while order values for the other altcoins examined continued to decline and spot trading volumes also fell below levels seen at the time, showing uneven recovery across the market. The sharp sell-off on October 10, 2025 came after U.S. President Donald Trump announced 100% tariffs on Chinese goods, with BTC falling from around $122,600 to briefly below $105,000, triggering the forced liquidation of more than $19 billion in leveraged positions in a single day. As of October 7, BTC orders within 1% above and below the current price totaled about $11.7 million, up roughly 75% from the day of the crash, while ETH also rose about 75% within the same range to reach about $5.3 million. Meanwhile, among the altcoins examined, order values within 5% above and below the price fell by about one-third from the start of 2025 to about $2 million, and orders within 1% declined by about one-sixth. Weekly spot trading volume on centralized exchanges averaged about $279 billion over the four weeks through September 27, down about two-thirds from about $801 billion in the week of the crash.

In the first ten days of October, Bitcoin fell about 1.1% while Ethereum dropped 7.4%, marking a major shift in their relative strength. Three factors are behind this. First, according to Farside Investors data, spot Ethereum ETFs saw net outflows for nine consecutive trading days starting September 28, totaling 697 million dollars, while spot Bitcoin ETFs recorded inflows on six of those days, with outflows limited to 437 million dollars. Second, Justin Drake, a researcher at the Ethereum Foundation, warned on October 7 that advances in AI and mathematical methods could accelerate attacks on cryptographic systems, and co-founder Vitalik Buterin said the risk should be taken seriously. Third, according to Santiment data, between October 4 and 8, Ethereum exchange balances rose by more than 100,000 ETH, an increase of nearly 2%, while Bitcoin exchange balances fell by about 15,000 BTC. Ethereum's Fear and Greed Index dropped to 38 as of October 10, down more than 45% from its peak of 69 on September 21.

Thailand's SEC announced 11 notifications on the 8th permitting the domestic establishment of cryptocurrency spot ETFs. In the initial phase, the only eligible cryptocurrencies are Bitcoin and Ethereum, and the rules take effect on the 16th. The move comes against the backdrop of mutual funds and private funds having been able to invest only in overseas cryptocurrency spot ETFs, and the SEC explained that it aims to expand investor opportunities and strengthen operators' capabilities by adding domestic cryptocurrency spot ETFs as permissible investment targets within existing investment limits. The notifications require funds to pursue passive management aimed at tracking the price of the target cryptocurrency, and mandate that the average net exposure to a single cryptocurrency over the fiscal year be at least 80 percent of total net assets. Asset custody is limited to digital asset custodians regulated by the SEC, listing and trading are restricted to the Stock Exchange of Thailand only, and securities companies are not permitted to lend funds for the purchase of spot ETFs. In the initial phase, the SEC did not permit the issuance or sale of alternative products such as depositary receipts referencing overseas cryptocurrency ETFs, and also prohibited securities companies from brokering investments in overseas cryptocurrency ETFs for customers other than institutional investors and ultra-high-net-worth individuals.

In a report dated the 8th, CoinShares said that for Bitcoin's rise to continue, it needs inflows driven by fiscal concerns rather than interest rate expectations. Inflows into crypto funds have lost momentum this week after reaching a cumulative 11.1 billion dollars since mid-July. Behind this is the fact that the U.S. 10-year Treasury yield has topped 5.3% and the 30-year yield has reached 5.7%, both the highest levels in more than 20 years. In August, the U.S. Treasury doubled the cap on long-bond buybacks to more than 4 billion dollars per operation from 2 billion dollars, covering September 9 to November 4, but September was the worst month for U.S. Treasuries in four years, with the 10-year yield rising by more than 0.5 percentage points. CoinShares analyzed that if the rise in yields reflects concerns about fiscal sustainability, Bitcoin will begin to look less like a conventional risk asset and more like an alternative to government-issued money, and said the inflows from hedging against fiscal concerns are what will turn Bitcoin's grind higher into a sustained rally, a figure to watch in the coming weeks.

As Bitcoin's price recovers, miners' revenue and profitability have improved, and selling pressure is easing. According to a weekly report from CryptoQuant, Bitcoin rose about 45% from its July low of 58,000 dollars, surpassing 83,000 dollars at the time of the report, while miners' total daily revenue increased from about 27 million dollars to as much as 48 million dollars. The network-wide hash rate recovered from 899 EH/s on July 31 to 962 EH/s, and its decline from the all-time high narrowed from 18% on July 28 to 13%. The miner profit-and-loss sustainability indicator has largely shifted into a fair-reward zone since August 21, when BTC reached 76,000 dollars, weakening the need to sell held BTC for cash flow. The most recent extreme outflow was about 29,000 BTC on August 21, after which it returned to a normal range, and the combined balance of miner addresses holding 100 to 1,000 BTC has also stabilized at about 51,000 BTC since early September.

JPMorgan Chase has forecast $50 billion in crypto inflows for 2026, with momentum building into the fourth quarter. The bank extrapolated that figure forward, saying it expects an annualized pace of roughly $66 billion, which could increase further if the bull market progresses. JPMorgan's estimate combines fund flows, futures-based movements, venture funding, and purchases by corporate treasuries and miners, and also includes private companies and government-related entities. The forecast stands in contrast to Bitcoin ETFs losing $729 million on Wednesday and Thursday, while the industry overall has gained about $50 billion even as market cap has dropped. JPMorgan is described as extremely bullish moving forward, expecting the trend to continue and become much larger.

Bitcoin bounced back to $82,000 on Friday after the cryptocurrency market recovered from its late-Thursday low, lifted by remarks from President Donald Trump that eased fears of a U.S. strike on Iran. In a post on Truth Social at 12:17 p.m. Eastern time, Trump said the United States will definitely not attack Iran before the midterm elections on November 3, describing talks with Iran as productive, though the U.S. blockade will remain in full and complete effect. Bitcoin selling lost steam near $80,300 after the post, and the price has since recovered to touch $82,000, with Ether, XRP, Solana and other major coins also paring their losses. The selloff had begun roughly 24 hours earlier amid fears of a fresh escalation in military conflict between the United States and Iran, after Axios reported on October 7 that the Pentagon had ordered U.S. Central Command to prepare for a return to major military operations in Iran, driving WTI crude futures from $89 to $93.20 before they fell sharply after Trump's post and were last trading at $90.69. Meanwhile, concern over Bunker Mode, proposed by Ethereum Foundation researcher Justin Drake, is being contested, with Yehuda Lindell, a leading cryptographer at Coinbase, calling the worry mere FUD, while Hasib Qureshi of Dragonfly described it as a genuinely sober warning, and Ethereum co-founder Vitalik Buterin said the risk from AI-accelerated mathematics is real but pointed to lattice structures rather than elliptic curve cryptography. Analysts are watching the $81,000 level as key support for Bitcoin, with Vikram Subburaj, chief executive of India-based exchange Giottus, telling CoinDesk that a break below $81,000 could send the market down to $80,000 and then to a more important on-chain support near $77,200, while BitDelta said $82,000 is a key resistance level and a drop below $80,316 would increase downside risk.

The Securities and Exchange Commission, or SEC, has opened the way for Crypto ETFs to emerge in Thailand, marking a significant development for the Thai digital asset market as featured in the roundup of top crypto news for October 9, 2026. The news also reported developments related to Bitcoin ETFs as well as Thai Crypto ETFs, along with other notable topics including Samsung Wallet, Securitize, USDC, Bitcoin news, and tokenized stocks. This news roundup was compiled by Chatchaya Angkulee, digital asset news editor at eFinanceThai news agency.

Standard Chartered announced plans to launch a digital asset custody service for institutional clients in Singapore. The London-headquartered multinational bank will provide custody for certain cryptocurrencies, stablecoins and tokenised real-world assets to institutional and corporate clients that are large investors, subject to relevant regulatory requirements, according to a news release last Thursday. The bank said Singapore's role as a leading financial and innovation hub is a key part of its global strategy. The planned service in Singapore will help broaden the bank's asset custody offerings, after it announced in May plans to consolidate its asset custody operations through the acquisition of Zodia Custody's asset custody business and the spin-off of Zodia Solutions, following shareholder acceptance of the bank's offer. In the United Arab Emirates, the bank's services cover cryptocurrency trading for institutional clients and fiat payment infrastructure, having launched Bitcoin and Ether spot trading last month, while an agreement with CoinMENA signed in June supports fiat deposit and withdrawal systems, client deposit accounts and transaction management based on the exchange's virtual account infrastructure.

Darkfost, an analyst at on-chain analytics firm CryptoQuant, published an analysis of Bitcoin demand trends on X on the 8th, saying that combined spot and futures demand has returned to positive territory, exceeding 14,000 BTC. Spot demand remains slightly negative at minus 17,000 BTC, but the shortfall has narrowed by more than 90% compared with minus 207,000 BTC as of September 20. Futures demand has been roughly flat in recent days, averaging 32,000 BTC, and the swing in total demand to positive is due to the narrowing spot shortfall while futures held steady. Darkfost described the current picture, in which demand is recovering while prices fall, as a positive setup.

Loans backed by bitcoin as collateral are growing to resemble borrowing in the traditional financial system, with borrowers increasingly using them for real-life expenses such as tuition, emergency costs, and business working capital. Hunter Albright, chief revenue officer at SALT Lending, told CoinDesk that more people are borrowing against bitcoin to meet real-life needs, including paying for college and once-in-a-lifetime trips. Meanwhile Ledn, a centralized lending provider launched in 2018, has issued more than 11 billion dollars in loans to date and expects that to grow to 1 trillion dollars in the coming years. Adam Reeds, co-founder and CEO of Ledn, said large clients borrow for major items such as investments, real estate, business, or their children's education, while smaller clients draw smaller amounts to cover short-term expenses. On September 22, Coinbase added a fixed-rate bitcoin-collateralized lending service through Morpho's Midnight protocol, while existing floating-rate loans on Morpho have more than 1.4 billion dollars outstanding against roughly 3 billion dollars in collateral. Ledn believes this collateral model will expand next to gold, a twenty-trillion-dollar asset where collateralized borrowing remains largely the preserve of institutions.

Metaplanet's Bitcoin business in the United States is eyeing gamers as a new business opportunity, it has emerged. Matthew Edelman, CEO of the US gaming and advertising company Super League Enterprise, which Metaplanet plans to acquire, disclosed this in a letter to shareholders on October 6. In August, Metaplanet announced plans to bring Super League under its wing through a US subsidiary and turn it into a base for holding and managing Bitcoin in the United States. After the deal closes, the company will be renamed Superplanet, and Metaplanet will contribute 2,100 BTC. The transaction requires approval at a Super League shareholders meeting on October 16, among other conditions. Super League operates an advertising and marketing business connecting gaming consumers with companies, and after the acquisition it plans to continue its existing operations while running a new Bitcoin-holding business in parallel. CEO Edelman focused on the fact that gamers are accustomed to buying and selling digital assets such as in-game items and judging their value, and expressed the view that these traits represent a business opportunity to broaden awareness and ownership of Bitcoin. The company plans to leverage this expertise to support the spread of Bitcoin among gamers, and has also indicated it may in the future develop a proprietary program for companies to enter the Bitcoin economy. The details disclosed, however, remain at the concept stage, and no specific Bitcoin-related services for gamers or launch timing have been revealed.

Coinbase, the major U.S. crypto exchange, announced on October 7 that it has completed its integration with crypto derivatives exchange Deribit, which it acquired in 2025, creating Coinbase Global Exchange. Speaking at TOKEN2049 in Singapore, the company said the move connects U.S. and offshore derivatives markets into a single liquidity pool for the first time in market history. U.S. customers will be able to access Deribit's liquidity through Coinbase Financial Markets, its regulated futures commission merchant subsidiary, based on guidance issued by the U.S. Commodity Futures Trading Commission in May. Deribit's bitcoin options open interest exceeded 30 billion dollars as of September 30, and its trading volume last year topped 1 trillion dollars. U.S. institutional investors will be able to trade spot, futures, custody, and financing, plus options and perpetual futures, in an integrated manner through a single account via Coinbase Prime, with options trading scheduled to launch within a few weeks. Options trading is set to become available to eligible traders outside the United States within the coming weeks and to U.S. retail investors by the end of the year. At year-end, the advanced platform Coinbase Pro will return, revamped as a dedicated platform where spot, futures, perpetual futures, options, and equities can all be traded in one place. The company shut down the old Coinbase Pro in 2022 and folded its features into the main app. In addition, spot margin trading offering up to 10x leverage on major tokens will be introduced, though in the United States it will be limited to certain eligible investors. According to the company, derivatives account for roughly 80 percent of global crypto trading volume, and the integration is expected to bring trading that had flowed offshore back under U.S. regulation.

Crypto analysts told Nikkei that bitcoin purchases by ETFs and corporations are creating unprecedented structural spot demand. The U.S. 10-year Treasury yield rose from the 4.7% range to the 5.2% range in September and currently sits at a high level around 5.3%, yet bitcoin, which generates no yield, actually rose. Since late August, inflows into U.S. spot bitcoin ETFs have stood out, with more than 1 billion dollars flowing in on September 21 alone; Strategy bought 334 BTC between October 1 and 4, Metaplanet bought 1,000 BTC in the July-to-September quarter, and Strive bought 2,000 BTC by the 2nd. According to CryptoQuant data, open interest, which swelled to about 29 billion dollars in late September, has since shrunk roughly 12% to about 25.5 billion dollars, while bitcoin has held in the mid-80,000 dollar range, indicating that spot supply and demand are improving as excess positions in the derivatives market are unwound. The unauthorized outflow from Bitget discovered on September 25 amounted to 380 million dollars in losses, but the spillover to the broader market was limited. Looking toward year-end, analysts see a projected range of 88,000 to 100,000 dollars, and say that if net inflows of more than 500 million dollars per week continue, the scenario of aiming for 100,000 dollars becomes more likely.

Robinhood has purchased $25 million worth of bitcoin and placed it on its corporate balance sheet, according to commentary from Scott Melker on "The Daily Wolf with Scott Melker." The bitcoin is company-owned rather than customer holdings held on their behalf. Melker framed the move as more signal than size, noting that $25 million is a rounding error for a billion-dollar company, but that putting bitcoin on the balance sheet signals management's commitment to bitcoin and the ecosystem and treats it as a viable treasury asset. He compared the move to earlier corporate bitcoin purchases by Strategy, Jack Dorsey's company, Tesla and SpaceX, and said such stories have not appeared in quite a while. Melker added that Michael Saylor would likely view the $25 million as a test of whether the buy button works, given the scale of other corporate treasury holdings.

Gracy Chen, Managing Director of Bitget, a leading global cryptocurrency exchange and Web3 company, disclosed that Bitcoin's current price is being supported by US non-farm payroll figures that came in below expectations, leading the market to assess that the Federal Reserve's monetary policy committee will cut interest rates at its October meeting. Meanwhile, spot Bitcoin ETFs saw net inflows of 2.65 billion US dollars in September, the second-highest monthly record since October 2025, pushing the Crypto Fear & Greed Index up to 69, into greed territory. Trading statistics from Bitcoin's past 13 years indicate that October has a more than 77% chance of delivering positive returns, with an average return of 18.64%, and gains often continue into November. Short-term resistance is estimated at 87,300 US dollars, with support at 82,500 US dollars. However, the market still faces risk from the US midterm elections in November, as historical statistics show stocks and Bitcoin often rise ahead of elections and fall sharply afterwards. On platform confidence, Bitget recently replenished its user protection fund back above 300 million US dollars within one week, following a cybersecurity incident on September 24. The company used the fund as a first step to compensate for financial impact worth about 388 million US dollars, allowing customers to withdraw funds normally. Its latest reserve transparency report as of September 29, 2026 shows a total reserve ratio of 131%, confirming that the platform's reserve assets remain above the 1:1 standard against all user assets.

Michael Selig, chairman of the U.S. Commodity Futures Trading Commission, said in an October 5 speech that the CFTC and the U.S. Securities and Exchange Commission had produced a joint interpretation on crypto assets, expressing the view that Bitcoin, Ethereum, XRP and others are not securities in principle. In March, the two agencies published a joint interpretation classifying crypto assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities. Of these, the three categories of digital commodities, digital collectibles, and digital tools are deemed not to be securities in principle. Digital commodities include Bitcoin, Ethereum, and XRP, as well as Solana, Stellar, and Tezos, and are positioned as assets whose prices arise not from expectations of profits based on the managerial efforts of a company or other entity, but from a functioning crypto asset system or from supply and demand. The joint interpretation also indicated that even if a crypto asset itself is not a security, it may fall under federal securities law if sold as part of an investment contract. In his speech, Chairman Selig also explained a new regulatory framework for retail crypto asset trading based on this classification, and the CFTC on the same day published an advance notice of proposed rulemaking covering retail transactions involving margin, leverage, and lending, and began soliciting public comment. Under the new framework, the agency is considering establishing a market segment called the Crypto Asset Market that would allow eligible crypto asset exchanges to operate under federal regulation, and has also presented a proposal to require exchanges that manage customer assets in aggregate to provide proof of reserves backing the crypto assets they hold.

The Central Bank of Russia published its first registry of licensed crypto service providers on Tuesday under new crypto regulations that took effect on September 1, listing four cryptocurrency exchange service providers and five digital asset custodians. Sberbank, Russia's largest bank, was added to the list of custodians alongside Atomyze, Voltari and Cloud Infrastructure, while T-Invest Lab, Zefir and Sistema-Crypto appeared on the list of crypto exchange service providers. VTB Bank appeared on both lists. Sberbank said on Monday that it had applied for digital asset custodian status and planned to launch its first crypto products on December 1, initially planning to support Bitcoin, Ether and USDt through its existing SberBank Online, SberInvestments and SberBusiness platforms. The registrations follow Russian President Vladimir Putin's signing of a crypto law in August that created a regulatory framework for exchanges, asset custodians, brokers and investors. The law places the market under the supervision of the Central Bank of Russia and keeps Russia's ban on using crypto to pay for goods and services.

A report from Coinpedia reveals that peer-to-peer, or P2P, crypto transactions among Chinese users grew 3.5-fold over the past year, even as China continues to ban crypto. Data from blockchain analytics firm Chainalysis indicates that Chinese users turned to P2P transactions as a way around heavily restricted centralized crypto platforms. Over the past two years, Chinese users moved more than 176 billion dollars in crypto transactions, driven mainly by a 43-fold growth in stablecoin turnover between the first quarter of 2024 and the second quarter of 2026, all of it occurring on informal underground platforms and over-the-counter trading venues. Starting in March 2025, small transactions grew enormously: transactions below 100 dollars rose 996%, those between 100 and 1,000 dollars rose 1,057%, and those between 1,000 and 10,000 dollars rose 1,321%. Over the same period, analysts recorded 18.1 million P2P stablecoin transactions, representing a total transfer value of 104.1 billion dollars. China's annual stablecoin turnover reached 33.2 times, compared with a global average of 9.3 times, reflecting that China uses stablecoins more as a payment medium than as a savings asset. And although crypto mining remains illegal, mining entities linked to China still account for 15% of global Bitcoin hashrate, with most mining hubs located outside Chinese jurisdiction in Africa, Central Asia, and Latin America.

BlackRock's US head of equity ETFs, Jay Jacobs, said the recent reduction of in-kind transfer minimums to about $2 million has opened the floodgates for investors moving spot Bitcoin exposure into the iShares Bitcoin Trust ETF, ticker IBIT. Speaking on Bloomberg Crypto, Jacobs said the lower minimums have driven a wave of wealth-management clients to reach out about shifting money into IBIT. He said investors are drawn not only by outsourcing custody so they no longer hold Bitcoin directly, but also by the ability to financialize the asset through custom options strategies, hedging, and borrowing against positions. Jacobs said BlackRock has had many conversations about the move from Bitcoin into IBIT and the use of its SpiderRock SMA capabilities for custom options overlays. He described the shift as a major trend in the wealth segment, where clients are increasingly asking not whether to hold more or less Bitcoin but what is the best way to own it in a portfolio.

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin that Strategy announced buying the previous day, bringing Strive's total holdings to 29,462 bitcoin at an average price of $84,422 per coin. CEO Matt Cole said SETA preferred stock sales accounted for 61.5% of the capital raised, with warrant exercises generating another $56.7 million, and Strive now carries roughly $1.29 billion of SETA preferred stock with about $168 million in annual dividend obligations. Separately, the SEC approved the CBOE's request to list the first US products delivering three times the daily returns of bitcoin and ether, to be operated by Volatility Shares using regulated bitcoin and ether futures rather than the tokens themselves, doubling the previous 2X cap on US crypto funds. The CFTC also floated a new federal framework for leveraged retail crypto trading, proposing a crypto asset market registration category with token listing standards, market surveillance and anti-manipulation rules, proof of reserves for pooled customer assets, capital requirements, segregation of customer assets, risk disclosures, and KYC and anti-money laundering controls, while stating it cannot require crypto to trade on its platforms without Congress. Treasury withdrew a 2020 self-hosted wallet rule and a 2023 crypto mixer reporting rule, citing concerns over a chilling effect on legitimate activity, and Rain filed an application with the OCC to establish Rain National Trust Bank, following similar moves by Modern Treasury as community banks sue the OCC over federal trust charters for crypto companies. Ondo Finance also launched Ondo private markets with tokenized pre-IPO AI exposure, beginning with an unnamed pre-IPO AI business, offering tokenized notes linked to the company's economic performance rather than actual shares.

Strive purchased 2,000 bitcoin for approximately $169 million, nearly six times the 334 bitcoin buy that Strategy announced a day earlier. The company now holds 29,462 bitcoin, putting it within roughly 6,000 bitcoin of Marathon, the next largest holder in the corporate treasury space, and it paid an average of $84,422 per bitcoin this week. According to CEO Matt Cole, sales of the company's Seta preferred stock accounted for 61.5% of the capital raised, while warrant exercises generated another $56.7 million for the purchases. Strive now carries approximately $1.29 billion of Seta preferred stock with about $168 million in annual dividend obligations, and while it remains debt-free, those preferred shareholders are paid ahead of common shareholders at a dividend above 12%.

Bitcoin reserves on Binance are dropping fast as whales continue to scoop the asset off the leading exchange in large quantities despite its price volatility. The outflow on Binance has hit a three-year high, with $3.3 billion in Bitcoin exiting the exchange. The development marks one of the largest sustained withdrawals of the asset from the leading exchange in recent years.

Metaplanet, the Japanese investment and Bitcoin treasury company, unveiled a net interest income strategy on Monday, aiming to invest in income-generating assets and use the net interest to accumulate Bitcoin and pay dividends. Under a revised capital allocation policy, 10% to 15% of assets can be shifted into strategic investments, including mergers and acquisitions and interest-bearing assets, while Bitcoin remains the primary treasury reserve asset, accounting for 85% to 90% of total assets. The move comes amid shareholder concerns over governance, after Metaplanet filed five amended documents on Friday to clarify that CEO Simon Gerovich does not hold a majority voting interest in MMX Ventures, and after pseudonymous shareholder Bitcoin Pharaoh called for disclosure of the owners of MMX Ventures, including the 23.8% stake said to be held indirectly by Gerovich, and the names of two executives who exercised options for 18.8 million shares from the Series 10 pool. Earlier, on September 11, the company cut its share pool by 41%, reducing potential shares by 131.3 million, from 319.464 million to 188.19 million, which cancelled more than 220 million dollars in warrant value and increased fully diluted Bitcoin per share by about 8.8%. Metaplanet's share price rose more than 5.6% over the past five trading days but is still down 26% since the start of the year, while its mNAV ratio stood at 0.80 times Bitcoin NAV at Monday's close in Tokyo.