STHs have now been in profit on average for almost 2 months. With an estimated cost basis of $76 500, their average profit on bitcoin:native currently stands at 5.5%. 
That's quite small compared to barely a month ago, when their unrealized profits had climbed to 20% on average. The last time they held that much profit was shortly before the October 2025 top. So it was no surprise to see the market consolidate for a while as STHs realized profits. Still, the profits are still there, and their cost basis remains an interesting support level where STHs could step in to defend their average entry price.

🗞️ Bitcoin holds $80K in October despite $2B in Stablecoin outflows from Binance Although Bitcoin managed to hold above the $80 000 level in October, stablecoin flows on Binance point to continued pressure on liquidity. So far this month, the platform has recorded approximately $2 billion in net stablecoin outflows, marking the largest monthly net withdrawals since July. These movements may reflect several factors, including transfers to other platforms, withdrawals to personal wallets, or adjustments to the exchange’s reserves. As a result, they do not necessarily indicate a broad decline in demand but could have participated. Nevertheless, they suggest that fewer stablecoins are readily available on Binance to support trading activity in the short term. During October, the platform’s stablecoin reserves fell from $43.2 billion to $41.1 billion, representing a decline of approximately 5%. Despite this decrease, Binance remains dominant, accounting for more than 72% of the stablecoin reserves held across the exchanges tracked. With only a few days remaining before the monthly close, these net outflows offer another indication of fragile market conditions. However, their scale alone does not establish a direct link to Bitcoin’s price performance. November should provide a clearer picture of whether this contraction will continue or flows will begin to recover. A return to net inflows would strengthen the case for improving liquidity on Binance, while persistent withdrawals would suggest that conditions remain unfavorable for a sustained recovery in trading activity.

This time, a project I knew well has been exploited. I had noticed that something happened on October 22, as the token lost 48% that day. Unfortunately, Artrade shut down all channels of communication and discussion with its community, so it was impossible to exchange or get any live information at the time. The exploit allowed more than 66 million ATR to be stolen, and it may be linked to a larger attack on the Wax bridge, which suffered a drain. In total, 369 staker addresses were affected and, as Artrade indicated, probably all addresses still connected to the platform. 1 • All of these ATR were collected on this address : 9LsD3Hs6YZgwiEmWEZbkwZpRPUoCzJmDufCUVt269o74 2 • The 66 million ATR then moved through this address, which handled converting the ATR into WSOL and then into SOL : rRmgU4dj2ND3HXBqreayVhLGDMoZwFyUSPfwXyLoMVr Tx hash : 45rrJDxVhHtwpnwki6hFYojR2CDM8BntSkmLRoVejGfXKyvt1irdHKPkxJhzDByHfAgWL1eFcecMu1x3zuU2fAia 3 • Tx WSOL → SOL : 3gdYiPVAjqJYbGUr1aC6WbcxcunTovCHxBwPf5n6rAnFmHLhwBUvz1nfejT1bnK7DT13vTSFPkVu3SecbRsuxAtW Fq1H2d6mxoD4yYS9fZePy5W6dwq1dM6fWdt246XWrXvYgDsGLx7br2n2msVFqX8CWCDnUSezxLWHJvDJyvdGPSD All 196.2 SOL were consolidated with 14 additional SOL before being sent to a deposit address, then to a hot wallet address, both linked to the exchange HitBTC : 4 • Address 1 : 8UqqJUKGDyQxKkQduUUJgJZKngn9TZGpjdhGp23Hisde 5 • Address 2: BfP2dBiHbiqYvsmESsgHEL8wQtZt25sbDNKnwmNRB34G The funds have probably vanished by now, so contacting the exchange would likely be unsuccessful for recovering them. It could, however, make it possible to obtain the identity behind the account and flag the deposit address. It saddens me a little to see a small project like this suffer such an attack, but this ecosystem is ruthless… Solana should set up a fund to support projects that have been around for a while and fall victim to exploits on its network.

Bitcoin is the only major asset class primarily held by individuals. Bonds, stocks, and gold have existed for centuries. So naturally they are more institutionalized. As bitcoin matures, we expect ownership to shift towards institutions. Its ownership distribution will look more similar to gold. This is not necessarily a good or bad thing. It is simply the inevitable consequence of global adoption.

📉 Bitcoin Unified Sentiment is back in negative territory. The index currently sits at -11 and is still falling, signaling that the extreme greed phase is behind us and pessimism is starting to settle in across the market. It's still a relatively neutral reading, but it clearly points to a marked deterioration in Bitcoin market sentiment. To understand the metric properly: the index oscillates between +100 and -100 and combines the Fear and Greed Index with the CoinGecko sentiment check, all normalized over a rolling 1-year window.

🚨 France’s CDS Hits a 10 year High ! The move has been vertical. In just two months, the CDS has jumped from 30 bps to 104 bps. That signals confidence in France’s ability to repay its debt is eroding fast. The risk premium demanded by insurers rises as the French economic situation deteriorates. When a driver keeps driving badly, their insurance premium is bound to go up...

🗞️ Equity season : Gate Equity volume tops $90B in four months 2026 has been a difficult year for crypto, with the market in a bear phase that began in late 2025. Over the same period, equities kept climbing: the S&P 500 is up as much as 17% and the Nasdaq more than 26%. Naturally, some investors coming from the crypto world took the opportunity to gain exposure to equities on certain exchanges, hoping to benefit from the expansion of these markets. As a result, Gate’s equity volumes have surpassed $90 billion since the launch of Gate Stock in June 2026. That is a colossal figure for such a short period, fueled by extraordinary volumes on certain tickers that have become true global phenomena. On a 7-d sum basis, several records were broken on some assets, including : ➤ Sandisk, with a record of $12.43B, after earnings that beat expectations and the announcement of a NAND shortage. ➤ SK Hynix, which recorded more than $2.25B, driven by record revenue and a tie-up with Sandisk. ➤ SpaceX, with a peak of more than $1.54B, just a few weeks after its IPO. ➤ MU, which logged more than $600M in its best week. Today, excluding crypto, equities account for nearly 60% of the volume on Gate. Next come precious metals at 30% (more than $46B), driven by the performance of gold and silver, followed by ETFs and indices at 7%. After a slight pullback in equities in July, crypto investors seem to have made extensive use of access to these assets on Gate to chase performance in a sector that brings together the biggest companies of the moment.

The market has gone very quiet in terms of realized profit and loss. On a 24h sum basis, net realized PnL is estimated at +$118 million, meaning there has been almost no movement from investors. Note that the October 22 spike is largely due to a UTXO consolidation. Setting it aside, even though profits have dominated this October, they remain fairly modest, as if all participants, and particularly sellers, were now waiting for Bitcoin to give the direction. Chart Link :

Apart from the October 8 spike, STHs are getting calmer, while bitcoin:native has tested the $80 000 level several times. Despite the drop below this threshold, STHs have not sent excessive amounts of Bitcoin to exchanges today. Whether in profit or at a loss, the numbers have remained very moderate. In total, 19 800 BTC were sent to exchanges by STHs over the last 24 hours, of which 11 300 BTC were in profit and 8 500 at a loss. These figures are clearly far from excessive compared to what we've observed in recent months. Seeing activity calmer and more stable is a good sign for what comes next.

New day, new hack. Around $959,000 has been drained from users of Bloomtrading, a Telegram trading bot, notably for Solana. In total, 41 addresses were affected. I excluded all transfers below 1 solana:So11111111111111111111111111111111111111112 The attacker’s address : 7kY8qx8MqJ7Rz2vMhgHETdZLHcTp1oM78AA9dmE9p8BQ All of the funds were transferred to a single address, where they still sit : 6nYyCzJJzErbmfxvXqzbAqwoBzNvXUiwr15KCkcgmoe9 Roughly 9 408 SOL were stolen across 68 transfers. Overall, this attack is highly targeted, and the number of affected users is very limited for now. That said, we can already see many posts from users on X claiming losses, so I imagine a lot of them are fake...

🗞️ Retail Inflows hit a 6-Month high as bitcoin:native holds $80K BTC flow analysis shows that whales and retail investors are behaving in radically opposite ways right now. This is not new, retail investors are known for being more emotional, more unstable and more reactive to market moves than whales. But the gap we are seeing today is particularly wide. On the retail side, inflows are surging on Binance. With Bitcoin holding above $80 000 for several weeks, deposits from small holders have reached their highest level in 6 months. On a 30-day sum basis, they have gone from $5.5B to $10.75B, nearly doubling in a very short time. On the whale side, it's the opposite. Their BTC inflows to Binance have been declining steadily for almost 2 months, falling from $5.9B at the end of August to $3.8B today. No sign of rush. After a decline that lasted a full year, retail investors seem to be treating this first rebound as an exit window, a chance to sell at more comfortable levels and relieve built-up pressure. Whales, on the other hand, are staying patient and are in no hurry to send their BTC to exchanges, which suggests they are not looking to distribute at these levels. This divergence is worth watching, particularly to see whether whales will maintain this restraint if the price keeps climbing.

A whole day has passed without any confirmation or further details. Confidence is lost. All my assets are safe, and far away from my Keystone 3 Pro. I advise you to take care as well. This is not the right way to handle this.

During bull markets, bitcoin:native spends most of its time correcting or moving sideways. Drawdowns are completely natural during these phases. Over time, drawdowns during uptrends have tended to shrink, as has the depth of bear markets. In the 1st cycle, the most severe drawdown reached 93%, while the 2nd cycle was much less severe, with a drawdown of 35%. The 2021 cycle was a bit rougher, with a maximum drawdown of -53%. The last cycle was much easier to handle, with far smaller drawdowns that never exceeded 28%. Since the July 1 low, this new cycle has also seen its first drawdowns, with -7% recorded at the deepest point since that date. During uptrends, these drawdowns can be good opportunities to manage your exposure.

Since the failure of BIP-110, the cumulative size of OP_RETURN transactions over 30 days has just hit an all-time high on bitcoin:native Despite this attempted restriction, usage of inscriptions isn't slowing down, it's being exploited like never before. Data inscription on the Bitcoin blockchain isn't going away anytime soon and proves that Bitcoin is not just a technology dedicated solely to financial transactions. Chart Link :

🗞️ Ethereum loses $54B in Market Cap as Open Interest falls to $11.5B Over the past three weeks, altcoins, and Ethereum in particular, have posted largely negative performance. ETH has corrected by around 15% over the period, a loss of $54B in market cap. This trend is especially visible in derivatives: ETH Open Interest on Binance has lost $1.3B in a month, nearly 20%, bringing it back to $5.7B. Across all exchanges, total Open Interest has fallen to $11.5B. On a 30-day basis, other platforms have also recorded a sharp drop : Gate shows -$995M, HTX -$857M, and Bybit -$310M. Binance nonetheless still concentrates 50% of Ethereum's Open Interest, versus 17.5% for Bybit and 14.7% for Gate and OKX. This widespread decline is the result of several factors combined: the price drop, the liquidations it triggers, and investor behavior, as traders often reduce risk by closing positions when prices fall. In July, Open Interest had dropped even more sharply. That deleveraging phase allowed Ethereum to stabilize before launching a technical rebound of more than 32% pushing its price above $2 800 for the first time since January. These deleveraging periods are part of the correction process. They create fear in the market and often mark the final phase of a correction.

Bitcoin's velocity has intensified significantly during this bear market. It has been higher than at any of Bitcoin's tops since 2023. This indicator is a way to observe network activity by comparing annual transfer volume to market cap, and thereby investor activity as well. It's quite interesting to see that Bitcoin's velocity is higher during capitulation episodes than at ATHs. Chart Link :