OKX market data shows that BTC has broken through 111,000 USDT and is currently trading at 111,016.5 USDT, a 24-hour increase of 1.07%. (This newsletter is generated by AI)

According to on-chain analyst Ai Yi, SpaceX transferred another 1,215 BTC, worth $133 million, just three days later. It's worth noting that the $268 million worth of BTC transferred three days ago has also remained untouched, making the transfer's purpose unclear.

In an interview with cryptocurrency entrepreneur Anthony Pompliano on Thursday, Tom Lee said: "I am sure that Bitcoin will see a 50% drop. The 25% drop in the stock market is becoming more and more frequent. The stock market has made great progress in the past six years; we have experienced an unusually large 25% drop, so if the S&P drops 20 points, Bitcoin may drop 40 points." Tom Lee also said that Bitcoin has broken its typical four-year cycle, which indicates that a "longer cycle" is forming. (Cointelegraph)

Binance Alpha has announced the launch of the second round of its BSquared Network (B2) airdrop rewards program. Users holding at least 225 Binance Alpha Points can claim 16 B2 tokens on a first-come, first-served basis. The minimum number of points will automatically decrease by 15 every hour until all rewards are distributed. Please note that claiming the airdrop will cost 15 Binance Alpha Points. Users must confirm their claim within 24 hours on the Alpha event page; otherwise, they will forfeit their claim.

According to TheVerge, Yuga Labs announced at the ApeFest event that the metaverse Otherside will go online on November 12. Otherside is scheduled to be launched in 2022 and aims to create an "interoperable", "gamified" and "decentralized" virtual world, but the Alpha test version was not released until the beginning of this year. It is reported that Otherside is similar to Roblox or Fortnite and will support login using a crypto wallet. The in-game avatar will be a 3D representation of the NFT owned by the player.

According to official data, in the seven days ending October 23rd, Circle issued approximately 6.2 billion USDC and redeemed approximately 5.6 billion USDC, increasing the circulating supply by approximately 600 million. The total circulating supply of USDC is 76.4 billion, with approximately $76.7 billion in reserves, including approximately $9.9 billion in cash and $66.7 billion held in the Circle Reserve Fund.

Glassnode posted on social media that illiquid Bitcoin supply has begun to decline, with approximately 62,000 BTC transferred out of long-dormant wallets since mid-October. When illiquid supply decreases, more tokens enter circulation. Without strong new demand, upward price trends face greater resistance. Illiquid supply has been a significant driver of this cycle, but the recent reversal has disrupted this trend. Historically, similar supply reversals have weakened market momentum—a larger outflow of 400,000 BTC occurred in January 2024. While the current change is relatively mild, the trend is noteworthy. Interestingly, whale wallets have continued to increase their holdings during this period. Whale holdings have steadily increased over the past 30 days, with no significant sell-offs since October 15th. The largest and most consistent outflows have primarily come from wallets holding 0.1-10 BTC (approximately $10,000 to $1 million). This group has been consistently net sellers since November 2024. Momentum traders have largely exited the market, while bargain hunting funds have failed to generate sufficient demand to absorb the selling pressure. As first-time buyers remain on the sidelines, this supply-demand imbalance will continue to suppress prices until stronger spot demand emerges.

According to Lookonchain monitoring, the address starting with 0xe688 made a profit of $675,000 through PING transactions in less than two days. It is reported that he previously spent $89,000 to buy 13.42 million PING, then sold 6.72 million PING for $377,000. He currently holds 6.72 million PING (approximately $387,000), for a total profit of $675,000 (+759%).

According to BlockBeats, Tom Lee stated in a CNBC interview that the cryptocurrency market experienced a significant deleveraging event on October 11, attributed partly to tariffs and trade tensions. This incident is considered the most severe liquidation event in the crypto industry over the past five years, with its repercussions still lingering. Despite the persistent pessimism two weeks later, Lee believes these trends are nearing an end. He noted that Bitcoin and Ethereum contract holdings are at historic lows, and both are showing positive technical indicators. Lee anticipates a market upturn by the end of the year. Additionally, JPMorgan recently indicated the possibility of accepting cryptocurrencies as collateral, which could bolster market confidence.

Paxos has released an assurance report for its stablecoin, PYUSD, issued by KPMG, one of the "Big Four" accounting firms. The report reveals that as of October 15th, the total outstanding PYUSD tokens reached a record high of 2,638,336,904. The notional value of redeemable collateral in total net assets was $2,652,728,424, exceeding the total outstanding PYUSD tokens. Paxos reportedly did not release its September assurance report, but in August, it reported a total outstanding PYUSD token of 1,169,714,720, representing a 125.5% increase in the past two months.

Bitcoin prices continue to trend lower, now stabilizing below the short-term holders’ cost basis at approximately $113,100. Historically, this structure often signals a medium-term bearish phase as weaker investors begin to capitulate and sell.

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