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Bitcoin is currently down 32% from its all-time high of $126,000 recorded on Oct. 6 last year, but the decline is far smaller than in past cycles, according to a CoinDesk analysis. CoinDesk said Bitcoin’s drawdown one year after prior cycle peaks was 69.7% in 2013, 82.3% in 2017 and 74.6% in 2021. It added that the maximum decline in the current cycle was 53%, smaller than the 77% to 85% seen in past bear markets. Experts cited a larger share of institutional capital from ETFs, asset managers and companies, along with lower leverage, as the main reasons. CoinDesk said institutional money tends to buy back during price declines to maintain target allocations, helping ease the kind of cascading liquidations seen in earlier cycles. The outlet added that as the market has matured and Bitcoin volatility has fallen, future upside may also be more limited than in the past.

Bitcoin rose over the 12 months following all three past U.S. midterm elections, though whether that pattern will repeat this time will depend on interest rates, buying demand and the regulatory environment, CryptoQuant contributor XWIN Japan said. XWIN Japan said BTC gained 24.5%, 44.9% and 92.3% over the 12 months following the 2014, 2018 and 2022 midterm elections, respectively. In 2018, however, BTC also fell 45.5% in the first month after the election. The S&P 500, meanwhile, rose in every case over the 12 months following 19 U.S. midterm elections since 1950, with an average gain of 15.4%, XWIN Japan said. Still, XWIN Japan added that Bitcoin's sample size is limited to just three cases, making it difficult to draw firm conclusions about future performance based on historical patterns alone. Stability in U.S. Treasury yields, sustained buying demand and progress on regulation will be key this time, XWIN Japan said.

If BTC breaks above $87,050, about $800.137 million in short positions on major centralized exchanges could be liquidated, according to CoinGlass data. If BTC falls below $84,047, about $843 million in long positions could be liquidated.

Decentralized prediction market platform Polymarket has begun legal action against the Dutch gambling regulator over a service ban imposed in the Netherlands, Cointelegraph reported. Polymarket argues its products are derivatives rather than conventional gambling or betting products, and said it is not appropriate to regulate the platform as a gambling site.

Bitcoin has traded above its capital cost basis for weeks, indicating market conditions have become more stable than they were in late August, according to CryptoQuant contributor Darkfost on X. The capital cost basis is a metric calculated by weighting Bitcoin’s realized price by purchase volume. Darkfost said BTC’s key capital cost basis is currently around $80,400, and while the cryptocurrency repeatedly moved above and below that level in late August, it has recently continued to close above the benchmark for several weeks. Darkfost added that if this trend continues, investor positions could become more stable and reinforce market stability during the current sideways trading range.

Samsung Electronics has applied for a U.S. patent on electronic wallet technology that would let users request digital-asset transactions through smart contracts without directly managing private keys, Digital Asset reported exclusively. According to U.S. patent information site Justia as of today, Samsung Electronics’ patent application, titled “A first electronic device for generating a smart contract configured to perform a wallet function, an operating method thereof, and a second electronic device for performing a digital asset transaction using the smart contract,” was published in the United States on July 23.

Global cryptocurrency exchange MEXC said in an official blog post it is discussing potential cooperation with Payward, the parent company of Kraken. The two sides are set to discuss the future direction of trading platforms and the potential for exchange-to-exchange cooperation at TOKEN2049 Singapore on Oct. 7. MEXC CEO Vugar Usi Zade and Payward co-CEO Arjun Sethi will join the event as panelists. MEXC said, "차세대 거래 환경에서는 사용자 경험, 유동성, 인프라, 시장 접근성이 조화를 이루어야 한다. 거래소 간 협력이 이용자에게 더 나은 가치를 제공할 여지가 커지고 있다." It added that the specific scope and timeline of any cooperation have not yet been disclosed.

Fortitude, a ZEC mining company affiliated with Digital Currency Group, has signed an agreement for priority allocation of up to $100 million in next-generation Bitmain ZEC mining machines, The Block reported. The agreement is not legally binding, and the miners are scheduled to begin shipping in the second quarter of 2027 once final specifications and pricing are set.

Nick Ariasinghe, Chainlink’s vice president for APAC and the Middle East, said in a recent interview with The Herald Business that during a visit to South Korea, he held a roundtable with local securities firms and asset managers, where participants largely agreed 2027 would mark the point when the tokenization market begins accelerating in earnest. According to the outlet, Chainlink is also working on a separate tokenization project with South Korean financial firms and is using an offshore structure to give qualified overseas investors access to South Korean fund strategies.

A Russian man identified as a core member of the Qilin ransomware group was arrested in Japan and extradited to Germany after being accused of encrypting a German logistics company’s data and demanding, then receiving, $165,000 worth of Bitcoin, Nada News reported. The man was also said to have been responsible for building Qilin’s attack system.

Coinbase Markets said on X that the BTC options market is strongly reflecting expectations for upside. For one-week options, implied volatility on call options was 2.1 percentage points higher than on comparable put options, placing the call premium in the 91st percentile by historical standards, Coinbase Markets said. That suggests strong short-term demand for call options tied to bets on a BTC rise, while the firm added that it remains worth watching whether the positioning is reasonable or whether demand has become overly concentrated.

South Korean exchange Bithumb announced it will temporarily suspend IOTX deposits and withdrawals starting at 10:00 a.m. UTC on Oct. 7 to support the IoTeX network upgrade.

Eduardo Antuña, a core contributor to Ethereum Economic Zone, said the first atomic L1-to-L2 crosschain transaction has been executed on the Ethereum mainnet, Wu Blockchain reported. Atomic transactions are structured so that all steps either succeed together as a single unit or are all canceled. Antuña said the result showed atomic synchronous composability is no longer just theoretical and marks the start of the EEZ roadmap for seamless cross-layer execution across the Ethereum ecosystem.

South Korea’s Deputy Prime Minister and Finance Minister Lee Hyoung-il said the government will broadly gather views from the National Assembly, experts and the industry on cryptocurrency taxation, after People Power Party lawmaker Kim Sang-hoon asked about the government’s basic stance during a parliamentary audit today, Edaily reported. On potential tax revenue from introducing crypto taxation, Lee said it is difficult to estimate and added that the government will listen to opinions. Although Lee had previously said the tax would take effect as scheduled next year, Lee did not clearly restate that position today.

The cryptocurrency market’s total capitalization rose by about $372 billion over the past 19 days to $2.93 trillion, even as crypto-related search interest fell to its lowest level since 2024, AMBCrypto reported. The outlet said search interest typically rises alongside prices during bull markets, but a gap has now emerged between capital inflows and public attention. That could indicate weak retail investor interest and may limit additional short-term inflows, according to AMBCrypto. It added that stablecoin market capitalization rose by about $604.82 million over the past seven days to roughly $307.79 billion. AMBCrypto said the increase in stablecoin supply could signal investors are preparing to deploy funds back into the market, and the divergence between search interest and market-cap trends may instead reflect an early-stage bull market pattern.

South Korean exchange Upbit announced it will temporarily suspend LUNA2 withdrawals from 2:00 p.m. UTC today to support the network upgrade.

Crypto analyst Willy Woo argued that comparing Bitcoin self-custody to “becoming your own bank” is inaccurate. In a post on X, Woo said that when people deposit money at a bank, ownership of those funds shifts to the bank, while depositors retain only the right to get their money back as long as the bank remains solvent. By contrast, he said, directly holding BTC means the owner never transfers ownership in the first place. After an X user identified as Felix criticized Woo for having sold out to ETFs, Woo responded with self-deprecating frustration, saying he now appeared set to be attacked by another hardline BTC supporter.

Spiko, a tokenized money market fund platform, has raised $90 million in Series B funding, Crypto Briefing reported. The round was led by New Enterprise Associates, or NEA, with participation from Index Ventures and White Star Capital. Spiko’s cumulative funding now stands at around $120 million. The company plans to use the proceeds to expand its operations in Europe and the U.S. and to develop tokenized products.

Bitcoin long-term holders' supply has declined for seven straight weeks, but market demand has been absorbing the selling, according to an analysis by on-chain analyst Axel Adler Jr. Adler said the LTH position change indicator turned negative on Aug. 17 and reached negative 73,400 BTC on Sept. 28. Over the same period, LTH SOPR, an indicator showing whether held BTC was sold at a profit, stood at 1.18, indicating the moved BTC was realized at an average profit of 18% versus its purchase price. He said long-term holders have been taking profits during the uptrend, while the market has so far absorbed the selling pressure sufficiently.

Bithumb announced it will temporarily suspend deposits and withdrawals of Ronin (RON) at 9:00 a.m. UTC on Oct. 7 to support a Ronin network upgrade.

A South Korean court has ruled that even if a crypto exchange shuts down trading operations, continuing to hold and manage customers’ unreturned digital assets still qualifies as virtual asset business activity under the country’s Special Financial Transactions Act. According to Digital Asset, the Seoul Administrative Court dismissed CPLabs’ lawsuit on Oct. 1 seeking to revoke a corrective order imposed by South Korea’s Financial Services Commission. CPLabs argued it was no longer a virtual asset business operator because it had already ended its exchange operations, but the court found that managing and safeguarding digital assets as part of liquidation and remaining administrative work also constituted business activity.

An anonymous wallet withdrew 8,088 AAVE from Coinbase and then deposited the full amount into FalconX, according to Onchain Lens. The tokens were worth about $1.46 million. Exchange deposits are typically interpreted as a sign of intent to sell.

Ondo Finance said it plans to launch Ondo Private Markets, a product that gives investors indirect exposure to private companies. Its first offering, aimed at artificial intelligence companies preparing for an initial public offering, is set to launch this week and will be tradable on the secondary market around the clock. Ondo said it plans to expand the investment universe to robotics, cybersecurity, biotech and infrastructure. Instead of directly holding shares in private companies, investors will buy tokenized notes. Once the actual per-share value of a company’s common stock is determined through an IPO or another event, the note payout will be set based on that value. Ondo said eligible investors in jurisdictions where such investments are permitted will be able to buy, sell or adjust positions at any time without waiting for an IPO. It added that the notes are obligations of the issuer, not the underlying private-company shares, and do not confer ownership or shareholder rights in those companies.

Hong Kong-based crypto financial services provider Amber Group received 4.669 million ENA worth about $1.14 million from Ethena, Onchain Lens reported, citing Arkham data.

A trader with a 78% win rate in SOL trades has opened a new five-times leveraged long position worth 164,642 SOL ($19.78 million), according to on-chain analytics firm Hupzy, formerly Spot On Chain. The liquidation price is $99.68, and the trader’s cumulative profit from SOL trades stands at $4.74 million based on on-chain records. Hupzy said the position size and the trader’s past performance suggest it is difficult to view the move as a simple wallet transfer, adding that if SOL approaches $99.68, forced liquidations could deepen the downtrend. It said the market should watch whether the trader adds to or closes the position on Hyperliquid.