Monday’s plunge saw Bitcoin execute a dramatic pratfall, landing at $101,000 with all the grace of a debutante tripping over her own hem. The crypto world, ever resilient, promptly declared it a “recovery.” A masterclass in optimism, or perhaps denial?
ETH price dropped to its yearly open at $3,330 on Tuesday, wiping out more than $484.5 million on long ETH leveraged positions. 🤭
Sorry to burst your bubble, but nope. The BitLicense is still sticking around, and Mamdani’s stance seems to say, “Let’s play it safe, folks.” No wild west here, just solid, boring compliance. Yawn.
So, what’s going on with Bitcoin? Well, it’s been under pressure for the past month, constantly losing a bit of steam. As of right now, it’s sitting pretty at around $102,000, down 1.37% today. So not great news for anyone hoping for a nice spike.
pulled back from its rally above $6.50, to trade just below $5 throughout the European morning on Wednesday, nearly 25% below Tuesday’s peak. 💸
Yet, amidst this chaos, a revelation: the mighty whales, those enormous, not-so-sleepy giants of the deep, have taken a shine to Aster. With wallets bulging with between 10 million and 100 million ASTER, they’ve accumulated more than 154 million tokens-worth about $155 million-like a collector hoarding rare art. Because, naturally, what could be more therapeutic than tossing around hundreds of millions of dollars to boost a digital dolphin? 🐋💸
Wintermute’s November 3 missive paints a tableau of cosmic irony: central banks serenade the world with rate cuts and liquidity arias, yet crypto’s champagne flute remains half-empty (or half-full, depending on your therapist). The report chirps, “Capital flows with the elegance of a drunken ballerina-toward AI stocks, meme coins, and prediction markets, but never, ever toward crypto.”
According to their latest missive, the funds will be splurged on expanding their Bitcoin reserves, funding income-generating ventures (because everyone needs a side hustle), and possibly buying back shares. Management insists the $100M is just 3% of their total reserves, so even if Bitcoin takes a nosedive, they’ll still be sipping champagne. 🥂
Crypto adoption is accelerating faster than a goblin on a unicycle-driven by rising prices, growing regulation, and better tools for self-custody. More users are moving off exchanges and into wallets they control, but today’s wallets look very different from those of previous cycles. [1] [1] Previous cycles: when people thought “self-custody” meant a sock drawer.
On November 5th, Virtune dropped this financial bombshell like it was a new iPhone release. 🚀 Launched under the Bloomberg ticker STABLE (because subtlety is overrated), this physically backed ETP lets investors dip their toes into a smorgasbord of blockchains and crypto assets. It’s like a buffet, but instead of questionable shrimp, you get exposure to the stablecoin ecosystem.
