bloomingbit

Bitmine, the world’s largest corporate holder of Ether, bought another 12,532 ETH over the past week, increasing its total holdings to 6,028,946 ETH. That amounts to 4.9% of Ether’s circulating supply of 122.1 million tokens.
Bitmine’s crypto assets, cash, marketable securities and strategic investments totaled $16.2 billion as of Oct. 12, according to a PR Newswire release. Those holdings include 6.03 million ETH, 214 Bitcoin, $612 million in cash and marketable securities, a $180 million stake in Beast Industries, and an $85 million stake in Ateco Holdings.
Based on an Ether price of $2,544, Bitmine’s ETH holdings are worth about $15.3 billion. The company said it has reached 99% of its goal of accumulating 5% of all ETH and has bought Ether every week since launching its Ethereum treasury strategy on June 30 last year.
Bitmine has staked 5,067,309 ETH, worth about $12.9 billion at that price. That represents 84% of its total holdings. The seven-day annualized yield is 2.61%, and annual income from the current staked holdings is projected at about $336 million. If all of its Ether were staked, annual rewards would be about $400 million, the company said.
Chairman Tom Lee said Bitmine is positioned to outperform the market in the crypto bull run he expects ahead. He added that the company has strengthened its competitiveness over the past year despite the crypto winter.
Most of the more than 6 million ETH on Bitmine’s balance sheet was accumulated in the middle of the crypto bear market, Lee said. With the company now nearing its target of securing 5% of all ETH, he said Bitmine is in an attractive position ahead of the next crypto bull run.
In the first nine months of 2026, Ether fell 10% while Bitmine shares declined 3%, giving the stock an outperformance of 731 basis points, according to Lee. He said that performance reflects the company’s efforts to optimize shareholder returns.
Ether outperformed the S&P 500 by 6,832 basis points in the third quarter, Lee said, calling that notable given macro headwinds including a hawkish Federal Reserve, surging oil prices, rising global bond yields and tighter financial conditions.
Lee also said the current crypto bull market could become the largest on record. He cited tokenization, wealth transfer, supply absorption by digital-asset treasury companies and crypto’s role as a supporting industry for AI as the main drivers.
Bitmine is currently the world’s largest Ethereum treasury company and remains the second-largest digital-asset treasury company globally after Strategy.

Bank of Korea Governor Rhee Chang-yong said the central bank has no plans to pursue a retail central bank digital currency, or CBDC, for the general public. He also expressed support for introducing won-denominated stablecoins.
Newsis reported on Oct. 12 that Rhee made the remarks during a parliamentary audit before the National Assembly's Strategy and Finance Committee. "We are not pursuing a retail CBDC for the general public, which people are concerned about," he said. "We have not been reviewing it since 2023."
Rhee said the Bank of Korea would "absolutely not" pursue a retail CBDC. He added that the central bank's ongoing Project Hangang is focused on wholesale digital currency and operates within the existing financial and monetary system, distinguishing it from retail CBDC models such as those in China.
Addressing privacy concerns, Rhee said there was no risk of the Bank of Korea accessing personal data because individual commercial banks separately manage personal information and deposit ledgers.
On won stablecoins, Rhee said he is "basically in favor" of their introduction and that the structure would be a consortium led by private banks.
He also said authorities would cooperate to respond to potential risks, including capital outflows through stablecoins. "Most stablecoins are denominated in dollars, so it is unclear how widely won stablecoins would be used," Rhee said. "Still, we will cooperate with the authorities to prepare for potential risks."

Bitcoin may be forming a bottom in October, with exchange reserves staying low, demand recovering and whale holdings rising to about 3 million BTC, according to a CryptoQuant analysis.
A CryptoQuant Quicktake note cited on October 12 quoted XWIN Japan as saying signs are emerging that Bitcoin is forming a potential bottom.
The macro backdrop has also improved somewhat. Market-implied odds of a Federal Reserve rate hike in October have fallen to about 18%, while Brent crude has retreated to around $103 a barrel from nearly $110.
The analyst pointed to three shifts in on-chain indicators. Bitcoin held on exchanges has rebounded slightly in recent days but remains at a low level. Apparent Demand, a gauge of new Bitcoin demand, has also recovered quickly from deeply negative territory. Still, it remains below zero, suggesting demand has not fully recovered.
Whale holdings have also increased. Large investors' Bitcoin holdings climbed to about 3 million BTC and have stayed elevated even during the recent price correction.
The analyst said uncertainty around the U.S. midterm elections on November 3 could gradually ease as the vote approaches. If political uncertainty recedes after the election, investors may reassess their asset allocation.
Still, the analyst stressed it is too early to conclude that Bitcoin's bottom has been confirmed. That would require continued inflows into spot exchange-traded funds, stronger buying in the U.S. spot market and a further recovery in Bitcoin demand.
The analyst also said "Uptober," a term for Bitcoin's typically strong October performance, does not mean prices must rise throughout the month. The current pullback could instead help lay the groundwork for the next advance.

US spot Bitcoin exchange-traded funds posted net outflows of $681 million last week, ending a three-week streak of inflows.
WuBlockchain said on Oct. 12 that US spot Bitcoin ETFs recorded total net outflows of $681 million in the Oct. 5-9 period.
Spot Bitcoin ETFs had logged net inflows for three consecutive weeks before swinging back to outflows last week. The recent flow of institutional money appears to have paused for now.
US spot Ethereum ETFs also saw $542 million in net outflows over the same period. Combined net outflows from spot Bitcoin and spot Ethereum ETFs reached $1.223 billion.
Among Ethereum ETFs, BlackRock's ETHA saw the biggest withdrawals. ETHA posted weekly net outflows of $477 million, accounting for about 88% of total net outflows from spot Ethereum ETFs.
Large withdrawals from both spot Bitcoin and spot Ethereum ETFs at the same time signal a shift in flows across US digital-asset investment products. Still, the data alone is not enough to conclude that institutional investors have changed their medium- to long-term investment stance.

The South Korean won climbed to its strongest level in nearly two years, supported by lower global oil prices and dollar sales from domestic companies.
Bloomberg reported on October 11 that the dollar-won exchange rate fell as much as 0.8% intraday to 1,333.30 won after trading resumed following a three-day holiday. The won later gave up part of its gain and was trading about 0.5% stronger.
The won's advance was driven largely by broad dollar weakness tied to falling oil prices. As crude declined, major currencies including the euro, British pound and Japanese yen also strengthened against the dollar. Other major Asian currencies moved in a similar pattern.
"The dollar is broadly weakening as lower oil prices lift the euro, pound and yen, and the won is rising in tandem," said Min Kyung-won, an economist at Woori Bank.
Dollar sales by South Korean exporters also supported the won. Selling demand is set to continue, particularly from semiconductor companies. Still, thin trading volume and a holiday in Japan's financial markets were adding to exchange-rate volatility.
The won has gained 7.7% against the dollar this year. It was the worst-performing major Asian currency in the first half, but has posted the region's biggest gain in the second half as strong exports coincided with corporate dollar selling.

Rhee Chang-yong, governor of the Bank of Korea, said he will closely monitor concerns that overseas crypto cards could be used to circumvent financial regulations and leave users inadequately protected.
At a parliamentary audit on October 12, Rhee responded to a question from Kim Nam-jun, a lawmaker from the Democratic Party, about the potential for overseas crypto cards to evade regulation. “There are various forms of regulatory arbitrage,” Rhee said. “In particular, crypto card operators are all based overseas and mainly rely on dollar-denominated stablecoins, which creates several risks.”
Crypto cards allow users to make payments with virtual assets such as Bitcoin. When a user pays in crypto, an intermediary converts the assets into fiat currency and pays the merchant. Rhee said that process adds another layer of intermediation and that fees appear to be considerably higher than those of conventional payment methods.
The parliamentary session also raised concerns that while use of overseas crypto cards is increasing, domestic authorities have limited visibility into the transactions. Kim said payments made after users transfer assets to overseas crypto exchanges may not be fully reflected in existing payment and settlement data and cross-border capital flow statistics.
Lawmakers also raised the possibility that crypto cards could be used to avoid customs duties when buying high-priced goods abroad. Kim said online posts are circulating that share ways to use crypto cards to get discounts and avoid tariffs. He also said domestic users may struggle to receive proper protection if overseas card issuers go bankrupt, freeze accounts or are hacked.
Rhee said the central bank will “continue close monitoring, improve information and consult closely with relevant agencies.” His remarks indicate the Bank of Korea plans to examine transaction trends and related risks tied to crypto cards issued by overseas operators and discuss response measures with other authorities.

Today's Key Economic Events
▶︎ Oct. 12 (Mon.): △ The International Monetary Fund-World Bank Annual Meetings open in Bangkok, Thailand, and run through Oct. 18 △ Japanese financial markets are closed for Sports Day
Today's Key Cryptocurrency Events
▶︎ Oct. 12 (Mon.): △ Upbit ends trading support for Ravencoin (RVN) at 3 p.m. Korea Standard Time △ Claims open for Season 2 of the Genius (GENIUS) airdrop through Oct. 17

President Donald Trump said Russia and Ukraine have agreed to immediately halt attacks on energy facilities, sharpening focus on the prospects for a ceasefire between the two countries.
Bloomberg reported on October 11 that Trump said in a post on his social media platform Truth Social that an "energy truce" between Russia and Ukraine had taken effect immediately. "Both sides have agreed. Do not violate it," he wrote. He did not disclose specific terms of the agreement or how it would be implemented.
After Trump's announcement, Ukrainian President Volodymyr Zelenskiy said Ukraine supports a ceasefire and that it is important for Russia to do the same. He added that he was waiting for a detailed explanation from the U.S. side. Earlier, Zelenskiy told ABC that Ukraine was prepared to stop attacks on energy facilities if Russia took the same step, and urged stronger U.S. pressure on Moscow.
Still, it remains unclear whether the ceasefire will actually be implemented. Trump said in September as well that the two sides had agreed to stop attacking energy facilities, but Zelenskiy disputed that claim at the time, saying no final agreement had been reached. Fighting continued afterward. On October 10, Russia carried out airstrikes on residential areas in Ukraine, killing at least 20 people.
Tensions between the two countries have intensified after the U.S. decision to allow imports of Russian diesel. The Trump administration granted a partial exemption to sanctions on Russia, allowing about 13.5 million barrels of Russian diesel to reach the international market starting this month. Zelenskiy criticized the move as helping Russia secure funding for its war. Seven U.S. senators also objected, saying it violated a law banning imports of Russian energy.
The issue of Russian diesel supplies is also affecting global energy markets. After attacks on Ukrainian refining facilities, Russia restricted exports of diesel, jet fuel and gasoline in July, and recently extended those curbs through the end of October. Before the export restrictions, Russia accounted for about 10% of global seaborne diesel supply. With logistics through the Strait of Hormuz already disrupted by the war between the U.S. and Iran, the decline in Russian supplies is adding to uncertainty in energy markets.

The death of an American in a Houthi attack on the airport in Saudi Arabia’s capital is raising the prospect of direct US military involvement.
Bloomberg reported on October 11 that an attack on Riyadh International Airport a day earlier killed 12 people and injured 309. The dead included an American. An unidentified projectile also struck the airport on October 11. It was the fourth attack in the past week.
The Saudi-led coalition blamed the Houthis for the attack and called it a war crime. The Houthis did not claim responsibility for the October 10 attack, but said they were behind earlier strikes. They also warned of more attacks on Saudi airports.
The latest violence is also increasing the possibility of US military intervention. Asked on October 10 whether the US could join airstrikes against the Houthis, President Donald Trump said, “It’s possible. I’ll look at it.” The US carried out large-scale airstrikes against the Houthis last year before agreeing to a ceasefire. Since then, it has limited support for Saudi operations to intelligence sharing.
The attacks came as Yemen’s civil war intensified again. The Houthis seized the Red Sea port city of Mokha and nearby areas around the Bab el-Mandeb Strait last month. Yemeni government forces, backed by the Saudi air force, then launched a counteroffensive. The Saudi-led coalition said it had retaken Mokha and destroyed multiple Houthi military facilities.
Ahmed Nagi, senior Yemen analyst at the International Crisis Group, said the Houthis are escalating attacks to pressure Saudi Arabia into halting airstrikes. Saudi Arabia views the latest strike as a serious provocation, making a stronger military response more likely, he added.
The Houthis had refrained from direct involvement since the US and Israel went to war with Iran in February. Recent attacks, however, have been viewed as a display of the group’s independent military capability. They have used Iranian-designed ballistic missiles and low-cost attack drones that can be assembled locally to hit key Saudi facilities.
Saudi Arabia has advanced US-made weapons including F-15 fighter jets and Patriot air defense systems, but it has failed to stop the repeated attacks. Disruptions at Riyadh International Airport forced hundreds of flights to be canceled, and local schools switched to online classes.
Stacie Pettyjohn, a senior fellow at the Center for a New American Security, said Saudi Arabia would find it very difficult to stop the Houthis on its own if even the US could not do so. The group also appears to have rebuilt its weapons stockpiles and military capabilities since its ceasefire with Washington.
The response of Turkey and Pakistan, two Saudi defense partners, is another variable. The two countries signed the “Mecca Defense Alliance” with Saudi Arabia in August. They indicated they could provide troops and weapons to help defend the kingdom, but Turkey has said it will not join offensive operations against the Houthis.
The string of Houthi attacks is also weighing on the Saudi economy. Executives from major oil companies including BP and Shell canceled plans to attend the World Petroleum Congress, which had been scheduled to open on October 11. Riyadh’s financial district, home to Saudi Arabia’s sovereign wealth fund and global financial firms, also shifted to remote work.
Saudi Arabia has poured vast sums into Crown Prince Mohammed bin Salman’s Vision 2030 economic diversification plan. But the country’s growing fiscal strain has made foreign investment even more important. The Saudi government this month raised its fiscal deficit forecast and said the economy will contract 3.6% this year.
William Usher, a former senior Middle East analyst at the Central Intelligence Agency, said Saudi Arabia will likely seek direct US airstrikes on the Houthis, stronger air defense support and expanded intelligence sharing. It will also want political backing for a broader military campaign in Yemen.

▶︎Oct. 12 (Mon.): △Annual Meetings of the International Monetary Fund and World Bank open in Bangkok, Thailand, running through Oct. 18 △Japanese financial markets closed for Sports Day ▶︎Oct. 13 (Tue.): △Germany September consumer price index, 8 a.m., 3 p.m. Korea time △Federal Reserve Governor Christopher Waller to participate in a discussion at 1:15 p.m. in India, 4:45 p.m. Korea time △US ADP weekly employment change report, 8:15 a.m., 9:15 p.m. Korea time △US September existing home sales, 10 a.m., 11 p.m. Korea time ▶︎Oct. 14 (Wed.): △China September consumer price index and producer price index, 9:30 a.m., 10:30 a.m. Korea time △US September consumer price index and core CPI, 8:30 a.m., 9:30 p.m. Korea time △Federal Reserve Beige Book, 2 p.m., 3 a.m. Korea time the following day ▶︎Oct. 15 (Thu.): △UK August gross domestic product, 7 a.m., 3 p.m. Korea time △US September producer price index and core PPI, 8:30 a.m., 9:30 p.m. Korea time △US September retail sales, 8:30 a.m., 9:30 p.m. Korea time △US initial jobless claims, 8:30 a.m., 9:30 p.m. Korea time △October Philadelphia Fed manufacturing index and New York Empire State manufacturing index, 8:30 a.m., 9:30 p.m. Korea time △US crude oil inventories, noon, 1 a.m. Korea time the following day ▶︎Oct. 16 (Fri.): △South Korea September export and import price indexes, 6 a.m. Korea time △South Korea September unemployment rate, 8 a.m. Korea time △Euro-area September consumer price index and core CPI, 11 a.m., 6 p.m. Korea time △US September export and import price indexes, 8:30 a.m., 9:30 p.m. Korea time △US September industrial production and capacity utilization, 9:15 a.m., 10:15 p.m. Korea time ▶︎Oct. 12 (Mon.): △Ravencoin (RVN) trading support ends on Upbit at 3 p.m. Korea time △Genius (GENIUS) Season 2 airdrop claims begin, running through Oct. 17 ▶︎Oct. 13 (Tue.): △Maple Finance (SYRUP) third-quarter ecosystem update △Deadline for the release of Sonic (S) token supply audit report △Safe (SAFE) Aegis support program begins △Midnight (NIGHT) to list on Japan's OKJ exchange ▶︎Oct. 14 (Wed.): △Livepeer (LPT) to release the LPT 2.0 litepaper and host an X Space on the protocol overhaul ▶︎Oct. 15 (Thu.): △Filecoin (FIL) vesting program ends △Reserve Rights (RSR) third-quarter community call ▶︎Oct. 16 (Fri.):

U.S. Inflation, China Domestic Demand
Super Week to Set Direction for Global Stocks
Inflation Risks Loom Despite Hopes for U.S. Big Tech Earnings
Focus on Impact of China’s 550 Billion Yuan Stimulus
U.S. and Chinese stocks are poised for heightened volatility this week, from October 12 to October 16, as investors await major economic data releases. In the U.S., the key questions are whether inflation pressures are building again and whether improving earnings at major companies can be sustained. In China, last month’s trade and inflation data will be central to judging whether the recovery has staying power. With concerns about higher-for-longer U.S. interest rates colliding with weak Chinese domestic demand, data from the world’s two largest economies are set to shape sentiment across global financial markets.
The U.S. will release its September consumer price index on October 14. Markets expect headline CPI to rise 0.6% from a month earlier and core CPI to increase 0.2%. The forecast for annual headline inflation is 3.7%. With higher energy prices adding to inflation pressure, investors are watching whether service-sector prices remained stable.
September producer price data and retail sales are due on October 15. Markets expect headline PPI to rise 0.5% from the previous month and core PPI to increase 0.3%. Retail sales are forecast to grow 0.3%. If inflation comes in above expectations, the prospect of an additional Federal Reserve rate increase could move back into focus.
Investors are also watching remarks from Fed Chair Kevin Warsh. Warsh is scheduled to appear with International Monetary Fund Managing Director Kristalina Georgieva at the IMF-World Bank Annual Meetings in Bangkok on October 15 for a discussion on forces reshaping the global economy. Markets are focused on whether he signals anything about the policy outlook ahead of the Federal Open Market Committee meeting on October 27-28.
Third-quarter earnings season for U.S. companies will also pick up. JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo are due to report on October 13. Morgan Stanley, Bank of America and BlackRock will follow on October 14. FactSet data show S&P 500 companies are projected to post 29.6% growth in third-quarter earnings per share. The results should help show how far increased investment in artificial intelligence is supporting corporate profits.
For Chinese stocks, the biggest variable is last month’s trade and inflation data due on October 14. China’s National Bureau of Statistics will release consumer and producer price figures that day. September export and import data will follow. Investors are watching whether China’s exports continued to grow despite U.S. trade pressure and shifts in the global trading environment, and whether companies regained pricing power even as domestic demand remained weak.
Market forecasts call for China’s CPI to rise 1.1% from a year earlier last month, while PPI is seen up 4.4%. Export growth is forecast at 25.3% and import growth at 23.5%. Stronger-than-expected exports could lift expectations for Chinese manufacturers and exporters. By contrast, weak imports and soft consumer inflation could revive doubts about a recovery in domestic demand.
China’s stimulus measures are also set to influence investor sentiment. The Finance Ministry recently moved to expand fiscal capacity by tapping 550 billion yuan in unused local-government debt quotas, equivalent to about $80 billion. Since the Golden Week holiday, investors have been watching whether increased fiscal spending will translate into infrastructure investment and stronger corporate earnings.
Kim Eun-jung, Beijing correspondent, kej@hankyung.com

South Korean money is flowing into products that invest in US Treasuries via the yen as the won-yen exchange rate has fallen into the 840 won range per 100 yen. Investors are betting on both a rebound in long-dated US bonds and a recovery in the yen against the won.
According to Woori Bank, the won-yen exchange rate fell to the 846 won range per 100 yen during trading on October 6. That was the lowest level since 837.58 won on January 2, 2008, the weakest in about 18 years and nine months. It also traded around 847 won intraday on October 8, more than 60 won below early August, when it was above 900 won.
According to the Korea Securities Depository, domestic investors were net buyers of $4,042,938 worth of the Japan-listed iShares 20+ Year US Treasury Bond JPY Hedged ETF over the past month. It ranked third among Japanese securities by net purchases. As of October 2, holdings stood at $272.77 million, the second-largest amount among Japanese listings.
The ETF holds US Treasuries with remaining maturities of more than 20 years and hedges fluctuations in the dollar-yen exchange rate. South Korean investors who convert won into yen to buy the product are exposed to both changes in US Treasury prices and moves in the won-yen exchange rate. Hedging the dollar-yen rate does not remove changes in the yen's value against the won.
The lower cost of buying yen reflects diverging moves in the two currencies. The won-yen exchange rate is derived from each currency's exchange rate against the dollar. Recently, the won has strengthened while the yen has remained weak. In South Korea, stronger semiconductor exports driven by expanded AI investment and dollar selling by exporters supported the won. The won-dollar exchange rate fell to 1,338.5 won on October 8.
The yen's rebound remained limited even after the Bank of Japan raised interest rates last month. The yen-dollar exchange rate approached 164 yen in late July, then fell to the 156 yen range after joint intervention by US and Japanese foreign-exchange authorities. It later rose again as concerns over Japan's fiscal position resurfaced, reaching 158.21 yen on October 8.
Higher long-dated US Treasury yields are another factor drawing investor attention. The 20-year US Treasury yield rose 0.462 percentage point, from 5.250% on September 4 to 5.712% on October 5. Because bond prices move inversely to yields, expectations that yields may decline later and lift long-dated bond prices are helping drive demand.

The US is moving to seize about $1 billion in cryptocurrency as it tightens sanctions on Iran.
Cointelegraph reported on October 9 that Treasury Secretary Scott Bessent told the Newsmax Policy Summit there is a strong possibility the US will seize about $1 billion in cryptocurrency linked to Iran this week.
In an interview with Newsmax anchor Greta Van Susteren, Bessent said the US has identified where the assets are and is isolating them. He described the effort as part of a strategy to cut Iran off economically. He did not disclose the exchanges involved or the entities holding the assets in custody. He also did not say whether the freeze would be carried out through stablecoin issuers.
The US has continued to target financial networks with sanctions since military clashes with Iran began in February. In August, the Treasury Department's Office of Foreign Assets Control added cryptocurrency exchanges that supported fund transfers for Iran's Islamic Revolutionary Guard Corps, or IRGC, to its sanctions list. At the time, Bessent said the US would intensify economic pressure on financial networks that supply the Iranian regime with funds in dollars, rials and cryptocurrencies.
Seizures and freezes involving Iran-linked cryptocurrency have taken place before. Bessent said in an April interview that the US had seized $500 million in related digital assets.
Tether also said in September that it had cooperated with US sanctions on Iran and frozen a total of $550 million worth of Tether, or USDT, this year. Of that amount, $344 million was frozen in April. It was not disclosed whether the assets Bessent referred to this time overlap with previously seized or frozen holdings.

Fidelity said Bitcoin's bear market has ended.
Stocktwits reported on October 11 that Jurrien Timmer, Fidelity's director of global macro, said on a podcast that Bitcoin had emerged from a gradual bear market and that its move above $80,000 confirmed a double bottom.
Timmer said he had viewed $60,000 as a buying zone for Bitcoin, though it ultimately fell as low as $58,000. Past Bitcoin bear markets typically lasted nine to 12 months, he added.
He also said both Bitcoin and gold are set to rise, but that Bitcoin has greater upside potential.

Ethereum could climb as high as $50,000, according to Tom Lee, chairman of BitMine.
In a Token2049 video released on Oct. 10, Lee said during a conversation with Ondo Finance that Ethereum has traded within a similar range over the past five years. The longer the price stays stagnant, the larger the eventual gain can be, he said. In this bull run, Ethereum's ultimate target is $50,000, he added.
Lee also cited growth in the tokenization market, which has drawn renewed attention recently, as a key driver for Ethereum. As more traditional financial assets such as stocks and bonds are tokenized, Ethereum's role as infrastructure will grow, he said. He also projected that Ethereum could rise past $5,000 by the end of this year.

As advances in artificial intelligence agents and real-world asset tokenization accelerate, smaller digital assets beyond Bitcoin, Ether and XRP could be bigger beneficiaries, according to a market analysis.
Forbes reported on October 10 that Citrini Research, in a recent report, said AI agents and asset tokenization will be new growth engines for the digital-asset market. The firm argued that it cannot be assumed Bitcoin, Ether and XRP will hit fresh all-time highs in this new era, and that even if they do, better investment opportunities may still exist elsewhere.
Citrini Research said blockchain's role as financial infrastructure will come into sharper focus in a world where AI agents carry out financial transactions on behalf of humans. Because those agents operate 24 hours a day across multiple applications, funds and financial assets will also move the same way, it said.
The firm cited Derive (DRV), Lit (LIT) and Ether.fi (ETHFI) as potential beneficiaries. It also said investors should pay attention to decentralized-finance and blockchain-infrastructure digital assets including Solana (SOL), Hyperliquid (HYPE), Aave (AAVE), Ethena (ENA) and Ondo Finance (ONDO).
Citrini Research added that considerable changes have emerged across the broader digital-asset market over the past month. It said that appears to be a sign the market has reached an inflection point.

China is pushing to build a national-level blockchain network.
The initiative was laid out in a recently released opinion on developing "new quality productive forces" issued by the Central Committee of the Chinese Communist Party and the State Council, according to the People's Daily, the party's official newspaper, on October 10.
The plan is part of a national economic development strategy aimed at promoting the integration of the real economy and the digital economy. To support that goal, China plans to build a nationwide integrated computing network and a national blockchain network, while optimizing the deployment and operation of data infrastructure.
Beijing also plans to improve systems covering confirmation of data ownership, market transactions, and the allocation and protection of rights and interests. It will advance related pilot projects so data can be used as a production factor that creates economic value, while also supporting the digital transformation of manufacturing and the development of the industrial internet.
Specific details, including the construction timeline and operating model for the blockchain network, were not disclosed.

A year has passed since the sharp selloff that rocked the digital-asset market in October last year. Some say the tools for identifying market risk have improved, but the structural vulnerabilities that triggered the crash remain in place.
CoinDesk said on October 10 that Bitcoin plunged from about $122,000 to $105,000 on October 10 last year. The slide triggered about $19 billion in forced liquidations across the broader digital-asset market.
Excessive leverage and heavily crowded long positions were cited as the main causes of the crash. As more investors piled into bullish bets, even a small shock was enough to set off a steep decline.
Mark Connors, who previously oversaw products tied to hedge fund positioning at Credit Suisse, said the market hit a peak at an unexpectedly fast pace before collapsing sharply. Investor positioning mattered then and still matters now.
He highlighted the influence of the derivatives market in particular. Last year's selloff began in derivatives rather than on-chain supply and demand. Derivatives are still driving Bitcoin's short-term price moves.
The problem, he said, is that the structural risks in the derivatives market that helped trigger the crash have not gone away. Leveraged products such as perpetual futures still account for a large share of digital-asset trading.
"The possibility of another October 10 is clearly there," Connors said. "Leveraged products haven't disappeared."
Connors also said Bitcoin's four-year upcycle can no longer be treated as a reliable guide to the market's direction. "The four-year cycle hasn't disappeared, but it has changed," he said. "It's become harder to use it as a trustworthy indicator for predicting where the market is headed." Economic and political factors may now have a bigger influence on Bitcoin prices than in the past, he added.
Still, the environment for detecting and responding to market risk has improved over the past year. Data on order flows and investor positioning has become more sophisticated, making it easier than before to identify when the market is leaning too heavily in one direction.
Chris Sullivan, co-founder of Hyperion Decimus, said investors should avoid excessive leverage and closely monitor open interest, funding rates and market sentiment.

The US Department of Justice is reviewing whether Binance has complied with its 2023 settlement, Bloomberg reported on Oct. 9.
Tyson Doubt, acting head of the Justice Department’s criminal division, said in an interview that the department is assessing whether Binance is meeting the terms of the 2023 agreement. He did not provide details or say the company had violated the settlement.
Under the 2023 agreement, Binance agreed to pay a $4.3 billion fine, plead guilty to violations of banking laws and accept enhanced internal controls. The probe is focused on whether the exchange violated US sanctions on Iran by failing to block Iran-linked transactions on its platform.
Last month, the US Attorney’s Office for the Southern District of New York sought forfeiture of $61 million it said was laundered through Binance from proceeds tied to Iranian black-market oil sales. Doubt said the related investigation is ongoing and that his office is involved. He declined to discuss the facts of the case or the status of the investigation in detail.
Binance said in a statement that it is continuing to strengthen its internal controls and is fully committed to cooperating with law enforcement.
Under the settlement, Binance is required to report to the government any evidence or allegations that could amount to violations of federal laws related to money laundering, banking transactions or sanctions. If a breach is confirmed, the criminal case resolved under the earlier settlement could be reopened, potentially leading to additional charges and billions of dollars in further fines.

As the digital-asset market declined, large investors known as whales amassed Bitcoin, Ether and XRP.
On-chain analyst Ali Martinez, citing Santiment data on October 10, said whales used the price drop as a buying opportunity over the past 72 hours.
Over that period, whales added about 15,000 Bitcoin, more than 166,000 Ether and roughly 45 million XRP.
The across-the-board increase in whale holdings suggests large investors viewed the recent decline as a chance to buy at lower prices.
Still, whale accumulation does not necessarily translate into an immediate rally.
As of 7:05 p.m., Bitcoin was trading at $82,750, up 0.15% from a day earlier. Ether and XRP were flat at the same time.