bloomingbit

US spot Bitcoin exchange-traded funds posted net inflows for a second straight trading day. US spot Ether ETFs, by contrast, recorded net outflows for a second consecutive session.
According to on-chain analytics firm SoSoValue, US Bitcoin ETFs saw net inflows of $176 million on October 27. It was the second straight trading day of inflows.
BlackRock's IBIT led the inflows with $150 million. Fidelity's FBTC posted net inflows of $24.5 million. The remaining ETFs recorded no net flows.
US Ether ETFs posted net outflows of $60 million on October 27, extending their streak of withdrawals to two straight trading days.
BlackRock's ETHA posted the largest outflow, with about $93.3 million leaving the fund. Fidelity's FETH and Grayscale Mini Ethereum ETF recorded net inflows of $28.6 million and $4.5 million, respectively. The remaining ETFs recorded no net flows.

The Federal Reserve is expected to leave its benchmark interest rate unchanged this month despite persistent inflation pressures.
Bloomberg reported on October 28 that the Fed is likely to keep rates at their current level at its Federal Open Market Committee meeting on October 28. Markets are assigning less than a 10% chance of a 0.25 percentage-point rate increase at this meeting.
The Fed unanimously raised rates in September to curb inflation. Economic projections released at the time suggested the possibility of one additional increase before year-end. Markets also expect the central bank to hold rates steady at this meeting and deliver another hike at its final meeting in December.
Recent inflation data have reinforced the Fed's tightening stance. Consumer prices in September rose at the fastest pace in five months, while core inflation exceeded forecasts. Producer prices also climbed at their fastest pace in more than four years.
Stephanie Roth, chief economist at Wolfe Research, said the Fed is highly likely to leave rates unchanged at its October meeting, in line with market expectations. But recent inflation data have likely heightened concern among Fed officials, she added, meaning the central bank may indirectly signal its willingness to raise rates again.
Still, differences have emerged within the Fed over the timing of any further increase. Vice Chair Philip Jefferson and New York Fed President John Williams have said there is time to further assess economic conditions. Some regional Fed presidents, however, have emphasized the need for additional tightening because of persistent inflation pressures.
The FOMC decision will be released at 2 p.m. Eastern Time on October 28, and Fed Chair Kevin Warsh will hold a press conference 30 minutes later. Markets are likely to focus less on the rate decision itself than on the timing of any additional hike and Warsh's comments on inflation.

The US has told Gulf states to prepare for the possibility of military action against Iran after the midterm elections, the Wall Street Journal reported on October 27.
Washington recently used diplomatic and military channels to tell some Gulf countries that a short, intense military campaign could begin after the Nov. 3 midterms, the newspaper said. The report added to speculation that the US and Israel are preparing to resume large-scale airstrikes on Iran.
The US military is also stepping up its readiness posture in the Middle East. It has deployed additional Patriot air-defense systems from Texas and moved troops from bases vulnerable to attack. It is also replenishing munitions stockpiles and preparing bomber and fighter sorties. An additional carrier strike group and a Marine expeditionary unit could also be deployed next month.
President Donald Trump has not made a final decision on whether to launch an attack, according to the report. He is weighing a large-scale air campaign after the midterms targeting Iran's key infrastructure and nuclear facilities. The White House declined to discuss specific military plans, but said all options remain on the table to prevent Iran from acquiring a nuclear weapon.
The US and Israel inflicted significant damage on Iran's nuclear facilities in earlier operations, but it remains unclear whether Iran's nuclear and missile development capabilities have been fully eliminated. The International Atomic Energy Agency said it has not confirmed efforts to restore the damaged nuclear sites. Restricted access has also prevented the agency from verifying whether nuclear material has been diverted.
Iran warned that it would retaliate forcefully against economic and civilian facilities across the Middle East if further attacks occur. While Iran still retains a sizable missile arsenal, countries in the region are continuing mediation efforts to avert a military clash. Those efforts have yet to produce a clear breakthrough.

Bitcoin may be headed for a second straight decline in October as buying by US investors slows and spot demand weakens.
A report from on-chain analytics firm CryptoQuant dated Oct. 27 showed Bitcoin falling to $80,051 on Oct. 25 from $83,567 at the end of September. That leaves the cryptocurrency down 4.2% for the month, well below the average October return of 18.1% since 2020.
Bitcoin posted gains every October from 2020 through 2024, but that streak ended last year with a 3.8% decline. If the current trend continues, this year would mark a second consecutive October loss and the cryptocurrency's weakest October since 2020.
Demand indicators also pointed to weakness. Bitcoin spot demand has been negative every day since Oct. 14, and cumulative demand over the past 30 days had dropped by about 76,000 BTC as of Oct. 25. The Coinbase premium, a gauge of US investor buying strength, remained negative throughout October. On Oct. 24, it fell to minus 0.146, the lowest level since late June.
Short-term investors also have less room for profit. The premium of market price over the realized price for holders with a one- to three-month holding period narrowed to 8.1% on Oct. 26 from 33.4% on Sept. 22. CryptoQuant said much of the market's buffer against further price declines has been exhausted.
Still, the uptrend has not fully broken down. CryptoQuant's Bull Score Index fell from 90 to 60, but six of its 10 indicators are still flashing bullish signals. A drop below 50 is interpreted as a sign of a shift in market conditions.
CryptoQuant identified $73,000 to $77,600 as the next major support range. The 365-day moving average stands at $77,585, the short-term holder realized price at $74,041, and the 200-day moving average at $73,028. The firm said the Federal Open Market Committee's rate decision on Oct. 28 and the US midterm elections on Nov. 3 will be key drivers of Bitcoin's next move.

<Today’s Key Economic Events>
▶︎ Oct. 28 (Wed.): △ Day 2 of the FOMC meeting and policy rate decision (3 a.m. Korea time on Oct. 29) △ Fed Chair Kevin Warsh press conference (3:30 a.m. Korea time on Oct. 29) △ Corporate earnings: Alphabet, Microsoft
<Today’s Key Cryptocurrency Events>
▶︎ Oct. 28 (Wed.): △ Introduction of GMX buyback and unstaking lock

Kim Min-seok, leader of the Democratic Party of Korea, said authorities will decide whether to implement taxation on virtual assets, or cryptocurrencies, after comprehensively reviewing market conditions and institutional readiness.
Speaking at a ruling party-government policy meeting on virtual-asset taxation at the National Assembly Members' Office Building on October 28, Kim said the principle that income should be taxed appropriately must be upheld. At the same time, he noted that the Digital Asset Basic Act, which would provide the institutional foundation for the virtual-asset market, has yet to be enacted.
Kim said policymakers need to examine whether imposing the tax without fully reflecting the characteristics of the virtual-asset market and its trading environment could create distrust and confusion among taxpayers. He added that they should also heed and reflect concerns over inadequate tax infrastructure, fairness issues involving overseas exchanges, and worries among young people seeking opportunities to build assets.
He said the meeting was convened to determine whether implementing the tax next year could produce side effects, how any such problems should be addressed, and whether it would be appropriate to introduce the tax as scheduled. He added that a conclusion should be reached after comprehensively reviewing public concerns and institutional conditions, while also accelerating legislation of the Digital Asset Basic Act.
Cho Seung-rae, chair of the National Assembly's Public Finance and Economic Planning Committee, also said the state of preparations for taxation requires further review. He said the virtual-asset market has changed significantly during the three postponements of the tax, and authorities need to verify whether the existing tax system can function properly. Any decision, he added, should be based on practical conditions rather than tax philosophy.
In particular, Cho said a government notice related to the tax that authorities plan to prepare by the end of October could be temporarily put on hold if it becomes an obstacle to the decision. In that case, the party and the National Assembly would need to conduct an additional review of the tax system's readiness, he added.
Lee Hyung-il, deputy prime minister and finance minister, said industry officials and experts agree with the principle of taxation but have argued that any framework should reflect market conditions that have changed since the tax regime was legislated in late 2020. He added that the government is considering a reasonable approach that the public can accept and that can be implemented smoothly in practice, and that it will consult closely with the National Assembly.

Bitcoin (BTC) has recently shown relative strength, outperforming the U.S. stock market.
Glassnode said on Oct. 27 that over the past several weeks, Bitcoin has posted higher returns than the S&P 500 on more trading days than not.
In June, Bitcoin outperformed the S&P 500 on just one out of five trading days. That was its weakest relative performance in more than five years.
Glassnode said the recent relative strength could develop into a self-reinforcing trend. As investors shift capital toward better-performing assets, Bitcoin’s rally could strengthen further.

US Treasury Secretary Scott Bessent said cryptocurrencies could become a key tool in reinforcing the dollar's global dominance.
CoinDesk reported on October 27 that Bessent made the remarks during a conversation with Ripple Chief Executive Officer Brad Garlinghouse at Ripple's Swell conference. He said crypto would support US technological competitiveness and underpin the dollar's supremacy.
Bessent said reserve-currency power was rooted in military strength in the past, but technology will play a bigger role going forward. "The US will maintain its military protection system, but technological protection will become more important," he said. "The US will win the digital-asset technology race and further strengthen the dollar's status through that."
He said dollar-backed stablecoins could expand the use of the US currency, particularly in emerging markets. In countries facing currency depreciation or high inflation, stablecoins could become a new way to access dollars.
Bessent said more than 90% of all stablecoins are issued on a dollar basis, and issuers hold US Treasuries as reserve assets. Broader stablecoin adoption would boost demand for Treasuries and could make them a key funding channel for the Treasury Department.
On crypto regulation, Bessent expressed disappointment that the CLARITY Act failed to pass Congress. He added that the Treasury Department could still work with the US Securities and Exchange Commission and the Commodity Futures Trading Commission to establish an administrative regulatory framework.
Bessent also addressed so-called debanking, in which crypto companies are denied banking services. He said the CLARITY Act would have helped prevent a repeat of the practice, but regulators' best practices and safeguards could still avert similar problems.

Bitcoin short-term holders are continuing to send loss-making coins to exchanges, adding to pressure on investor sentiment, according to on-chain analyst Axel Adler Jr.
In a newsletter on Oct. 27, Adler said his analysis of Bitcoin that moved within the past six months showed inflows of loss-making coins from short-term holders remained dominant.
The 24-hour exchange inflow balance for short-term holders stood at negative 18,600 BTC that day, Adler wrote. That marked a reversal from positive 10,400 BTC a week earlier. The figure fell as low as negative 23,100 BTC on Oct. 26.
A negative reading means that, among short-term holder coins moved to exchanges, coins sitting at a loss outnumbered those in profit. Exchange deposits, however, do not necessarily mean the coins were sold.
During the same period, the share of exchange inflows tied to profit-taking plunged to 16% from 75%. Most coins now moving to exchanges are coming from positions that are underwater.
“The imbalance in loss-making inflows has eased somewhat from the previous day’s low, but it remains substantial,” Adler wrote. Selling pressure can be seen as easing only if the share of profit-taking inflows rises back above 50% and the exchange inflow balance turns positive again.

South Korea’s government and the Democratic Party will hold a policy meeting at the National Assembly on Oct. 28 to decide whether to delay taxation on virtual assets.
A senior Democratic Party official told Korea Business News TV after a closed-door general meeting of lawmakers on Oct. 27 that the party would discuss the various views it has received on virtual-asset taxation at the meeting.
Another party official said the Democratic Party has effectively settled on postponing the tax and plans to deliver its final position to the government on Oct. 28.
The virtual-asset tax was originally due to take effect in 2022, but has been postponed three times because of concerns about investor protection and shortcomings in the tax framework. Under the plan, a 22% tax rate would apply to annual income from transfers or lending of virtual assets above a basic deduction of 2.5 million won ($1,810).
The tax is scheduled to take effect in January next year, but another delay appears increasingly likely given unresolved institutional issues and public sentiment among younger voters.
The presidential office has also been weighing another postponement of virtual-asset taxation and reviewing several options, according to the report.
The Oct. 28 party-government meeting on virtual assets will include key government officials, including Lee Hyoung-il, deputy prime minister and finance minister, as well as senior Democratic Party policymakers.
Seong Nak-yoon, Korea Business News TV reporter nyseong@hankyungtv.com
Jeong Jae-hong, Korea Business News TV reporter jhjeong@hankyungtv.com

South Korea’s Democratic Party and the government are set to hold a policy consultation on Oct. 28 to discuss whether to delay taxation on virtual assets, or cryptocurrencies, scheduled to take effect in January 2027.
Digital Asset reported on Oct. 27 that Jeon Eun-soo, floor spokesperson for the Democratic Party, told reporters after a general meeting of lawmakers that some party members had called for postponing the crypto tax. No decision was made on Oct. 27, he said.
Democratic Party lawmaker Ahn Do-geol also proposed first enacting the Basic Digital Asset Act and then implementing crypto taxation alongside it. The party plans to gather additional opinions before deciding as soon as possible whether to defer the tax.
Hwang Jong-seop, an aide in Democratic Party lawmaker Kim Han-kyu’s office, said he had heard the party-government meeting would be held on Oct. 28. He said the issue of delaying digital-asset taxation was also expected to be on the agenda.
The meeting is expected to include Democratic Party lawmakers serving on the National Assembly’s Strategy and Finance Committee and officials from the Ministry of Economy and Finance.

Calls emerged at a lawmakers' general meeting of South Korea's Democratic Party to delay taxation on virtual assets, or cryptocurrencies, which is scheduled to take effect in January next year. No final decision was made at the meeting.
Digital Asset reported on October 27 that Jeon Eun-su, the Democratic Party's floor spokesperson, said after the meeting that members had voiced support for a delay. He said no decision was reached that day.
Democratic Party lawmaker Ahn Do-geol is said to have proposed first enacting the Digital Asset Basic Act and then implementing crypto taxation together with it.
Jeon said the party would gather more views before making a decision. With about 60 days left before the tax is due to take effect, he said a decision on whether to delay it would be made soon.
The party's policy committee shared various views on the planned launch of the tax at the meeting, but lawmakers' remarks largely leaned toward the need for a delay, according to the report.

Lucent Block holds press conference on fractional-investment licensing
CEO Heo Se-young says the number of licensed firms was capped without a formal vote
Company disputes rejection reasons including capital and governance
“Give us a chance to compete through additional licenses”
Lucent Block, which failed earlier this year to win preliminary approval for a fractional-investment (STO) over-the-counter exchange, alleged that the Financial Services Commission’s licensing process was unfair and opaque. The company argued that the FSC capped the number of licensed operators at two without a formal resolution.
At an emergency press conference held on Oct. 27 at Maru180 in Seoul’s Gangnam district, Chief Executive Officer Heo Se-young called for additional licenses to guarantee a fair chance to compete. He said the company was not seeking preferential treatment for startups, but fairness and transparency.
Lucent Block operates a platform that issues and distributes fractional real-estate investment products. In February, it lost out in the FSC’s preliminary review for a fractional-investment OTC exchange to the Korea Exchange consortium KDX and the Nextrade consortium NXT. At the time, the FSC gave Lucent Block low scores on capital, its funding plan, governance and conflict-of-interest prevention systems.
“FSC capped the number of licensees without a formal vote”
Heo argued that the FSC did not go through a formal vote when it decided to limit the number of approved firms to as many as two. At a regular FSC meeting on Sept. 3, 2025, the matter was handled only as a reporting item, he said. A press release issued the following day then stated that the number had been fixed at up to two.
He also took issue with the FSC’s correction to materials submitted to the National Assembly. The regulator had initially said the cap on licensees was approved through a resolution at a regular meeting, but later revised that explanation, saying it was a working-level error and that the matter had only been reported and discussed. The FSC’s discretionary authority should be exercised through a commission vote, Heo said, but no such vote took place in this case.
Heo also criticized what he described as a lack of objective grounds for limiting the number of licensees. In past approvals for internet-only banks and real-estate trust businesses, authorities reviewed factors including market competition, he said. This time, the FSC offered only a one-line rationale citing investors and the need to prevent liquidity fragmentation. He questioned the logic behind whether there should be one exchange or two.
He also challenged the review standards applied to existing sandbox operators. For OTC exchanges for unlisted shares, regulators first reviewed two existing sandbox operators, he said. For fractional-investment OTC exchanges, by contrast, regulators conducted a competitive review that included new entrants. He questioned why different standards were applied even though both markets were institutionalized under the same enforcement decree.
He said that approach also runs counter to the purpose of South Korea’s financial regulatory sandbox program. Under Article 21, Paragraph 1 of the Special Act on Support for Financial Innovation, innovative financial service operators may apply for the relevant licenses to continue their businesses after their designation period expires.
Existing operators have the right to apply for licenses under the law, he said, but in practice there is no door through which they can exercise that right.
“The stated reasons for rejection are also inaccurate”
Heo also disputed the reasons the FSC gave for rejecting the company. On governance, he said his own stake is about 35%, while the FSC cited a combined 51% including related parties and concluded that the company had the character of a closely held personal firm. He said the structure does not allow him to control other investors’ stakes at his discretion.
He also objected to the FSC’s assessment of capital. At the time of the application, Lucent Block had secured about $16.6 million in capital, according to Heo. That was not far from the roughly $21 million secured by the NXT consortium. It was about one-fourth of the approximately $65.2 million secured by the KDX consortium.
He also explained why Lucent Block did not form a consortium. At a meeting in August 2025, the Korea Exchange had said it would distribute fractional-investment products on its existing exchange, he said, while Nextrade had said it would not participate in the business. At the time, it was difficult to expect either institution to take part in the licensing process for a fractional-investment OTC exchange.
He added that Lucent Block was never asked to join a consortium.
He said the FSC should review those points and provide an additional licensing opportunity. The company is not asking regulators to revoke the licenses already granted, he said. It wants a fair chance to compete through additional approvals.
He also left open the possibility of legal action. The company is reviewing legal procedures, though it is unclear how long that would take. He said he hopes financial authorities will still make a policy decision.

U.S. spot Bitcoin exchange-traded funds attracted more than $100 million in net inflows.
According to SoSoValue on October 27, U.S. spot Bitcoin ETFs recorded combined net inflows of $110.34 million in the previous session. The market returned to net inflows after two consecutive trading days of net outflows.
All of the day's inflows went to BlackRock's iShares Bitcoin Trust (IBIT). The remaining products recorded no net inflows or outflows.

South Korea’s Democratic Party is reviewing ways to revise the virtual-asset tax regime, including a further delay, ahead of its scheduled implementation in January next year.
Newsis reported on October 27 that floor leader Han Byung-do told a strategy meeting on the National Assembly’s state audit that the party would review concerns surrounding crypto taxation, gather internal views at a general meeting of lawmakers, and then consult with the government.
Key issues include whether overseas virtual-asset trading records can be secured at a level sufficient for taxation and whether the tax burden could fall disproportionately on users of domestic exchanges. Han also said the party needs to check whether a tax system reflecting actual trading conditions has been put in place.
The Democratic Party plans to gather views at a general meeting of lawmakers later in the day on adjusting the implementation timing and improving the system, then relay those opinions to the government. It also plans to speed up legislation on the Digital Asset Basic Act, which is intended to define the legal nature of virtual assets and establish a broader regulatory framework for the industry.
Kwon Chil-seung, the party’s policy committee chair, said opinion remains sharply divided over whether to proceed with the tax. Concerns center on the lack of a sufficient legal foundation for virtual assets and the possibility of heavier burdens on young investors. At the same time, others argue that gains should be taxed in the interest of tax fairness.
Kim Han-kyu, the senior deputy floor leader for policy, said the party is also reviewing the view that the same tax standards should apply to crypto and other investment assets such as stocks and bonds. With only about two months left before the planned rollout, the Democratic Party intends to move quickly on consultations with the government and finalize its policy direction.
The virtual-asset tax was introduced through a revision to the income tax law in December 2020, but its implementation has been postponed three times because of insufficient investor safeguards and tax infrastructure. Under the current timetable, it would take effect in January 2027.
The presidential office is also discussing another delay to the start of taxation, according to the report. Still, no decision has been made, and the specific direction will be determined through further consultations between the party and the government.

Today’s Top Economic Events
▶ Oct. 27 (Tuesday): △US September durable goods orders (9:30 p.m. Korea Standard Time) △US October consumer confidence index (11 p.m. Korea Standard Time) △Day 1 of the Federal Open Market Committee (FOMC) meeting △Corporate earnings: Visa, Boeing, Coca-Cola, PayPal
Today’s Top Crypto Events
▶ Oct. 27 (Tuesday): △Osmosis (OSMO) v32 upgrade

Strategy, the corporate Bitcoin holder, plans to introduce a structure under which dividends on its preferred stock STRC accrue every calendar day.
Phong Le, Strategy’s chief executive officer, wrote on X on October 26 that the change would be implemented a week later if the daily dividend accrual method for STRC wins approval.
Under the proposal, dividends would accumulate every day on the calendar. That means payouts would be calculated for all dates, including weekends and holidays, unlike traditional financial products that operate on a business-day basis.
Le said STRC would become the world’s first security with dividends accruing daily on a calendar-day basis if the method is adopted.
He added that the change could help accelerate the digital transformation of capital markets. It could also set a new standard for how dividends are calculated for traditional financial products.
The daily dividend accrual method has not yet been approved. Whether it is implemented, and when, will depend on the outcome of that process.

The US Commodity Futures Trading Commission is set to begin discussions on regulating the spread of artificial intelligence-powered automated trading.
Crypto in America reported on October 26 that the CFTC’s innovation task force will hold the Frontier Forum on Super Intelligence on October 28. Participants from the financial, technology and cryptocurrency industries are scheduled to discuss how advances in AI could affect US financial markets and how oversight should evolve.
The event will be the innovation task force’s first forum. The CFTC is advancing two cryptocurrency-related rule proposals and has also started treating oversight of AI-enabled trading systems as a key agenda item.
In particular, AI agents that use blockchain and stablecoins to execute trades without human intervention are drawing attention as a new use case. As AI gains wider use in financial transactions, the need to review how existing regulatory frameworks apply is also increasing.
The cryptocurrency industry has also emphasized the potential of combining AI and blockchain. Gemini co-founder Cameron Winklevoss previously said, “Humans created cryptocurrency, but cryptocurrency is closer to money for machines than for humans.”
Representatives from crypto companies Tempo, Hedera and Chainlink will attend the forum. Executives from AI and trading technology firms Ornn, Liquid Compute and OneChronos are also scheduled to join the discussion.
The Investment Company Institute, which represents the US regulated fund industry, will also attend. The CFTC plans to discuss the direction of AI-based financial trading and the regulatory challenges that come with it with a range of industry participants.

Anthropic, the developer of the Claude artificial intelligence chatbot, has started the process for a US initial public offering.
Cointelegraph reported on October 26 that Anthropic filed an S-1 registration statement with the US Securities and Exchange Commission a day earlier. The company plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol ANT.
The filing shows Anthropic could make its market debut as early as mid-November. The offering timetable and final listing date, however, have not been set.
Anthropic said it generated more than $16 billion in revenue in the first half of this year. Net loss for the same period totaled about $80 billion. The figures indicate the company posted steep losses despite revenue growth driven by the expansion of its AI business.
The company also disclosed its financial position. As of June 30, Anthropic held more than $112 billion in cash and cash equivalents, while short-term investments totaled about $19 billion.
Investors are also watching the size of Anthropic's IPO. Earlier foreign media reports said the company could raise as much as $100 billion through the offering and reach a valuation of $2 trillion. Those figures, however, are market expectations, and the actual offering size has not been finalized.
Anthropic is an AI company founded in 2021 by former OpenAI executives and researchers. Rival OpenAI is reported to have delayed its IPO plans this year. Sam Altman, OpenAI's chief executive officer, said in September that this year was not the right time to pursue a listing.

Bitcoin's bear market has already ended, and now is an appropriate time to add to positions, according to a new analysis.
Alex Thorn, head of research at Galaxy Digital, wrote in a report released on Oct. 26 that Bitcoin's bear market ended in June and has now entered an accumulation phase ahead of a new upswing.
The report cited technical indicators. Bitcoin stopped falling near its 200-week moving average in June and reclaimed its 50-week moving average in September. Similar patterns have appeared in the past after bear markets ended, the report said.
The report also pointed to easing selling pressure as a positive sign. Net long positions held by asset managers in CME Bitcoin futures have dropped 57% from last year's peak, according to the report. By contrast, holdings in spot Bitcoin exchange-traded funds have risen by about 87,000 tokens since the June low.
Thorn said Bitcoin's investment appeal has strengthened. Concerns are growing that fiat currencies will be diluted as U.S. fiscal deficits and debt increase. That could further highlight the value of Bitcoin's limited supply.
He also highlighted rising interest in stablecoins and tokenization in financial markets. In 2015-2016 and 2018-2019, the financial industry's focus shifted from Bitcoin to blockchain technology, and Bitcoin later surged, Thorn wrote. He said the current market backdrop resembles the late stages of past bear markets.
Bitcoin has already shown it can reach $125,000, Thorn added. There is no reason it cannot reclaim that level, with market conditions now supportive, he said.