#比特币 The white paper turned 18 today. On October 31, 2008, Satoshi Nakamoto’s 9-page paper laid out a system that’s still running today.

18 years later, $BTC held its low at $76,600 and bounced back to around $77,000, withstanding the impact of the biggest exchange hack in history this week.

But institutions weren’t so supportive today: U.S. spot ETFs saw net outflows of $643 million on October 30. IBIT alone lost $234 million, wiping out in a single day all $441 million in net inflows accumulated over the previous 4 days.

The white paper is 18, and the market is still the same as ever—faith and fear always in the same frame.