U.S. stocks surged on Monday, with the Nasdaq up 2.7%, but $BTC barely budged, trading sideways around 74,000. Wall Street is lining up to move on-chain, while crypto prices are going nowhere—that’s how contradictory the market feels today 👇
📊 Market Update: Weekly Close Below the 50-Week Moving Average
Bitcoin briefly flash-crashed to around 73,000 over the weekend, and the weekly close came in below the 50-week moving average (around 75,500) for the first time in two months. Many see 75,500 as the dividing line between bulls and bears, with resistance at 78,000 above that. $ETH performed even worse, falling below 2,100 and its 200-day moving average, with everyone watching the key 2,000 level. The Fear & Greed Index is still in the “Extreme Fear” zone. The U.S. October CPI report comes out tonight and could well determine the short-term direction.
💰 Funds: ETF outflows, whales switch to ETFs
Last week, U.S. spot BTC ETFs saw net outflows of about $1.28 billion. However, BlackRock revealed that in-kind creations—where large holders exchange self-custodied Bitcoin for IBIT shares—hit a record, totaling at least $3.6 billion. The reason: concerns about security risks such as theft and kidnapping.
🏢 Institutions: buying continues in the bear market
Strategy bought another 1,036 Bitcoin last week, bringing its total holdings to 850,364, at an average cost of about $75,456 per coin. Bitcoin is now trading near its cost basis. Strive increased its holdings to 43,153 coins, while Tom Lee’s Bitmine now holds about 4.97% of the total ETH supply and has kept buying for 71 consecutive weeks.
🏦 Wall Street’s on-chain rollout gathers pace
• Coinbase received a formal national trust bank charter from the U.S. OCC
• PNC Bank is piloting USDC payments through Coinbase, automatically converting them into U.S. dollars
• The NYSE selected Avalanche for clearing and settlement of 24/7 tokenized stocks; AVAX rose more than 8% that day
• Schwab launched trading in SOL, AVAX, and LINK
• U.S. Samsung Wallet users can now use USDC on Sui and Solana
⚖️ Regulation: Democrats start digging into the past
Democratic senators have demanded that Binance, Tether, and crypto projects linked to the Trump family hand over records by January 4 next year. Trump, meanwhile, said in an interview, “There used to be oil; now there’s crypto.”
🔥 Other headlines
Ankr’s cross-chain bridge was attacked, resulting in losses of about $300,000; a HYPE whale unstaked about $39 million worth of tokens and transferred them to FalconX; meme trader Cupsey was accused of using an alt account to dump on copy traders; a TradingView index bug briefly showed the total crypto market cap at $6 trillion, getting everyone’s hopes up for nothing 😂
🗣️ Bullish or bearish?
Bears say five consecutive down days are a sign of a bear market, and that a break below could send prices toward 68,000. Bulls point out that whales have turned net short on Hyperliquid and that positioning is extreme, which could instead trigger a short squeeze. The picture should become clearer after tonight’s CPI report.
⚠️ Disclaimer: This article compiles market information from public sources and social media summaries and does not constitute investment advice. Crypto assets are highly volatile; do your own research and be mindful of the risks.