Bitcoin’s four-day crash has initiated a healthy reset among investors, with momentum limited until long-term holders stop selling their BTC, according to Glassnode. Bitcoin’s four-day drop to $104,000 triggered what analysts call a “defensive rotation” among crypto investors, but onchain data suggests the correction was a healthy reset rather than the start of a broader market crash. Bitcoin (BTC) experienced a four-day crash last week, falling from $115,000 on Oct. 14 to a four-month low of $104,000 by Friday, a level last seen in June, TradingView data shows. Despite the decline, analysts said the correction flushed out excess leverage, prompting investors to shift from chasing gains to protecting capital. In a report Tuesday, blockchain analytics firm Glassnode said short-term Bitcoin holder supply has risen, signaling that “speculative capital” is taking a larger share of the market. Read more
The SpaceX-labelled wallets made their second large-scale Bitcoin transfer in three months, raising speculation of a sale as the company faces growing competition. Elon Musk’s aerospace company SpaceX moved $257 million worth of Bitcoin, its second large-scale transfer in three months, prompting speculation about a potential sale as the company faces mounting financial and political pressure. SpaceX transferred the Bitcoin (BTC) on Tuesday, marking the company’s first wallet movements since July. The SpaceX-labelled wallet “1MDyM” transferred $130 million worth of Bitcoin to address “bc1qj,” while another SpaceX wallet “1AXeF” sent $127 million in Bitcoin to address “bc1qq,” according to data from blockchain intelligence platform Nansen. Read more
Argo Blockchain will delist from the London Stock Exchange after its main creditor, Growler Mining, seized control through a debt-for-equity swap. Argo Blockchain’s largest lender, Growler Mining, is taking control of the embattled crypto miner through a debt-for-equity swap that leaves existing shareholders with just a small stake in the company. The restructuring, filed under the UK Companies Act, revealed that Growler will convert about $7.5 million in secured loans and provide new funding in exchange for 87.5% of Argo’s recapitalized equity. Bondholders of Argo’s $40 million unsecured notes will collectively receive 10%, while current shareholders will retain only 2.5%. The deal, part of a court-supervised restructuring plan dubbed Project Triumph, is designed to prevent insolvency and preserve the miner’s Nasdaq listing. Read more
Ether ran into resistance at $4,000 as the absence of new buyers and weak spot Ethereum flows threatened ETH price dropping to $3,100 next. Key takeaways: Declining spot buying and mounting spot Ethereum ETF outflows signal weak demand, risking further losses for Ether. Ether’s bear flag projects a 20% price drop to $3,100. Read more