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Cryptocurrency analyst Axel Adler Jr. stated that as of October 21, the proportion of new investors' funds in the Bitcoin network has risen from a year-to-date low of 6.6% on July 5 to 11.2%, indicating that new funds are gradually returning, but the inflow remains below the levels of over 20% seen in 2024 and 2025.Currently, the price of Bitcoin is approximately $82,300, with the average holding cost for short-term holders at $75,100, resulting in an overall unrealized profit of about 9.5%. This group has been in a profitable state for 63 consecutive days since August 20, with the unrealized profit ratio reaching 16% on October 5. If the proportion of new investors' funds exceeds 11.5%, it will indicate a further increase in buyer demand; if it falls back below 10%, it suggests that the inflow of new funds may stagnate. If Bitcoin drops below $75,100, the overall short-term holders will turn to a loss, and related selling pressure may increase accordingly.

Circle CEO Jeremy Allaire stated in an interview that he is not particularly focused on the short-term price performance of Bitcoin, but is more optimistic about the digital dollar used for payments and the AI agent economy. Allaire mentioned that the digital dollar can be used for payments, transactions, lending, and investment, and that AI agents will participate in more economic activities in the future, potentially further driving the demand for digital dollars and related blockchain infrastructure, although he did not provide specific data on the growth of this demand.On the regulatory front, the Office of the Comptroller of the Currency in the United States is formulating rules related to the GENIUS Act. The proposal requires stablecoin issuers to hold reserve assets not less than the total amount of circulating stablecoins and to redeem at face value within two business days, while prohibiting issuers from paying interest to holders. Allaire believes that the bill has bipartisan support and can provide policy protection for the stablecoin industry, but broader legislative progress on the structure of the cryptocurrency market in the United States has not yet been made.

The Cardano ecosystem's decentralized trading and yield protocol Genius Yield is gradually ceasing operations. Co-founder Lars Brünjes stated on October 22 that to address the issue of users being unable to withdraw assets normally, an independent open-source tool called Genius Zero has been developed.Genius Zero allows users to bypass the original backend servers of Genius Yield and directly use Cardano smart contracts to unstake, cancel DEX orders, and withdraw assets. The original DEX trading fees still flow to the address controlled by Genius Yield, and adjusting the fee rates requires the signatures of at least three of the four original founders, which has not yet received sufficient authorization.

The Liquid Network officially announced the progress of the phased recovery, stating that the network recovery work has entered the final stage, focusing on strengthening security mechanisms, conducting independent audits, and gradually restoring the redeeming function of pegged assets.In terms of functional recovery, the network will first gradually open semi-automated BTC and LBTC exchange services, coordinating with participating exchange service providers to implement this service, which itself does not impose transaction volume limits at the protocol layer.In the next phase, the Liquid Network will restore the 1:1 Bitcoin reserve support for the network, and then gradually reopen the Federation redeeming function to authorized PAK key holders, but the full restoration of related functions still depends on the completion of remaining security checks and operational requirements.

Bitcoin News posted on platform X that Charles Schwab has opened Bitcoin and Ethereum trading to all eligible retail clients in the United States through its existing investment platform, charging a fee of 0.75% per transaction, with a minimum of $1 and a maximum transaction limit of $2 million.The company is gradually launching digital asset transfers between Schwab accounts and external wallets, requiring users to register their withdrawal addresses in advance and complete security checks. Paxos Trust Company provides custody, trade execution, and settlement infrastructure, and the related digital assets are not protected by SIPC or FDIC insurance.

The Bitcoin infrastructure protocol Echo Protocol announced on platform X that it will gradually terminate the operation of the protocol due to business adjustments. The official announcement expressed gratitude to the community, partners, and users for their long-term trust and support, and committed to completing the subsequent liquidation work transparently and responsibly.Currently, all core businesses of the Echo Protocol have fully stopped accepting incremental funds. The lending protocol has halted new deposits, new loans, and interest accrual, while the strategy and LSD businesses have also ceased new deposits and new pledges.The official has now opened repayment, withdrawal, and necessary asset liquidation channels, urging users to take action as soon as possible: lending users should repay debts, release collateral, and withdraw assets promptly; strategy and LSD users should initiate exits and claims as early as possible; users holding aBTC can continue to use the Aptos-to-B² cross-chain bridge for redemption.To ensure an orderly liquidation process, the announcement specified key timelines. All borrowers with outstanding debts must complete repayments by November 14, 2026, or face collateral liquidation, with the proceeds used to repay lenders. The final deadline for users to make repayments, withdrawals, and release pledges is November 19, 2026, at 23:59 (UTC).After this, the Echo Protocol will officially cease operations, and all remaining positions will enter the final liquidation and settlement process, with the platform only retaining the redemption service of the Aptos-to-B² cross-chain bridge. Since LSD and Strategy assets depend on the request time for underlying pledges/unpledges, the actual time users can claim will be affected by this factor.

The Japanese yen stablecoin issuer JPYC posted on the X platform that the issuance processing of JPYC on the Polygon network experienced delays starting around 14:00. The related issues have now been resolved, and the backlog of issuance applications is being processed in order.JPYC emphasized that the JPYC issuance services on other networks and all redemption processing across networks were not affected by this incident.

The perpetual contract platform StandX announced a one-time DUSD airdrop to the community, where users can claim the full amount with no lock-up. The distribution criteria include pre-deposits, Alpha, mainnet trading, market making, and referral activities. All amounts must pass anti-whale and volume manipulation checks, and amounts for abnormal accounts may be adjusted or canceled. StandX also stated that it has decided not to issue tokens, and the airdrop funds come from the project's remaining income and additional contributions from the team.StandX stated that after the mainnet goes live in November 2025, it has served over 237,000 users, with a peak TVL exceeding $200 million, and no security incidents have occurred during its operation. Airdrop inquiries will open on October 26 at 00:00 (UTC), with the claiming period from November 1 at 00:00 to December 31 at 08:00 (UTC). Claims not made within this period will be considered forfeited. Users must use the BNB Chain or Solana wallet address used on StandX to claim.StandX also announced that it will gradually cease operations after assessing business and market conditions. From October 15, all types of earnings will stop, and new deposits to the treasury will be closed. From October 20, perpetual contracts will enter a mode of only reducing positions. All remaining positions will be liquidated at the marked price on January 15, 2027, and January 31, 2027, will be the deadline for DUSD redemption and asset withdrawal. The official reminder is to claim the airdrop only through standx.com.

Analyst Murphy posted on platform X, stating that as of October 15, 2026, Bitcoin has fallen to around $81,000 on October 9, 12, and 15, repeatedly testing the same support area. The latest round of declines, combined with U.S. inflation exceeding expectations, rising market concerns about the Federal Reserve tightening monetary policy further, and weakening U.S. stocks, has put overall pressure on risk assets.Murphy noted that from the on-chain adjusted realized loss data, the scale of losses corresponding to the three dips shows a decreasing trend: the loss on October 12 was less than that on October 9, and while the loss on October 15 was larger than on October 12, it was still lower than on October 9. October 9 appears to be a peak where short-term price-sensitive chips concentrated their exit; during the second dip, market sentiment was more cautious, and the willingness to sell was not strong; the third decline, under macroeconomic negative influences, again forced some swing chips to stop-loss and exit. Therefore, the current market is closer to a gradual clearing of swing chips rather than a full-blown panic sell-off. If the proportion of short-term holders' losses remains around 31%, below the historical cumulative average of 42.7%, it indicates that the clearing of chips may not be sufficient, and further volatility and selling pressure may still occur. Next, it should be observed whether the scale of realized losses continues to converge: if the price maintains near the current support area and the release of losses gradually weakens, it indicates that passive selling is decreasing, and a phase adjustment may be nearing its end; if the scale of losses expands significantly again, it indicates that the market still needs to undergo a more thorough turnover of chips.

Doubao Mobile Assistant stated that the 30-day public announcement period for its "Screen Automation Operation Declaration Agreement" (SAEP) ended on October 14, 2026, and it will gradually lift the screen automation operation permissions for third-party applications. Applications that have explicitly declared refusal of operation permissions will not be operated by the agent.After the public announcement period ends, developers can still declare refusal at any time, and Doubao Mobile Assistant will provide feedback within 3 working days. This agreement is aimed at cross-application operations of graphical interface agents, allowing developers to declare their interaction strategies with the agent.

Sui posted on platform X that the Hashi mainnet will gradually go live this month, with over $500 million in capital commitments already secured.Anchorage will join as a launch partner to provide qualified custody services and stablecoin liquidity for Hashi.

Analyst Darkfost stated that the recent demand for Bitcoin in the market has significantly improved, especially as spot demand continues to rise. Currently, the total demand for Bitcoin has returned to positive territory, exceeding 14,000 BTC, while futures demand remains relatively stable, averaging about 32,000 BTC recently.Spot demand is currently around negative 17,000 BTC. Although it is still in negative territory, it has improved significantly from negative 207,000 BTC on September 20. Darkfost believes that while the current Bitcoin price is declining, market demand is gradually recovering, which is a positive market signal.

Bitget's Greater China Regional Head, Xie Jiayin, recently addressed community concerns during a live broadcast. He reflected that since Bitget's establishment 8 years ago, user asset security has always been the top priority, successfully resisting multiple attempts of cyber attacks and maintaining a long-term record of secure operations. This incident marks the first security crisis in the platform's 8-year development history.Upon complete tracing, this incident is classified as a special attack targeting a third-party security software supply chain. The attacker exploited vulnerabilities in third-party products to obtain internal network credentials; however, private keys were not leaked, and cold wallet assets were unaffected. Currently, Bitget has partnered with security agencies Mandiant and SlowMist to conduct an independent review and will comprehensively upgrade the monitoring and management standards for third-party components. We are not only committed to promoting a full recovery following this incident but will also contribute to a safer, more robust, and healthier development of the industry through continuous technological iteration and system upgrades.

Cryptocurrency KOL and former FTX community partner Benson Sun stated that he expects the current Bitcoin market to show a gradual new high slow bull trend, rather than forming a clear top after a rapid short-term rise like in 2013 and 2017. Before the true cycle top arrives, the market may experience multiple local top signals. He believes that after 2021, the main buyers of BTC have gradually shifted from retail investors to institutions such as publicly listed companies, spot ETFs, and corporate treasuries.Since institutions mainly buy spot, some funds will also use Delta Neutral strategies for arbitrage, and traditional indicators such as funding rates and MVRV Z-Score may not rise to extreme levels again at the cycle top. Recently, the cycle top is more likely to manifest as institutional funds losing momentum rather than retail sentiment becoming overly heated. The Institutional Liquidity Index (ILI) mainly references overall dollar liquidity, the mNAV of Strategy, and the net flow of Bitcoin ETFs to determine whether institutional funds follow up when BTC reaches new highs. When BTC sets a new rolling 30-day high while ILI does not rise simultaneously, it constitutes a yellow divergence; when BTC breaks historical highs while ILI diverges and is below 50, it constitutes a red divergence.Benson Sun indicated that he would use the frequency of yellow divergences as a reference for judging the cycle process: each occurrence would lead to a proper reduction in altcoin positions and leverage; as the market enters the later stages, he would gradually increase the proportion of BTC and ultimately retain only spot. If a red divergence occurs, he would stop participating further.

Bitget stated that the vulnerabilities related to the security incident discovered on September 24 have been confirmed and fixed. The platform will gradually resume withdrawals after completing further security checks. Mandiant, a cybersecurity company under Google, and Slow Mist Technology are assisting in the investigation.The resumption schedule is as follows (UTC):September 28, 8:00: Bitcoin network BTCSeptember 29, 8:00: Ethereum, BNB Smart Chain, Arbitrum, Base, Optimism network ETHSeptember 30, 8:00: Ethereum, BNB Smart Chain, Solana, Tron network USDTOctober 2, 8:00: Other tokens, fiat currencies, and peer-to-peer transactionsBitget mentioned that the suspension of withdrawals is a temporary security measure and is unrelated to the availability of user assets; account balances have not been affected, and the protection fund will cover the financial impact caused by this platform-level incident. The situation is currently under control, and unauthorized transfers will not occur again. Trading and deposit services are still operating normally. Users do not need to take any action in advance; the specific reopening situation will be subject to notifications from the platform and official channels.

The Sui ecosystem decentralized finance protocol AlphaFi announced the initiation of an orderly shutdown procedure. It has now entered maintenance mode, halting new deposits and loans. Existing users can still close positions and withdraw assets.Previously, some loan positions in AlphaLend that used ALPHA as collateral experienced severe under-collateralization, leading to bad debts for the protocol. Currently, the related bad debts have been fully covered, and the protocol is solvent, ensuring user fund safety. AlphaFi will continue to cooperate with the Sui Foundation to investigate and recover related debts, and will officially exit the Sui ecosystem after the last user completes their withdrawal.

The "Whale" has set 10 major goals and updated its Bitcoin strategy on the X platform, stating that it has firmly aimed for $100,000 since the initial rebound of BTC from the bottom of $58,000. However, due to a failed attempt to judge the top along the way, it missed out on a significant portion of profits, and the current average entry position for its long positions is approximately $78,000.Regarding future operations, JasonLeo stated that if BTC falls below $79,000 again, it will begin to gradually close long positions; if it quickly rises to $100,000 in the short term, it will consider establishing some defensive short positions in the range of $98,000 to $105,000 to hedge against weekly-level pullback risks. If BTC stabilizes above $108,000 on the daily chart, the aforementioned short position logic will become invalid. If BTC does not directly surge but instead engages in thorough trading within the range of $80,000 to $100,000, it will consider taking defensive actions in the range of $115,000 to $125,000.

Cryptocurrency analyst @AxelAdlerJr posted that after August 19, the number of bitcoins held by long-term holders has decreased for 5 consecutive weeks, but the pace of reduction in the last 30 days has significantly slowed from 105,900 BTC on August 30 to 21,700 BTC on September 20 (nearly five times slower).In addition, the amount of bitcoins held by long-term holders decreased by 47,800 BTC last week. LTH SOPR data shows that most of them were sold at a loss.