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Bitwise: Bitcoin's implied volatility has dropped to a three-year low, and long-term holders continue to distribute chips

Bitwise released a report indicating that Bitcoin is currently holding resiliently around $82,000, a price level close to the spot ETF holding cost. Key support levels below include the short-term holder cost price of approximately $74,800 and the real market average of about $77,600. The former can serve as a reference for judging the short-term market direction, while the latter corresponds to the price level at which half of the invested capital in the market is in profit or loss. The price range formed by these two points may become the dividing line between bulls and bears.The trading range for Bitcoin over the past 30 days and 60 days has narrowed to 1.8% and 3.0%, respectively, with the implied volatility at-the-money for each term also approaching the lower end of the distribution range over the past three years. Among them, the 3-month and 6-month implied volatility are at the 0.8 and 0.2 percentiles of historical distribution, indicating that the market's pricing for future volatility has dropped to extremely low levels.So far this week, net inflows into U.S. Bitcoin spot ETFs have reached $1.074 billion, rising in sync with the cumulative trading volume of the spot market, providing support for Bitcoin prices and offsetting some macro pressures. However, realized profits in the market have also increased, particularly among long-term holders. Meanwhile, the net position change indicator for long-term holders is negative, suggesting they may be in a distribution phase, which could be one reason for the ongoing consolidation of Bitcoin prices.

Gate founder and CEO Dr. Han: Gate Money makes buying coffee with stocks a reality, aiming to double the user base within one to two years

According to the latest episode of the Gatecast podcast, Gate founder and CEO Dr. Han shared the product philosophy and future plans of Gate Money. He stated that Gate is extending years of accumulated experience into the fields of asset management and daily payments, reaching a broader user base, with the goal of doubling the user scale of Gate Money in the next one to two years.Leveraging the technical systems, institutional clients, and market-making liquidity accumulated from years of trading operations, Gate supports the exchange between various types of assets; relying on a global licensing layout and partnerships with banks and payment networks, Gate Money creates conditions for users' fund collection, payment, and consumption applications. These capabilities collectively form the operational foundation of Gate Money, enabling the platform to reduce exchange and fund circulation costs in different usage scenarios.Through various capabilities such as holding, exchanging, appreciating, and paying, Gate Money connects multiple types of assets with life needs. Dr. Han illustrated the consumption use of assets beyond investment by using the example of "buying coffee with stocks." In eligible regions, users can open bank accounts in their own names, using familiar payment methods, with transfers processed by underlying blockchain technology; idle funds can also participate in appreciation through yield products.Looking ahead, Dr. Han also shared the application prospects of AI Agent providing round-the-clock assistance in asset allocation and fund management. With the integration of investment, wealth management, and daily payments, Gate Money will continue to expand the application boundaries of various assets, promoting Gate's services deeper into more everyday life scenarios.

first_img Bitcoin Core adjusts vulnerability disclosure policy to address AI vulnerability exploitation

Bitcoin core developer Antoine Poinsot announced an adjustment to the security vulnerability disclosure policy in the Bitcoin development mailing list. He stated that in the past, vulnerabilities were often kept secret for a long time to allow users to complete upgrades before details were made public, but this also led to fixes not being backported to older versions, requiring users to wait for the next major release. Poinsot pointed out that large language models make some vulnerabilities very easy to rediscover, and the protection that continued delays in fixing can provide is now quite limited.According to the new policy, vulnerabilities deemed "easy to discover" will be fixed as soon as possible in all maintained major versions, with security announcements released simultaneously. This classification applies to vulnerabilities that can be discovered with minimal effort, such as through simple LLM prompts. Other vulnerabilities will still follow the disclosure timeline based on severity: low-severity vulnerabilities will be disclosed two weeks after the major release containing the fix; medium to high-severity vulnerabilities will be disclosed two weeks after the last affected version reaches its end of life (usually one year after the fix is released in a new major version). Critical vulnerabilities are not covered by the standard policy and may require ad hoc procedures.Bitcoin ecosystem security researcher Luke de Wolf stated that he previously disagreed with Poinsot's security strategy but believes this update is a good adjustment. In August of this year, the volunteer-based Bitcoin Red Team reported nearly 5,000 potential issues across 390 projects, with only about one-fifth being reproducible at that time. In the same month, Core Lightning developers urged operators to upgrade or take nodes offline after receiving multiple AI-generated vulnerability reports, while keeping technical details confidential for two weeks.

first_img The Pentagon prohibits the U.S. military from betting on prediction markets using military information

U.S. Secretary of Defense Lloyd Austin has prohibited all Pentagon personnel from using non-public information to place bets on upcoming military operations, involving prediction market platforms such as Kalshi and Polymarket. In a memo sent to senior Pentagon officials and defense agencies on Tuesday, he stated that all Department of Defense personnel are prohibited from using non-public information for financial transactions, with the relevant restrictions covering both classified and unclassified information.Austin wrote in the memo that adversaries will observe movements in these markets, and the safety of U.S. military personnel often depends on the enemy not knowing what is about to happen. He also pointed out that, aside from operational security, financial betting can distort judgment: a logistics personnel betting on the date of an operation will be concerned about that date, and an analyst holding a position on the outcome will also be concerned about that outcome.Before this directive was issued, U.S. Army soldier Gannon Ken Van Dyke was charged in April for allegedly profiting over $400,000 on Polymarket by using classified information regarding the operation to capture Venezuelan leader Nicolás Maduro. Prosecutors claimed he participated in the planning and execution of the operation and used advance knowledge to bet on the outcome of Maduro's ousting; he pleaded not guilty to all charges. In February, Israeli authorities also arrested and charged a military reservist and a civilian for allegedly using classified information to bet on events related to Israeli strikes against Iran on Polymarket.
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