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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.

1% of customer contributions come from Anthropic, while corporate Token spending has nearly stagnated

According to Ramp's tracking of payment data from over 70,000 U.S. companies, approximately 80% of Anthropic and OpenAI's enterprise revenue comes from the top 1% of clients. In August and September, enterprise Token spending saw nearly zero growth for two consecutive months; although it reached a historical high at the beginning of October, it was only 1.5% higher than the peak in August.According to Ornn data, the actual Token price index for Anthropic fell from over $1.70 in mid-September to $0.83, a decline of more than 50%, while OpenAI's corresponding index was $0.45. According to YipitData, the top 1% of Anthropic's clients contributed 46% of revenue in August, up from 25% a year ago. Ramp data shows that the paid adoption rate for enterprise AI in September only increased by 0.62 percentage points to 55.9%. Ramp's chief economist Ara Kharazian believes that growth is shifting from expanding the paid user base to enhancing the depth of use among existing users.Goldman Sachs warns that the growth rate of Token demand must exceed the decline in prices to support sustained investment in computing power. Apollo's chief economist Torsten Slok pointed out that companies are highly sensitive to computing power prices, and price reductions may not necessarily lead to sufficient new demand. Goldman Sachs data also shows that the realized return on invested capital for Amazon, Alphabet, Meta, Microsoft, and Oracle has dropped from 40% to 25%, the lowest since 2016.

Data: Last week, publicly listed companies net purchased 360 million USD worth of Bitcoin, with Strive contributing over 90%

According to SoSoValue data, as of 8 AM Eastern Time on October 19, 2026, the total net purchase of Bitcoin by global listed companies (excluding mining companies) for the week was $360 million, an increase of 1,500% compared to two weeks ago.Strategy (formerly MicroStrategy) purchased 267 Bitcoins last week at a price of $82,900, spending approximately $22.1 million, bringing its total holdings to 848,517 Bitcoins.The Japanese listed company Metaplanet did not purchase any Bitcoin last week.In addition, three other companies announced their Bitcoin purchases or holdings last week. Asset management company Strive announced on October 19 that it spent approximately $330 million last week to purchase 4,045 Bitcoins at a price of $81,734, bringing its total holdings to about 36,818 Bitcoins; the UK Bitcoin treasury company The Smarter Web Company announced on October 19 that it invested $6.93 million to purchase 83 Bitcoins at a price of $83,542, bringing its total holdings to 2,830 Bitcoins; Ethereum asset company Bitmine announced on October 19 that it purchased 1 Bitcoin, without disclosing the specific purchase amount, bringing its total holdings to 215 Bitcoins.As of the time of publication, the total amount of Bitcoin held by the global listed companies (excluding mining companies) in the statistics is 1,161,643 Bitcoins, with a current market value of approximately $95.41 billion, accounting for 5.8% of Bitcoin's circulating market value.

Ledger: Criminal gangs spent millions of dollars to carry out hardware implant attacks, which are part of local distribution channel attacks

Ledger released a report on the investigation of hardware implant attacks, stating that a highly organized criminal gang purchased genuine Ledger devices over several months, disassembled them, and implanted custom hidden components to steal users' recovery phrases when initializing the devices. They then resold the devices through Southeast Asian distributor channels.The attackers invested millions of dollars to build infrastructure for collecting recovery phrases, asset transfers, and money laundering, coordinating actions to transfer victims' assets. Ledger emphasized that this incident was not caused by vulnerabilities in the chip, operating system, or servers, but rather a localized distribution channel attack that occurred after the devices left the company's control. Currently, Ledger has requested authorized distributors and resellers in Southeast Asia and Hong Kong to suspend sales and conduct random checks on inventory and retail channel devices, finding no other tampered devices.Additionally, Ledger has requested authorized distributors not to resell any returned devices, even if the packaging is intact; they have also immediately prohibited displaying products on shelves or in display areas, requiring devices to be stored at the back of the store and delivered upon purchase. The company is working with law enforcement and the security community to track the stolen funds and will disclose more technical details in the future.
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