Bitcoin ETFs Have Nearly Recovered Early Year Losses, Adding $2.5 Billion in Last Month

S&P Global Ratings has partnered with Chainlink to provide stablecoin stability assessments on-chain, using Chainlink's DataLink oracle infrastructure. These assessments rate stablecoins' ability to maintain value parity with fiat currencies, aiding DeFi systems and institutional decision-making.

Bitcoin and Ethereum are experiencing a downturn, with the total crypto market capitalization dropping 4.4% to $3.85 trillion. The recent liquidation cascade has brought Bitcoin close to $112,500, a critical support level that is being tested repeatedly.

U.S. Ethereum ETFs experienced a significant outflow of $428.5 million on Monday, the largest since September 5. BlackRock's ETHA saw the biggest outflow at $310.1 million, while Grayscale's ETHE and Fidelity's FETH also had withdrawals.

The second test of the Fusaka upgrade was launched on the Sepolia network by Ethereum developers Tuesday, following its successful rollout on the Holesky testnet. The upcoming Hoodi test on October 28 will be the final rehearsal before Fusaka is activated on Ethereum's main blockchain.

Bhutan has connected its National Digital Identity platform to the Ethereum blockchain, becoming the first country to implement a population-scale identity system on a public network. This integration allows for issuing verifiable credentials and linking decentralized identifiers to Ethereum's validator network.

California Governor Gavin Newsom has signed legislation to protect unclaimed crypto, preventing forced liquidation and ensuring assets remain intact before transferring to state custody. The bill updates the Unclaimed Property Law to include digital financial assets like Bitcoin and Ethereum.

Bitcoin is currently trading at around $113,500, down 1.5% in the last 24 hours, following a tumultuous event that triggered significant liquidations. Implied volatility has decreased, indicating a calming market with traders adjusting their risk levels post-crash.

Canaan Inc. (NASDAQ:CAN) stock surged over 40% on Monday, closing at $1.52 with increased trading volume, following the announcement of a gas-to-compute pilot project in Alberta, Canada. The project aims to convert distributed natural gas resources into cost-efficient power for high-density computing environments, potentially reducing carbon emissions.

Citi is reportedly developing a crypto custody service, aiming to offer it to asset managers and clients in the next few quarters. Major banks like JPMorgan and Morgan Stanley are also expanding their digital asset services, while a group of top banks is exploring stablecoin development.

The recent crypto crash caused by Trump's tariff announcement led to historic losses, with Bitcoin dropping to $102,000 and Ethereum below $3,800. Traders are now cautiously optimistic about the market's recovery, with indicators showing mixed signals across Bitcoin, Ethereum, and Solana.