issue 262 - week of 10-17-25
curating the good stuff for the casual bitcoin enthusiast each week
Listen below for an succinct overview in podcast format of all items contained in this issue of the newsletter.
news
I used Google NotebookLM and Gemini to summarize the information in this week’s news links:
💥 A severe deleveraging event, primarily driven by the altcoin market, has reset cryptocurrency market dynamics, with a flash crash triggering an estimated $20 billion in liquidations and wiping out 1.6 million traders. This event exposed the fragility of altcoins, described as “FTX-level carnage,“ as market-maker liquidity vanished, revealing a lack of fundamental bids, with some tokens crashing to zero before recovering. Bitcoin, while hit with $2.4 billion in long liquidations and a 25% drop in futures open interest, showed relative resilience, stabilizing 12% below its all-time high. Analysts view this as a healthy purge of speculative leverage, strengthening Bitcoin’s market footing, while raising concerns about the institutional viability of altcoins, with the crisis potentially fostering a new wave of Bitcoin maximalists wary of counterparty risk and illiquidity.
💰 The macroeconomic context amplifies this market shock, characterized by a “reverse crash” where rising hard asset prices, particularly gold, mask a declining standard of living due to fiat currency debasement. Gold’s outperformance over Bitcoin is attributed to its deep integration with central banks and Bitcoin’s internal debates, which may deter institutional investors. On-chain data indicates extreme fear, with metrics like the Fear & Greed Index and NUPL signaling oversold conditions, yet strong spot buying on Binance ($309 million net taker volume) suggests accumulation and a potential market bottom. Key Bitcoin price levels include $118,000 (point of control), $114,000 (short-term holder cost basis), and $95,000 (a critical support dubbed the “bull’s last stand“).
🏦 Despite the volatility, institutional and sovereign adoption of Bitcoin is accelerating. Charles Schwab reported a 90% surge in crypto platform visits and plans spot Bitcoin trading by 2026, while Morgan Stanley and U.S. Bank are expanding crypto services. The U.S. government is amassing significant Bitcoin holdings through seizures, including a $15 billion forfeiture, and has established a Strategic Bitcoin Reserve. Nation-state interest is growing, with discussions involving multiple central banks, potentially positioning Bitcoin as a global financial asset akin to Special Drawing Rights. Analysts suggest Bitcoin’s dip may signal broader market shifts, with its role as a leading indicator contrasting gold’s established reserve status, setting the stage for a potential wave of adoption in 2026.
Charles Schwab Sees 90% Spike in Crypto Interest, Plans Spot Bitcoin Trading in 2026.
Summary: Charles Schwab has reported a significant 90% year-over-year surge in visits to its crypto platform, signaling strong retail investor demand for crypto-related products like Bitcoin ETFs and futures. Clients of the firm now hold approximately 20% of all crypto Exchange-Traded Products (ETPs) in the U.S. In response to this growing interest, CEO Rick Wurster announced that Charles Schwab plans to offer spot Bitcoin trading in the first half of 2026. This move comes alongside the firm’s broader record-breaking quarter, which saw total client assets reach $11.59 trillion.
Link: https://bitcoinmagazine.com/markets/charles-schwab-spike-in-crypto-interest
Investors Pile In After Bitcoin’s Decline — Here’s What It Could Mean.
Summary: Despite Bitcoin’s price correction below $105,000, on-chain data indicates a strong bullish undercurrent, with net taker volume on Binance spiking to $309 million. This high net taker volume, representing immediate market-price buying, suggests investors are aggressively accumulating the asset during the price weakness. The divergence from open interest, which failed to rise in tandem, reinforces that the buying is concentrated in the spot market rather than in leveraged derivatives. Analysts view this aggressive spot accumulation around key liquidity levels as a potential foundation for a parabolic price rebound once the current selling pressure subsides.
Link: https://www.tradingview.com/news/newsbtc:1184ad423094b:0-investors-pile-in-after-bitcoin-s-decline-here-s-what-it-could-mean/
Analyst Warns Gold Trade “Overheated,” Says Capital Could Rotate To ‘Undervalued’ Alternatives, Including Bitcoin.
Summary: The CEO of The Coin Bureau, Nick Puckrin, has warned that the gold trade is likely “overheated” following its recent record-breaking price run. Puckrin suggests that the asset’s current performance and the extreme institutional positioning signal a potential peak in gold’s momentum. He believes that as capital begins to exit this crowded trade, it will seek out “undervalued” alternatives in the market. Consequently, the analyst points to assets like Bitcoin as a prime destination for this rotating capital, which could fuel a significant rally in the cryptocurrency.
Link: https://finance.yahoo.com/news/analyst-warns-gold-trade-overheated-010114574.html
John Bollinger Warns of Imminent Bitcoin Volatility Shift.
Summary: Renowned technical analyst John Bollinger has issued a warning to traders to pay attention, signaling an imminent shift in Bitcoin’s volatility after the asset’s Bollinger Bands recently widened. Bollinger, however, noted that the typically bullish “W” bottom reversal pattern has appeared on the charts for Ether and Solana, but not yet for Bitcoin. Despite Bitcoin’s sharp “V” shaped dip below $104,000, analysts maintain the asset is in an uptrend, pointing to the 50-week simple moving average (SMA) as a key historical support level. The historical context and technical indicators suggest that a significant price move, potentially a strong rebound, is anticipated following the current period of increased volatility and market fear.
Link: https://bitbo.io/news/bollinger-bitcoin-volatility-warning/
Bitcoin Price: 7 Vital On-Chain Signals Spotted From Recent Crash.
Summary: Following Bitcoin’s price dip below $105,000, prominent market analyst Burak Kesmeci identified seven vital on-chain signals that collectively point to a state of extreme fear and oversold conditions. Key metrics show the Fear and Greed Index plunged into the “extreme fear” zone, and the Net Unrealized Profit/Loss (NUPL) dropped below 50%, shifting market sentiment from optimism to worry. Furthermore, on-chain valuation indicators like the Advanced NVT Signal suggest the market is deeply oversold, a condition often seen during early bottom phases. These signals, combined with negative funding rates in the derivatives market, suggest that while fear is high, the present conditions may offer strong accumulation opportunities as a local market bottom could be forming.
Link: https://www.tradingview.com/news/newsbtc:128177cdd094b:0-bitcoin-price-7-vital-on-chain-signals-spotted-from-recent-crash/
DOJ seizes $15 billion in bitcoin from massive “pig butchering” scam based in Cambodia
Summary: The U.S. Department of Justice (DOJ) is moving to seize a massive sum of 127,271 Bitcoin, valued at approximately $14 billion, connected to a sprawling “pig butchering” investment scam. The criminal network was allegedly run by Chinese national Chen Zhi and his Cambodia-based organization, which lured victims worldwide into fraudulent crypto platforms. The operation, which involved workers forced to run the schemes from “scam compounds,” laundered billions in illicit proceeds through various ventures. This landmark seizure underscores a major crackdown on transnational cybercrime, with the recovered Bitcoin reportedly in U.S. possession.
Link: https://www.cnbc.com/2025/10/14/bitcoin-doj-chen-zhi-pig-butchering-scam.html
media
Podcast. The Pomp Podcast: Why Isn’t Bitcoin Pumping While Gold Soars?
Summary: This video, featuring Anthony Pompliano and Jeff Park, explores the perplexing question of why Bitcoin’s price is lagging while gold is soaring, despite an environment favorable for risk assets. The conversation takes a world tour, examining the financial crisis in Argentina, which illustrates the role of the U.S. dollar’s influence and the use of Special Drawing Rights (SDRs), suggesting Bitcoin could one day be a superior, pristine collateral in these nation-state financial dealings. The discussion also covers the U.S.-China trade war, which is characterized as a capital war, noting China’s efforts to open its capital accounts and strengthen the yuan. Ultimately, the hosts argue that gold’s performance is driven by market fear and certainty, and its historical staying power is due to its deep integration into the central banking apparatus—a status Bitcoin has yet to achieve. They conclude that for Bitcoin to fulfill its potential, it must embrace its volatility and the internal conflicts driven by its decentralized and open-source nature, as these factors, which currently hurt sentiment, are necessary for its long-term growth and attention.
Podcast. What Bitcoin Did: Market Chaos - Is the Bitcoin Bull Run Over? | Checkmate
Summary: The discussion centers on the recent market chaos, which saw Bitcoin drop significantly, but was fundamentally an “altcoin story” characterized by a massive, swift flush of speculative leverage. The event resulted in over $20 billion in liquidations, highlighting the extreme fragility of the altcoin market, where prices crashed to near-zero as market makers quickly withdrew liquidity. Checkmate argues that for Bitcoin, the deleveraging, while painful, cleared out excess speculation and leaves it in a better long-term structural position compared to the rest of the crypto market. A key risk for Bitcoin remains the “hodler’s wall,” which signifies that a drop below the $95,000 level could significantly break bull sentiment by putting a majority of recent investments into an unrealized loss. Overall, the analysis is cautiously bullish, suggesting the market is at an inflection point, with the divergence in liquidity and risk between Bitcoin and altcoins having opened an entirely new chasm.
Coindesk. Samson Mow Says “Time is Running Out to Buy Bitcoin at Low Prices”
Summary: The video features an interview with Gen 3 CEO Samson Mow, who discusses his bullish perspective on Bitcoin despite its recent price correction, attributing the volatility to capital flushing out of altcoins and excessive speculation. He suggests that Bitcoin’s decreasing volatility is a sign of maturity, driven by consistent demand from large buyers like Bitcoin treasury companies and spot ETFs (Exchange-Traded Funds). Mow maintains his long-term prediction that Bitcoin will reach $1 million, asserting that “time is running out to buy Bitcoin at these low prices” and foreseeing a rapid run-up once central banks and nation-states begin joining the race. He also discusses the US economy’s debt issues as a potential catalyst for Bitcoin adoption and encourages individuals to buy spot Bitcoin and self-custody their holdings as a defense against government financial pressures. Finally, he expressed concern about Korean retail investors propping up Ethereum’s price by focusing on its dollar value rather than its declining performance against Bitcoin.
Podcast. Coin Stories: Retire Off Bitcoin - Mark Moss’s 5-Year Plan
Summary: The discussion features Mark Moss, who argues that the market is experiencing an “inflationary crash” where asset prices are running away, diminishing the average person’s standard of living, rather than a traditional crash down. He believes that Bitcoin and gold are part of a “debasement trade,” which JP Morgan now recognizes as a safety-haven asset due to continuous government currency printing. Moss dismisses the idea of a massive Bitcoin pullback due to the supply-demand imbalance created by ETFs and corporate treasury companies buying up the asset. He presents a “five-year retirement plan” built on the extraordinary compounding growth rate of Bitcoin, which allows investors to “harvest the appreciation with debt” rather than selling the asset. Moss concludes by asserting that Bitcoin is a crucial tool for restoring hope, purpose, and property rights, which he sees as the antidote to growing political radicalism rooted in economic resentment.
tweets
(Substack blocking direct Twitter links at the moment)
https://x.com/nextlayercap/status/1977514770250252392
https://x.com/swissblock__/status/1977492046144561333
https://x.com/BitcoinMagazine/status/1977805211185127479
https://x.com/PeterMcCormack/status/1977925630818918405
https://x.com/100trillionUSD/status/1978026778917581141
https://x.com/BitcoinMagazine/status/1978014828808519752
https://x.com/Darkfost_Coc/status/1978045427652907273
https://x.com/AxelAdlerJr/status/1977951840344883259
https://x.com/ki_young_ju/status/1978007624521220456
https://x.com/CryptosR_Us/status/1977783460476367298
https://x.com/ChrisMMillas/status/1978047137054179820
https://x.com/OnChainCollege/status/1978112521807519848
https://x.com/UTXOTimes/status/1978022186255278227
https://x.com/Vivek4real_/status/1978154785825051123
https://x.com/ali_charts/status/1978251474359431256
https://x.com/CryptosR_Us/status/1978249539724202117
https://x.com/JoeCarlasare/status/1978288159352922573
https://x.com/TheRealPlanC/status/1978449114179236198
https://x.com/nsquaredvalue/status/1978475567218413786
https://x.com/elonmusk/status/1977986775994843641
https://x.com/OnChainCollege/status/1978492568640917580
https://x.com/BTC_Archive/status/1978833356079902852
https://x.com/nsquaredvalue/status/1978880747390812323
https://x.com/RicardoBSalinas/status/1978939432083378580
https://x.com/MelMattison1/status/1978995661031768418
https://x.com/BitcoinMagazine/status/1979159493553336697
https://x.com/jackmallers/status/1979282439488049613
https://x.com/PunterJeff/status/1979252690732384609
https://x.com/MerlijnTrader/status/1979880207889682711
https://x.com/AlexMasonCrypto/status/1979595878886232121
https://x.com/jack/status/1979864917869318421
If you think we’ve missed something important, please send it to us and we’ll be sure to add it to next week’s newsletter… And please share!
