JH Kim

On prediction-market platform Polymarket, the betting probability that Bitcoin (BTC) will fall below $100,000 in November exceeded a majority. On the 3rd (local time), according to crypto-focused media WatcherGuru, Polymarket participants assessed the likelihood that Bitcoin will drop below $100,000 this month at 52%. This is about a 9 percentage-point increase from last week. Market participants weigh the possibility that the uptrend may stall as macro uncertainty and short-term profit-taking intensify. Conversely, some traders said, "As long as exchange-traded fund (ETF) inflows and institutional buying persist, the $100,000 support level will not easily break." Meanwhile, Polymarket is a platform that reflects market sentiment on global political, economic, and crypto events based on real-time on-chain prediction data, and the size of bets related to Bitcoin price has recently surged.

Bitcoin (BTC) temporarily gives up $107,000. BTC is trading at $106,997.55, down 2.88% from the previous day on the Binance Tether (USDT) market at 05:05 on the 4th.

Liquid, a decentralized exchange (DEX) aggregator, has raised $7.6 million in seed funding. On the 3rd (local time), according to cryptoasset (cryptocurrency) specialized media The Block, the investment round was led by Paradigm, with several venture capital firms, including General Catalyst, participating. Liquid is a DEX aggregator that integrates liquidity across multiple blockchain networks to provide optimal trading routes; users can trade assets from various networks such as Ethereum (ETH), Solana (SOL), Avalanche (AVAX) through a single interface. The company plans to use the funding to accelerate multi-chain integration and focus on developing its own routing engine and fee-optimization algorithms to improve trading efficiency.

Global crypto asset (cryptocurrency) exchange Kraken (Kraken) has started supporting derivatives trading that can use crypto assets as collateral in the European region. On the 3rd (local time), crypto asset-focused media The Block reported that Kraken introduced a feature in the European derivatives market allowing customers to set crypto assets such as Bitcoin (BTC) as collateral and trade. Collateral assets are settled in dollars at the end of the trade. The measure is interpreted as aimed at strengthening competitiveness in the European derivatives market and increasing inflows of institutional investors. Kraken said, "We have built a secure collateral management system aligned with the European financial regulatory environment," and added, "institutional and high-net-worth investors will be able to utilize crypto assets more efficiently." Meanwhile, the European Union (EU) is gradually implementing the Markets in Crypto-Assets (MiCA) regulation this year and is strengthening supervision of crypto asset collateral and derivatives trading.

Bitcoin (BTC) briefly recovered to the $107,000 level. BTC is trading at $107,357.04, down 2.43% from the previous day, on the Binance Tether (USDT) market as of 02:42 on the 4th.

A trader who had attracted attention with a 100% win rate has seen their winning streak stop. On the 3rd (local time), on-chain data analysis platform Lookonchain said "the whale trader known by address 0xc2a3 liquidated all Bitcoin (BTC) long positions it held and cut losses on some Ethereum (ETH) and Solana (SOL) long positions." The trader recorded $33,000,000 in profits through 14 long/short position trades over the past 10 days and had a 100% win rate as of the previous day, but this stop-loss turned the P&L to -$17,600,000. Lookonchain analyzed that "considering the average leverage was 10x or less, this loss appears to be due to an expansion of short-term market volatility." This stop-loss raises the possibility that the trader's fund management direction may shift, and market participants are watching the address's future position changes.

Donut Labs, a developer of an AI-based virtual assets (cryptocurrencies) trading platform, has raised US$15 million in seed funding. On the 3rd (local time), according to crypto-focused media CoinDesk, Donut Labs is developing Donut Browser, which uses AI agents to automate virtual assets trading, risk analysis, and on-chain strategy execution. The round included BITKRAFT, Makers Fund, Sky9 Capital, Altos Ventures, Hack VC, among others. Major contributors from the Solana (SOL), Sui (SUI), and Monad (MONAD) ecosystems also invested. Donut Labs aims to integrate AI trading agents directly into the browser environment so users can create and execute on-chain strategies without writing code. The company plans to add automated trading functionality linked to DeFi protocols and expand integrations with major blockchain networks.

Canaan, a manufacturer of Bitcoin (BTC) miners, has signed a contract to supply Bitcoin miners to a Japanese power company. The contract is reported to have been pursued for the purpose of research on grid stability. On the 31st (local time), according to virtual asset (cryptocurrency) specialist media The Block, Nasdaq-listed Canaan did not disclose specific cooperation partners, but industry sources have suggested it could be Tokyo Electric Power Company (TEPCO), Japan's largest power company. TEPCO conducted a Bitcoin mining test in 2024 using excess renewable energy through a subsidiary project. Canaan said, "This partnership is part of cooperation to apply mining technology to research on energy efficiency and grid stability management." The company plans to participate in expanding eco-friendly mining infrastructure in Japan going forward. Matthew Sigel, head of digital assets at VanEck, said, "The inclusion of Bitcoin mining as an official research subject within Japan's energy network suggests that virtual asset mining is being incorporated into national infrastructure."

U.S. fast-food chain Steak 'n Shake said it will stockpile all Bitcoin (BTC) used by consumers for payments as strategic assets. On the 31st (local time), cryptocurrency-focused media Crypto Briefing reported that after Steak 'n Shake recently introduced Bitcoin payment functionality at its stores, it announced, "We plan to stockpile all BTC paid by customers according to a long-term holding strategy." The company explained, "We view Bitcoin not merely as a payment method but as a store of future value," adding, "We will hold all BTC generated through the payment network without reselling or converting it." Earlier, Steak 'n Shake drew attention with promotions such as the 'Bitcoin Burger' and 'Bitcoin Meal,' which gave customers extra BTC when they paid with Bitcoin. This announcement is seen as a move to expand that marketing strategy into a long-term financial policy. Steak 'n Shake operates roughly 400 stores in the United States and plans to classify payment Bitcoin as a strategic asset on its financial statements going forward.

The U.S. Department of the Treasury designated $780 million in Bitcoin (BTC) linked to Cambodia conglomerate Prince Group as a sanctions target. On the 31st (local time), virtual asset (cryptocurrency) specialist media DL News reported that the Treasury Department's Office of Foreign Assets Control (OFAC) added 25 virtual asset wallets related to Prince Group to the sanctions list (SDN List). Those wallets were found to hold a total of $780 million in Bitcoin. Earlier, the U.S. government charged Prince Group chairman Chen Zhi with fraud and money laundering and seized 127,271 BTC in the process. This amounts to $13 billion based on current market prices. Prince Group is known to have amassed huge wealth by operating a large-scale fraud and illegal online business network in Cambodia. The U.S. government emphasized that this action is "a firm action against illicit financial activities and human rights violations." OFAC said the measure would serve as a strong warning against criminal money laundering using virtual assets.

Bitcoin (BTC) temporarily relinquished the $109,000 level. As of 01:52 on the 1st, BTC is trading at $108,963.01 on the Binance Tether (USDT) market, up 0.83% from the previous day.

Tether (USDT) surpasses $10 billion in annual net profit…U.S. Treasury holdings expand to $135 billion The world's largest stablecoin issuer Tether (USDT) has surpassed $10 billion in net profit this year. Its U.S. Treasury holdings have increased to a record level, further strengthening its revenue structure. On the 31st (local time), according to crypto-focused media The Block, Tether said in its quarterly attestation report that it issued an additional $17 billion worth of Tether during the third quarter of 2025. It did not disclose specific quarterly net profit, but stated that cumulative annual net profit exceeded $10 billion. Considering the $5.7 billion in net profit recorded in the first half up to July, it is estimated that it earned at least $4.3 billion in profit in the third quarter. Paolo Ardoino, Tether's chief executive officer (CEO), said, "Trust in Tether and financial soundness continue to be strengthened despite a challenging global macroeconomic environment," adding, "these results show the market's firm confidence." According to Tether's asset composition, its U.S. Treasury holdings amount to $135 billion, a significant increase from the previous quarter. It also holds about $13 billion in metal assets and approximately $10 billion worth of Bitcoin (BTC). Tether currently has over 500 million users and maintains the No. 1 market share in the stablecoin market. However, J.P. Morgan recently analyzed in a report that, on on-chain transaction volume and market capitalization metrics, Circle's stablecoin USDC is growing faster than Tether. Meanwhile, Bloomberg reported earlier this month that Tether is seeking to raise up to $20 billion in new investment based on an estimated company valuation of about $500 billion.

Bitcoin (BTC) temporarily relinquished the $110,000 level. BTC is trading at $109,995.72 on the Binance Tether (USDT) market as of 01:17 on the 1st, up 1.82% from the previous day.

U.S. digital asset (cryptocurrency) exchange Coinbase announced strong third-quarter results this year, and major Wall Street investment banks have repeatedly given positive assessments, saying that derivatives and stablecoin businesses will act as next-generation growth drivers. On the 31st (local time), according to crypto-specialized media The Block, Coinbase recorded third-quarter revenue of $1.9 billion, a 37% increase from the previous quarter. Expanded Ethereum (ETH) trading volume and increased subscription and services revenue drove the performance. Net income was $1.44 per share, and EBITDA (earnings before income taxes, interest, depreciation and amortization) was $801 million, exceeding market expectations. JPMorgan called this quarter a "clear earnings surprise (Commanding Beat)" and said that Coinbase's on-chain ecosystem expansion is becoming visible. However, it forecast that fourth-quarter operating costs will rise by about 12% due to acquisitions and new hires, and slightly lowered its target price from $404 to $399. Chief analyst Kenneth Worthington analyzed, "Coinbase remains a leading acquirer in the digital asset market, and based on its $11 billion cash reserves it will have an advantage in future M&A." Analyst Mark Palmer said, "Coinbase's 'Everything Exchange' strategy perfectly fit the bull market," and stated, "Stablecoin-related revenue recorded $355 million, a 7% increase from the previous quarter." He also regarded Coinbase's purchase of 2772 bitcoins (BTC) and its $2 billion share buyback program as positive signals.

Coinbase's Q3 revenue this year was $1.87 billion, exceeding market expectations ($1.78 billion). It was a 26% increase from the previous quarter, and analysts attribute the performance to a recovery in digital asset (cryptocurrency) trading volume and expanded stablecoin revenue. On the 30th (local time), according to virtual asset media Decrypt, Coinbase's Q3 net income was $430 million, and stablecoin-related revenue was $350 million. This is attributed to higher trading fees from increased market volatility and an influx of institutional customers. Coinbase also said its Bitcoin (BTC) holdings increased by 2,772 BTC during the quarter, suggesting it is reinvesting part of its earnings in Bitcoin. Market analysts said, "With ongoing exchange-traded fund (ETF) approvals and continued inflows of institutional capital, Coinbase's revenue structure is becoming increasingly stable," and assessed that "stablecoin revenue will act as a key growth driver in coming quarters."

Asset manager Canary submitted an amended S-1 (registration statement) for an XRP (XRP) spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). Accordingly, there is a possibility the ETF could be listed on Nasdaq (Nasdaq) on November 13. On the 30th (local time), Crypto in America host Eleanor Terrett wrote on X (formerly Twitter), "Canary has filed an amended S-1 for an XRP spot ETF," and "If Nasdaq completes approval of the Form 8-A filing, the listing could occur on November 13." However, he added, "There is also a possibility the listing schedule could be delayed due to variables such as a U.S. government shutdown or the SEC's request for additional comments." Market participants see whether Canary's XRP spot ETF is approved as having a significant impact on the expansion of the XRP ecosystem and on the diversification of the virtual asset (cryptocurrency) ETF market.

On-chain data analytics firm Glassnode assessed that Bitcoin (BTC) could fall further to as low as 88,000 dollars if it does not recover the 113,000 dollar level. On the 30th (local time), according to cryptoasset (cryptocurrency) specialist media CoinDesk, Glassnode analyzed, "Bitcoin has recently entered a correction phase, and a key support level is forming around 88,000 dollars." According to the report, long-term holders (Long-Term Holder) sold about 104,000 BTC this month, marking the largest selling since July. Meanwhile, short-term holders (Short-Term Holder) are increasing selling pressure by executing stop-losses (Stop-loss). Glassnode added, "The market is currently in a correction phase from the peak, and if Bitcoin does not break through 113,000 dollars, it could lead to a collapse of the psychological support level."