Analyst: The exchange's BTC inflow and outflow ratio dropped to 0.97, which is good for long-term holdings; glassnode: long-term BTC holders have always made profits in this cycle, breaking the previous bear market pattern; former ROVE employees accused the company and founders of defaulting on salaries and token quotas, and said that the App could no longer be logged in and user assets were locked; DWF Labs managing partner: If Trump wins the election and "throws money," funds may flow into the crypto market to recreate the 2021 bull market
Today's headlines:
Next week's macro outlook: September minutes may reveal internal Fed divisions on rate hikes, earnings enter a rare lull
Some Russian Finance Ministry employees receive salaries in digital rubles for the first time
Former ROVE employee accuses company and founder of unpaid wages and token allocations, says app can no longer be logged into and user assets are locked
Cronos tokenomics proposal passes: 228 million CRO burned, 100% of ecosystem revenue to be used for buyback and burn
Crypto industry job postings in September more than tripled from July, but applications fell month-over-month
Stablecoin payment infrastructure company OpenPayd plans to list by year-end at an $11 billion valuation
CNBC host: October has historically been strong, with only 3 monthly declines since 2013
Regulation & Macro
Next week's macro outlook: September minutes may reveal internal Fed divisions on rate hikes, earnings enter a rare lull
According to Jin10, key data and events next week (all Beijing time) include: Monday 17:00 euro area August PPI MoM, 22:00 US September ISM non-manufacturing PMI; Tuesday 22:45 Fed Governor Bowman speech; Wednesday US 20- to 30-year Treasury buyback operation size TBD; Thursday 02:00 Fed releases minutes of September monetary policy meeting, 03:00 US August consumer credit, 20:30 US initial jobless claims for the week ending October 3. The US third-quarter earnings season has not yet begun, with bank stocks usually kicking off in mid-October, making next week a rare earnings lull. Long-end yields, the midterm elections and earnings will be three important variables.
Some Russian Finance Ministry employees receive salaries in digital rubles for the first time
Russia's Finance Ministry said some employees received salaries in digital rubles for the first time, without disclosing the specific number of people or the total amount paid. Previously, during the 2025 federal budget expenditure pilot, about 16 million digital rubles (about $192,000) were successfully disbursed. The Bank of Russia is working with the Finance Ministry to advance the integration of the digital ruble into the budget payment process.
Project News
Former ROVE employee accuses company and founder of unpaid wages and token allocations, says app can no longer be logged into and user assets are locked
Former ROVE growth lead Amy Street accused the company and founder Jason on X of long-term unpaid wages and expense reimbursements, and of refusing to provide a complete accounting of due token allocations. She said she resigned last year after repeatedly pressing for her salary, during which she paid for event expenses out of pocket multiple times and was still owed wages while on a business trip to Abu Dhabi; after resigning, the other party demanded she sign a termination agreement before being willing to pay the remaining balance and provide token information. Over the past year, small reimbursements arrived gradually, but large debts and token allocations remain unresolved. She also pointed out that the Rove App has been inaccessible for about a year, user assets are locked, and the official promise to restore it the following week was not fulfilled. She has retained all written evidence and is pursuing her rights through a lawyer.
Cronos tokenomics proposal passes: 228 million CRO burned, 100% of ecosystem revenue to be used for buyback and burn
Cronos Network said on X that both tokenomics model proposals passed a community vote. The 228 million CRO in the community pool has been burned, bringing cumulative burns to 428 million CRO. 100% of revenue generated by Cronos Ult and Cronos Launch will be used to buy back CRO on the open market and burn it monthly, with each transaction hash made public. The staking reward mechanism remains unchanged and continues to be funded by the strategic reserve.
Hyperliquid Strategies again adds 1.9 million HYPE, worth $167.2 million
According to Hyperliquid News, Nasdaq-listed HYPE treasury company Hyperliquid Strategies again bought 1.9 million HYPE, worth $167.2 million, bringing its cumulative holdings to about 37 million HYPE, worth about $3.2618 billion, and it also holds $292.6 million in cash.
Investment and Financing News
Stablecoin payment infrastructure company OpenPayd plans to list by year-end at an $11 billion valuation
London-based stablecoin payment infrastructure company OpenPayd plans to list on Nasdaq (ticker OP) by the end of 2026 through a merger with Titan Acquisition Corp., at a valuation of about $11 billion. The CEO said the proceeds from the listing will be used for US market expansion and acquisitions, with the goal of launching services to US customers before April 2027, having already acquired money transmission licenses in 43 states. Revenue in the latest fiscal year (ending April 30, 2026) was $73 million, up about 28% year-over-year. Clients include Kraken, OKX and others.
Views & Analysis
Analyst: Exchange BTC inflow-to-outflow ratio falls to 0.97, bullish for long-term holding
CryptoQuant analyst Darkfost pointed out that the monthly average of the exchange BTC inflow-to-outflow ratio is about 0.97 and continues to decline, with outflows dominating, which is a positive signal. A large amount of BTC flowing out of exchanges means investors tend to move purchased BTC into self-custody for long-term holding.
DWF Labs managing partner: If Trump wins and "hands out money," capital may flood into crypto markets and recreate the 2021 bull market
DWF Labs managing partner Andrei Grachev said that if Trump wins the midterm elections and gives $5,000 to every adult, equivalent to 150% of the pandemic-era helicopter money effort, people will put some of the funds into crypto markets, potentially recreating a bull market similar to 2021.
Analyst: BTC chip concentration approaches warning zone, market may face a major turning point
Analyst Murphy pointed out that BTC daily candles have closed as dojis consecutively, with rare upper and lower wicks. On August 1, two chip bars appeared in the $62,000-$63,000 range, totaling about 1.68 million BTC, with chip concentration at 12.9%; on October 3, two chip bars appeared in the $83,000-$84,000 range, totaling about 1.52 million BTC, with concentration already rising to 12%, approaching the upper warning zone. After this data combination appeared on August 1, BTC took only 17 days to surge from $60,000 to $80,000. Murphy believes that chip accumulation and rising concentration do not indicate a certain direction, but the probability of increased volatility rises, and he expects something major in the market in as little as 1 month or as long as 2 months.
Nikita Bier publicly responds to reason for leaving X: personal safety pressure made it difficult to continue product development
Former X product head Nikita Bier responded on X to the reason for his departure, saying that working at a Musk company allows for rapid changes in direction, with a flat and agile organization where titles do not matter. He explained his departure by saying, "When someone frequently shows up at your door trying to harm you or your loved ones, it is hard to continue product development," and said bearing pressure as a publicly identified leader is a necessary sacrifice. He had already stepped down as X product head in August this year to become an advisor, with Benji Taylor overseeing design, Singhai overseeing core product engineering, and Dinkin Flicka overseeing mobile engineering.
Trader Doctor Profit: Already shorted BTC at $86,200, expects maximum pullback to $69,000-$71,000
Trader Doctor Profit said he has shorted Bitcoin at $86,200 and plans to continue adding to shorts in the $86,500-$89,500 range to build a swing short position. The target price is $79,000, at which point he will decide whether to take profit and close or continue holding based on the price reaction. He expects the maximum pullback to be between $69,000 and $71,000, and it will absolutely not break below this range. He will first watch the $79,000 level, then assess whether support is solid and whether the bull market continues, and based on that judge whether it will continue lower or reverse to set new highs.
CNBC host: October has historically been strong, with only 3 monthly declines since 2013
A Bitcoin Magazine host pointed out that October has historically usually been strong for Bitcoin, with only 3 monthly declines since 2013. There are already signs that this month's price action may develop as the market expects, and Bitcoin may be preparing to start a new bull market.
Key Data
glassnode: BTC long-term holders have remained profitable throughout this cycle, breaking the pattern of previous bear markets
glassnode data shows that BTC long-term holders have remained profitable throughout this cycle. This has never happened in any previous bear market at least since 2015. In every previous bear market, the LTH-MVRV indicator fell below 1 at the cycle bottom, causing losses for this group, but this time the indicator bottomed above 1 and is now rising again.
Crypto industry job postings in September more than tripled from July, but applications fell month-over-monthCryptoJobsList data shows that 1,241 crypto industry job postings were published in September, up from 886 in August and 382 in July, and more than double the 573 in January. The number of hiring companies rose to 125 in September, up from 107 in July and 77 in August. However, the number of applicants in September was slightly below 20,000, a month-over-month decline (25,700 in July and 24,631 in August). Over the past three months, demand was strongest for finance roles, followed by engineering and trading; stablecoins, AI, security, and compliance ranked in the top ten. Bitcoin, Ethereum, and Solana were the most frequently required blockchain skills.
71% of Uniswap's tokenized stock trading in September occurred outside U.S. market hours, with nearly half taking place when exchanges were closed
According to Kaiko monitoring, 71% of tokenized stock trading volume on Uniswap in September occurred outside regular U.S. stock market hours, with nearly half taking place when exchanges were completely closed, indicating that the price discovery process is shifting toward nights, weekends, and holidays. Of 25 large price gaps, 20 saw weekend token price movements align in direction with the Monday opening gap. Robinhood Chain has now surpassed most other blockchain networks in tokenized stock trading volume.