According to macro analyst Jordi Visser, dormant bitcoin is moving again and new buyers are stepping in. Visser spoke on Anthony Pompliano’s podcast and wrote about the trend on Substack, saying old holders are slowly selling while fresh investors pick up coins on dips. He compared what’s happening to an IPO (initial public offering), where early backers cash out and ownership spreads to a wider group. Related Reading: Dogecoin Enters The Big Leagues — Stadium And Jerseys Get A Crypto Makeover Price Action Has Been Flat And Frustrating Bitcoin traded between $109,000+ and $110,500+ over the last seven days, a range that has left traders impatient. Reports show the Crypto Fear & Greed Index returned “fear” readings since Wednesday and averaged fear during the prior week. Yet every pullback has been met by buyers, which suggests accumulation is taking place even as sentiment reads poorly. Network Signals Remain Strong Visser pointed to several industry signals as evidence that this is not a collapse. ETF approvals keep arriving, the bitcoin network hashrate has hit new highs, and stablecoin activity is growing. It was a busy week with many macro catalysts (Us-China, Fed, Mag7 earnings and Zelle/Stabledoins). Pomp and I go through it all and how the last two months look for assets. https://t.co/1mv6FCNYGF — Jordi Visser (@jvisserlabs) November 1, 2025 Those facts are being cited by analysts who argue the market is redistributing holdings rather than unraveling. In other words, supply is moving from long-idle wallets into hands that buy on weakness. What This Means For Volatility Based on Visser’s view, the current phase could continue for some time. He estimates an IPO-like cycle can last about six to 18 months in traditional markets, and while bitcoin moves faster, the process may still stretch toward the six-month mark on his timeline. When distribution finishes, one likely result is lower volatility, because ownership will be scattered across more participants instead of concentrated among early believers. No Loud Signal Expected To Mark The Shift Reports have disclosed that the change may not start with a big breakout or collapse. Instead, the market could simply stop grinding and begin a clearer move as distribution completes. That lack of a single trigger is frustrating for traders who want a clear sign, but it is familiar to anyone who has watched post-IPO stocks settle after lock-up expiries. Related Reading: Dogecoin Flashback: Mirror Move Hints At Record-Breaking Surge A Measured Take On The Market Visser’s interpretation is cautious rather than bullish hype. He does not promise a rapid rally. He points to steady on-chain activity and institutional interest as the backbone supporting his thesis. Featured image from Pexels, chart from TradingView
Mike Novogratz’s Galaxy Digital has moved more Bitcoin out of its wallets, stirring fresh debate about whether big players are selling or just handling client business. Related Reading: Bitcoin Drop Shaves $5 Billion From Satoshi Nakamoto’s Untouched Fortune According to on-chain trackers and posts shared by analytics firm CryptoQuant, a total of 1,531 BTC was recently transferred out of wallets linked to Galaxy. Galaxy’s Client Trades Galaxy acts as both a merchant bank and a trading desk for institutions, so large transfers don’t always mean the firm is cutting its own exposure. Reports have pointed out that Galaxy has executed major client orders before — including a notional sale of over 80,000 BTC in the past quarter — and many of those trades are handled off-exchange via OTC channels. Those facts make it hard to read short-term outflows as pure profit-taking by Novogratz’s firm. Galaxy Digital Outflow Spikes ???? Over 1,531 BTC moved out of Galaxy Digital wallets — a clear sign of rising short-term selling pressure in the market. ???? pic.twitter.com/6BdsOZFatM — Maartunn (@JA_Maartun) October 31, 2025 On-Chain Pattern Adds Detail The 1,531 BTC movement follows a string of recorded outflows. For example, trackers logged an outflow of 411 BTC on Oct. 24, suggesting this isn’t an isolated blip but part of several recent transfers tied to the firm’s wallets. Some analysts say the pattern looks like growing selling pressure. Other market watchers say the sums are consistent with client execution and rebalancing. Market Sentiment Split Sentiment indicators show a split mood. Social measures and the so-called Fear and Greed gauge have dipped into fear territory lately. Yet heads of some asset managers argue the opposite. Bitwise CEO Hunter Horsley has said institutions are “rushing in,” and he points to growing institutional interest as a signal that demand is building at higher levels. Those two views sit at odds: visible outflows and rocky short-term flows on one side, and growing institutional allocation on the other. Price Context And What It Means Bitcoin has been trading just a little over $110,000 as these moves happen. That price level matters because traders watch it as a barrier for bulls. When big transfers land near key price points, they get extra attention; some see them as profit-taking, others as routine client service. Either way, the net effect on price depends on whether buyers step in to absorb the supply. Related Reading: Dogecoin Ignites — 60% Volume Boom Teases Potential Rally Signals Traders Are Watching Keep an eye on three items: ETF flows, OTC activity, and on-chain outflows from known custodians. Spot crypto ETFs have shown net withdrawals in recent weeks, which can sap demand even if big institutions are slowly buying elsewhere. If ETF outflows persist while wallets tied to major brokers keep moving coins out, price pressure may rise. But if inflows return to spot ETFs or large buyers match the OTC sales, that pressure can ease quickly. Featured image from Unsplash, chart from TradingView
With S2F in the rearview, the live power-law channel indicates that BTC is roughly 20% below fair value, but ETF flows could push it to either extreme. Bitbo’s implementation of Giovanni Santostasi’s model places the price near $109,700, the fair value near $136,100, the support near $48,300, and the resistance near $491,800, which frames the current cycle […]
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Solana spent years building a staking culture in which over two-thirds of the circulating supply is delegated to validators, earning roughly 6% annually from inflation and fees. Non-staking Solana ETFs might just change this dynamic. Now that reflexive on-chain participation faces a new competitor: exchange-traded funds that either cannot or will not stake. Hong Kong’s […]
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One onchain observer noted a large transaction by Jump Crypto, speculating that the crypto firm might be rotating SOL into BTC, perhaps weighing on sentiment.
Solana exhibits an on-chain pattern that appears bearish at first glance but becomes constructive when considered alongside capital flows into regulated investment products. Over the past month, early Solana holders, investors who accumulated during quieter market phases, have begun moving older coins back into circulation. For context, Arkham Intelligence analyst Emmett Gallic reported on Oct. […]
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Grayscale Investments kicked off trading of a new Solana-focused ETF on Wednesday, adding a staking feature that passes network rewards to investors. Related Reading: Avalanche Expands In Asia — Japan’s Biggest Card Processor Joins The Network The fund, now listed on NYSE Arca as the Grayscale Solana Trust ETF (GSOL), was converted from a closed-end vehicle that first launched in 2021. From Closed-End Trust To ETF According to Grayscale, the move makes the firm one of the largest Solana exchange-traded product managers in the US by assets under management. The converted ETF lets ordinary brokerage accounts hold SOL exposure while receiving staking rewards tied to the network. Inkoo Kang, Grayscale’s Senior Vice President of ETFs, said the launch shows the firm’s belief that digital assets should sit alongside stocks and bonds in modern portfolios. Introducing Grayscale Solana Trust ETF (Ticker: $GSOL), offering investors exposure to @Solana $SOL, one of the fastest-growing digital assets. $GSOL features: ⚡ Convenient Solana exposure paired with staking benefits. ???? Exposure to a high-speed, low-cost blockchain.… pic.twitter.com/TgVNlhqBPO — Grayscale (@Grayscale) October 29, 2025 Competition Increased This Week Based on reports, Grayscale is not alone. Bitwise rolled out its own Solana ETF on the New York Stock Exchange one day earlier. Canary also listed Litecoin and HBAR ETFs on Nasdaq on Tuesday. Those moves came amid strong interest from asset managers to offer regulated crypto funds that give investors straightforward access to tokens without direct custody. ????JUST IN: $GSOL, the first Grayscale Solana Trust ETF with staking, goes live on @NYSE Arca, offering U.S. investors spot @Solana exposure and staking rewards under newly approved SEC listing standards. pic.twitter.com/eTzVP9Kb1X — SolanaFloor (@SolanaFloor) October 29, 2025 Regulatory Timing And Guidance These ETF launches happened while the US government was partially shut down and some SEC staff were furloughed. Kristin Smith, president of the Solana Policy Institute, said staking-enabled funds offer more than simple price exposure; participants can help secure the network, support developer work, and earn rewards. The Securities and Exchange Commission issued guidance permitting firms to file S-1 registration statements without a delaying amendment, which lets certain funds take effect automatically within 20 days of filing. The SEC had also approved updated listing standards for commodity-based trust shares shortly before the staffing disruption, a step that helped speed up approvals for dozens of pending crypto ETF applications. What This Means For Solana Holders Solana has consistently cemented its status among the powerhouse tokens in terms of market valuation, taking the sixth spot, according to CoinMarketCap. Related Reading: Dogecoin Ignites — 60% Volume Boom Teases Potential Rally Based on reports, the new listings did not include full details on fee levels, which validators will be used for staking, or how staking rewards will be split after expenses. Those operational questions matter to investors weighing net returns and counterparty risk. Trading on NYSE Arca does mean easier access through brokerages, but the finer points of how staking is run will shape how attractive GSOL becomes versus other Solana products. Featured image from Gemini, chart from TradingView
For years, Solana was seen as crypto’s fast but fragile alternative to Ethereum, which was admired for its speed but dismissed as untested. However, that perception shifted dramatically this week. Record launch On Oct. 28, Bitwise’s Solana Staking ETF (BSOL) debuted with $69 million in first-day inflows, the strongest launch among roughly 850 ETFs introduced […]
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US-traded spot Ethereum exchange-traded funds (ETFs) recorded persistent outflows during late September and mid-October, periods that coincided with relative weakness in the ETH/BTC ratio. Yet, non-US inflows and continued staking growth blunted the price impact, suggesting the headwind is episodic rather than structural. The question of whether ETF redemptions drive Ether’s underperformance against Bitcoin requires […]
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Based on reports, several asset managers have updated filings for spot XRP exchange-traded funds, naming tickers such as GXRP and XRPZ. Related Reading: Dogecoin Ignites — 60% Volume Boom Teases Potential Rally That regulatory activity is one of the items market watchers say is drawing attention back to XRP. At the same time, Ripple’s move to acquire GTreasury for $1 billion has been highlighted by some analysts as a step closer to the $120 trillion corporate treasury market. Those developments, taken together, are keeping optimism alive among traders and community figures. Analyst Claims Accelerated Timeline According to social posts and comment threads, the analyst known as 24hrscrypto1 told followers “something big is going on” and reiterated a previously stated $100 target for XRP, while suggesting the date might come sooner than the earlier claim of by 2030. At current trading near $2.60, reaching $100 would represent roughly a 4,000% increase from today’s level. Other commentators have offered similar high-end ranges. Something big is going on.. All I can say is, we will see a $100 XRP way before 2030 ???? — ???????????????????????????????????????????? (@24hrscrypto1) October 17, 2025 For example, CryptoCharged COO Matthew Brienen has described a $100–$1,000 band as “highly possible” inside a five to 10 year span, citing use cases in cross-border payments. Wealth mentor Linda Jones has used a personal example to make a point: a $100 investment once bought about 400 XRP at $0.25 each, but that same $100 today would buy fewer than 35 XRP, a detail some see as evidence of growing scarcity. Institutional Accumulation And Supply Concerns Some observers argue that steady buying by banks and funds has been taking place behind the scenes during volatile stretches. If large holders continue to add positions and trading liquidity thins, the market could face a supply-demand imbalance that would push prices higher quickly. That is the basic line supporting ultra-ambitious forecasts. Yet whether institutions will hold XRP long term or use it actively in payments remains a crucial unknown that would determine how the story actually plays out. Market Moves And Community Momentum Social voices continue to matter. A prominent community commentator using the name UnknowDLT has described XRP as one of the major opportunities for this generation and the next, language that keeps retail interest high. XRP will end up being one of the greatest opportunities of not only our life time, but many to come. — {x} (@unknowDLT) October 28, 2025 At the same time, volatility is real: earlier this month XRP dropped to roughly $1.20 during a broader market pullback, showing how fast gains can be wiped out when conditions change. Related Reading: Bitcoin Obsession Costs Saylor — S&P Tags Strategy As ‘Junk’ Reports note that approval of spot XRP ETFs may depend on regulatory timing and procedural steps at the US securities regulator. Community watchers point to the resumption of SEC actions as a likely trigger for formal approvals, but that is not guaranteed. The filings from Grayscale, Bitwise, and Franklin Templeton have been updated, yet market access will only expand once regulators sign off. Featured image from Gemini, chart from TradingView
Over the past year, Bitcoin’s exchange-traded fund (ETF) boom has been celebrated as proof that Wall Street has finally embraced crypto. Yet the numbers reveal something far more fragile. On Oct. 28, Vetle Lunde, head of research at K33 Research, noted that US-traded Bitcoin ETFs have attracted about $26.9 billion in inflows year-to-date. However, that […]
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Four altcoin exchange-traded funds (ETFs) begin trading on Oct. 28, marking the first wave of non-Bitcoin, non-Ethereum spot crypto ETFs in the US and potentially catalyzing rotation into altcoin after months of consolidation. Bloomberg senior ETF analyst Eric Balchunas confirmed that NYSE and Nasdaq posted listing notices for the Bitwise Solana Staking ETF. A few […]
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Bitcoin price sits around $115,000 as the Federal Reserve meets this week. Policy risk concentrates around Wednesday’s Oct. 29 decision at 2 p.m. ET, followed by Chair Jerome Powell’s press conference at 2:30 p.m. ET. Markets price a 25 basis point cut for this meeting with further easing odds into year end, according to the […]
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In Brazil, the Hashdex Nasdaq XRP (XRPH11) has accumulated around $52 million in assets, despite launching first.
We audit popular gold tokens against five trust tests, then compare them with BTC ETFs and native BTC settlement. Binance founder Changpeng Zhao recently claimed tokenized gold is not on-chain in response to Peter Schiff arguing tokenized gold can outcompete Bitcoin. Saying the obvious. Most people “in crypto” know this, most people “not in crypto” […]
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Mike Novogratz, CEO of Galaxy Digital, warned that Bitcoin reaching $250,000 by year-end would take “a heck of a lot of crazy stuff,” putting a big question mark over some of the bolder market forecasts. Related Reading: All It Took Was A Tweet: FLOKI Jumps 27% After Musk Mentions It According to his remarks, the more likely outcome is that Bitcoin holds near current levels unless major new forces push prices much higher. Novogratz Sets A Realistic Range Based on reports, Novogratz suggested a year-end range of roughly $100,000 to $125,000 for Bitcoin under normal market conditions. At the time of his comment Bitcoin traded around $107,000, meaning a move to $250,000 would require roughly a 130% rise in a matter of weeks. That kind of jump is possible, he said, but it would demand events far outside ordinary market behavior. What Would Need To Happen Reports have disclosed two main scenarios that could create the type of momentum needed for a run to $250,000. One involves US President Donald Trump exerting pressure on the Federal Reserve in a way that shifts macro policy and boosts risk assets. The other key trigger would be swift passage of a major market structure bill for crypto — commonly referred to in discussions as the CLARITY Act — which could open the door to a surge in institutional demand. Both are uncertain and would have to line up quickly for the price to triple-plus in weeks. Market Context And On-Chain Signals On-chain data and recent price action add weight to Novogratz’s caution. Analysts tracking flows, supply, and holder behavior have pointed to a period of profit-taking and slower buying. Glassnode and other trackers show signs of consolidation. In plain terms: long-term holders are selling some coins and new buyers have not yet overwhelmed sellers. Unless large new inflows appear, price momentum is likely to be limited. Related Reading: Bitcoin Whale Goes Big — $255M Longs Opened Before Trump–China Summit Bitcoin: Technical Thresholds To Watch Analysts are watching $125,000 as a key resistance level. A decisive move above that figure could change the math and encourage more buying. Conversely, a sustained hold near the low six-figure range would fit Novogratz’s base case. Spot Bitcoin ETF flows and big institutional purchases are the clearest possible catalysts that could tilt sentiment higher. According to market observers, investors should not assume rapid gains will occur simply because headlines mention big targets. The math is clear: moving from roughly $107,000 to $250,000 in about 10–11 weeks requires mass buying that has not yet appeared. Featured image from Gemini, chart from TradingView
T. Rowe Price, one of the biggest old-school fund managers in the US with roots stretching back to 1937, is finally dipping its toes into crypto, but not just with another Bitcoin tracker. A Oct. 22 SEC filing reveals the $1.8 trillion firm wants to run a fund with a “diversified basket of crypto assets,” […]
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Some of Bitcoin’s biggest holders, popularly known as whales, are quietly moving billions of dollars’ worth of coins into spot exchange-traded funds (ETFs). On Oct. 21, Bloomberg reported that these whales executed roughly $3 billion in in-kind transfers through BlackRock’s iShares Bitcoin Trust (IBIT). Instead of selling, they handed their Bitcoin to the ETF in […]
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Hong Kong has approved the city’s first spot Solana ETF, a move that positions it once again at the front of regulated digital asset access in Asia. The product, launched by ChinaAMC, the Hong Kong arm of Chinese fund manager China Asset Management, begins trading on Oct. 27 across HKD, USD, and RMB counters on […]
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After four straight sessions of redemptions that pulled over $1.2 billion from spot Bitcoin ETFs, US issuers saw a sharp reversal on Oct. 21, bringing in $477.2 million in new inflows. It was the first positive print since Oct. 14 and the largest single-day net gain in two weeks. BlackRock’s IBIT led the recovery with […]
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The leverage era in Bitcoin trading has faded into something more deliberate. What once resembled a perpetual motion casino now behaves more like a bond desk. Options activity has overtaken perpetuals, realized volatility has narrowed, and the largest Bitcoin fund in the world, BlackRock’s iShares Bitcoin Trust (IBIT), has become a vehicle for income strategies […]
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For nearly five years, XRP was the crypto token that couldn’t shake its courtroom shadow. This resulted in its price stagnating, exchanges delisting it, and institutional desks quietly stepping away as the US Securities and Exchange Commission (SEC) pursued Ripple Labs over allegations of unregistered securities sales. During that time, other assets sprinted ahead. Bitcoin […]
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BlackRock’s iShares Bitcoin Trust (IBIT) began trading in the UK on Oct. 20, opening a market that could funnel between $1.5 billion and $2 billion into the fund over time as UK retail investors gain regulated access to Bitcoin (BTC) exposure. The launch capitalizes on the Financial Conduct Authority’s (FCA) recent reversal of its ban […]
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The 12 spot Bitcoin exchange-traded products (ETFs) in the United States reversed sharply last week, recording $1.2 billion in net outflows. According to SoSoValue data, this was their second-largest weekly setback since launching in January 2024. The pullback snapped a two-week run of inflows that had brought in more than $5 billion, a period many […]
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According to posts and short clips published on October 17, 2025, social media personality Andrew Tate warned that Bitcoin could fall to $26,000 before a bottom forms. Related Reading: Bitcoin Plunges To $105k As Investors Shift To Gold After Crypto Carnage His clip argues that as long as many traders expect quick rebounds and hold long bets, the market can keep sliding until optimism is gone. But, it was the “car crash” and “losing your entire family” and having an arm amputated in an accident part that sounded disturbing. It was all a metaphor about the reality of investing in Bitcoin and that everything could get worse. At least, in the way he sees it. On Psychology & Risk Tate’s message was mostly dark and foreboding. He spoke about pain, suffering and how too much expectation can wreck people’s dreams. His message enters on market psychology: too many people still thinking price won’t go lower, which is the worst part — and that keeps risk alive. He framed the move as a capitulation or “amputation” — a moment when traders finally give up and positions are cleared. Several crypto outlets picked up the clip and reposted short videos of his comments across X and Instagram. Market data gives context to why his warning grabbed attention. Bitcoin recently pulled back from highs earlier in October and traded near the $106,000–$107,000 area on October 17, with large liquidations hitting futures and options desks. BITCOIN IS GOING TO $26,000 pic.twitter.com/Ng8ntmjWow — Andrew Tate (@Cobratate) October 17, 2025 Reports show hundreds of millions cleared from leveraged positions in the recent sell-off. That kind of forced selling can amplify moves in either direction. Market Moves And Data Points Other outlets pointed out outflows from spot Bitcoin ETFs on days when prices slid, evidence that institutional flows can swing quickly and affect liquidity. Some coverage named single-day ETF outflows in the hundreds of millions, underscoring how fragile demand can look in a down leg. At the same time, a few market vets argued that these drops create buying chances for longer-term players. Observers split on probability. Some analysts warn that a deep correction is possible if broad liquidity dries up or if macro shocks hit risk assets. Others note that structural change — like larger custody flows and ETF frameworks — creates more buyers than in past cycles, which could make a plunge to $26,000 unlikely without a major external shock. Related Reading: Biggest Shiba Inu Burn In Months — And It Came From A Coinbase Account What Traders Should Watch Meanwhile, key numbers to watch are support near four-figure and five-figure levels that traders have flagged this week, liquidations across futures, and ETF flows in and out of spot products. Momentum indicators versus gold and on-chain metrics have also been highlighted by some outlets as signs of whether sellers are exhausted or just getting started. In short, Tate’s $26,000 call is a bold, simple forecast built on a sentiment argument. It is newsworthy because it came from a widely followed figure and because crypto is volatile right now. But it is one scenario among many. Featured image from Gemini, chart from TradingView
JPMorgan attributes the recent Bitcoin (BTC) and Ethereum (ETH) sell-off to crypto-native leverage rather than institutional exits, noting that spot ETFs and CME futures absorbed minimal forced selling while perpetual futures markets faced sharp deleveraging across both assets. Bitcoin fell 13.1% from $122,316 on Oct. 3 to $106,329 by Oct. 17, while perpetual open interest […]
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JPMorgan attributes the recent Bitcoin (BTC) and Ethereum (ETH) sell-off to crypto-native leverage rather than institutional exits, noting that spot ETFs and CME futures absorbed minimal forced selling while perpetual futures markets faced sharp deleveraging across both assets. Bitcoin fell 13.1% from $122,316 on Oct. 3 to $106,329 by Oct. 17, while perpetual open interest […]
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Rumors are circulating that BlackRock has partnered with Ripple to tokenize real-world assets on the XRP Ledger (XRPL). There has been no confirmation from either party, suggesting that these rumors may not be accurate. Rumors Circulate About BlackRock’s Partnership With Ripple and XRP In an X post, XRP influencer JackTheRippler said that there are rumors that BlackRock is about to announce a partnership with Ripple to tokenize assets on the XRPL. Other XRP influencers, such as CryptoSensei and Bale, also shared the rumor, sparking excitement among XRP community members. Related Reading: Investment CEO Highlights Why Ripple’s XRP Has The Strongest Utility In The Industry However, BlackRock and Ripple have yet to issue an official announcement about the rumored partnership, suggesting these claims may not be true. However, BlackRock CEO Larry Fink confirmed that they are building their own technology to tokenize several of their funds and expand their crypto offerings. The BlackRock CEO noted that tokenization can help crypto-native investors access more traditional assets. He further remarked that if they could tokenize an ETF, they could get these investors into the more traditional long-term retirement products. Notably, the asset manager already has products, such as its tokenized money market fund, BUIDL, which runs on the Ethereum network. It is worth mentioning that Ripple already partnered with the fund’s manager, Securitize, to enable off-ramp support for BlackRock’s BUIDL using their RLUSD stablecoin. This has so far been the closest to a partnership between Ripple and BlackRock amid rumors that the asset manager plans to tokenize assets on the XRP Ledger. However, Ripple has so far helped advance upgrades to the XRP Ledger, which could compel institutions like BlackRock to tokenize their funds on the XRPL. This has included the launch of the Multi-Purpose Token (MPT) standard, which is designed to simplify the tokenization of real-world assets (RWAs). Ripple Expands Into Treasury Markets While rumors of a Ripple and BlackRock partnership do not appear to be accurate, there are other recent developments that provide a bullish outlook for XRP. This includes Ripple’s expansion into the corporate treasury markets through the $1 billion acquisition of GTreasury, a provider of treasury management systems. Related Reading: The XRP Price Roadmap To $8: How An Over 50% Bounce Could Materialize As part of the deal, Ripple and GTreasury will focus on enabling customers to carry out real-time cross-border payments using Ripple’s payment solution, in which XRP serves as the bridge currency. Meanwhile, according to Bloomberg, Ripple is also working to raise up to $1 billion to establish an XRP treasury company. The crypto firm plans to contribute some of its XRP holdings to set up the firm, while the proposed $1 billion is expected to be raised through a special purpose acquisition company (SPAC). At the time of writing, the XRP price is trading at around $2.35, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
Bitcoin extended its week-long decline, sliding to its lowest level since July as renewed US–China trade tensions and heavy fund outflows forced another wave of liquidations across crypto markets. According to CryptoSlate data, Bitcoin fell over 5% in the past 24 hours to as low as $103,300 after trading near $112,000 earlier in the week. […]
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The largest daily redemption since August reflects shifting sentiment after a record-breaking summer for ETF inflows and a growing link between macro risk, derivatives positioning, and bitcoin price action.