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Bitcoin holders’ accumulated unrealized gains were the main driver behind the latest decline, according to a CryptoQuant analysis based on on-chain data. CryptoQuant said a large Bitcoin transfer by the U.S. government helped trigger the drop by adding to selling pressure, but the core issue was that BTC holders were sitting on elevated unrealized profits. The firm said the market was already vulnerable to a decline before the large U.S. government BTC transfer, as unrealized gains had built up. When holders are sitting on sizable paper gains, even a small shock can unleash a wave of profit-taking, it added. Short-term holders sent 45,600 BTC to exchanges over the past 24 hours, including 29,100 BTC moved at a loss, which CryptoQuant said was the largest such volume since the correction that preceded June’s rally. CryptoQuant added that $74,600, the realized price for short-term holders, or their on-chain acquisition cost, could serve as a key support level, and holding that range could keep the bull-market structure intact.

Binance announced it will delist 14 tokens from its on-chain trading platform Binance Alpha at 8:00 a.m. UTC today. The tokens are SUP, CUDIS, PYTHIA, BLUM, KIN, DN, GAIA, STRIKE, CDL, KO, VRA, EPT, SLX, and CAI.

Upbit announced it will list KAIA at 9:30 a.m. UTC today for KRW, BTC and USDT trading pairs.

LD Capital founder Yi Lihua said on X that Bitcoin’s correction has not ended yet, citing the pace of the token’s decline over the past two days, and added that BTC is more likely to give up the $79,000 level before the market tests moves around $75,000. Yi said he had watched the correction that began from $86,000 but did not take an actual short position, as he still sees the broader uptrend as intact. He added that pullbacks are a normal part of price action even in a bull market, and stressed the importance of sticking to principles. In his view, a wiser approach in a rising market is to wait patiently and buy at lower levels rather than open short positions in anticipation of a correction, although he cautioned against trying to predict a bottom in advance because market conditions and momentum can change at any moment. Yi had recently said multiple times on X that a Bitcoin correction was likely to begin near $86,000.

Strategy founder Michael Saylor said in an interview with Binance that the digital asset industry’s gold rush will continue through 2035. Saylor said the crypto market remains in an early growth stage relative to the broader global asset market. He added that 99% of Bitcoin’s total supply will have been mined by 2035, which is why he expects the gold rush to continue until then. Saylor also said Strategy is accumulating Bitcoin in line with the scale of its capital raising and has set no upper target for its holdings. The company currently holds about 848,000 BTC, he added. Earlier, Bitmine Chairman Tom Lee said the ETH-accumulating company aims to hold 5% of Ethereum’s total supply and will pause additional ETH purchases for the time being.

Binance announced on its website the addition of a monitoring tag to Biconomy (BICO), Civic (CVC), and other tokens. The designation is similar to a delisting watchlist at South Korean exchanges. Tokens with a monitoring tag carry higher volatility and risk than other assets and may be delisted from the platform if they fail to meet Binance’s listing standards.

A smart trader wallet beginning with 0x2371, which posted total gains of $9.26 million across four trades over about three months starting June 28, opened a 20x long position worth 12,000 ETH, or about $29.88 million, during last night’s crypto sell-off, according to Lookonchain. The position’s entry price was $2,438, and the trader is currently sitting on about $620,000 in unrealized profit. According to CoinMarketCap, ETH was trading at $2,492.11, down 2.93%, at the time of reporting.

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest: Overall: 48.76% long, 51.24% short - Binance: 49.12% long, 50.88% short - Bybit: 48.02% long, 51.98% short - Gate: 47.16% long, 52.84% short

Bitcoin miner MARA Holdings (NASDAQ: MARA) likely sold about $81.13 million worth of BTC overnight, according to a Lookonchain analysis based on on-chain data. Citing data from on-chain analytics firm Arkham, Lookonchain said an address believed to be held by MARA Holdings, beginning with 32i1m, transferred 996.105 BTC to a Galaxy Digital address at around 6:55 p.m. UTC yesterday. As Galaxy Digital provides OTC services for institutional investors, Lookonchain suggested the transfer may have been intended for a sale. According to CoinMarketCap, BTC was trading at $82,321.4, down 0.41%, at the time of writing.

Cardano founder Charles Hoskinson pushed back on Ethereum founder Vitalik Buterin’s claim that advances in AI could threaten the security of lattice-based cryptography. In a post on X, Hoskinson said lattice cryptography has been studied intensively by many researchers for decades, and existing attack methods have already been reflected in security parameter settings, making defenses possible. Hoskinson argued there was insufficient basis for calls to increase key sizes tenfold without a specific attack algorithm and cost analysis. Hoskinson added hash-based cryptographic structures also have algebraic structure, and attacks against real-world hash functions have also been seen. Hoskinson said there was no reason to view lattice-based cryptography as uniquely exposed to AI-related threats. A more reasonable response, Hoskinson said, would be to verify any real attack cases if they emerge and adjust security parameters accordingly, rather than avoid lattice cryptography, a major family of post-quantum cryptography, before any threat has been confirmed.

Tron founder Justin Sun said on Chinese crypto YouTuber Allen Xiao’s channel that he converted all of his assets into cryptocurrency in 2012 as part of a system upgrade aligned with the times, rather than to make money. Sun said assets such as real estate and cars belonged to an older era and could not be translated into a form machines could understand, while Bitcoin and other cryptocurrencies could be recognized by machines. Sun added that updating one’s system earlier ultimately improves the chances of long-term survival. Sun also said personal ambition was not about earning more money, describing money as a byproduct of doing the right things. Sun said financial rewards come naturally when society highly values that work and when the role it plays becomes more important over time.

Solana is expected to apply an upgrade at mainnet epoch 1,053 that will reduce block production time to 200 milliseconds from 250 milliseconds, CoinDesk reported. After the change, the Solana network will offer five block production opportunities per second. CoinDesk said the move marks the final stage of a phased reduction in block times that began at 400 milliseconds in August. The outlet explained that faster block production can reduce transaction delays and opportunities for attacks that exploit them, while also increasing validators’ voting burden and network load, which shortens transaction validity periods. Solana mainnet is currently at epoch 1,052, with about nine hours and 38 minutes remaining until the next epoch.

Spain has approved new rules requiring identity verification for all transactions at cryptocurrency ATMs, ending anonymous use of the machines in the country, Criptonoticias reported. The Spanish government approved Royal Decree 813/2026 on Oct. 8, local time, with the new rules aimed at significantly strengthening anti-money laundering measures in the financial sector. The main goal is to block illicit funds from moving through channels that are difficult to trace. ATM operators have been given an 18-month grace period to implement electronic identity verification systems to meet the new requirements.

Two DWF Labs affiliates have filed a roughly $141 million damages suit against crypto custodian BitGo in London’s High Court, according to Crypto Briefing. The plaintiffs, DWF Maas and Falcon Digital, both linked to DWF Labs, argued in the complaint that BitGo released tokens before contractual lockup periods expired, triggering market price declines. The tokens cited in the claim include Falcon Finance (FF) and Yooldo (ESPORTS). In the case of South Korean project ESPORTS, the token plunged more than 90% in May, when multiple media outlets and community channels raised allegations of a rug pull and price manipulation.

The following shows estimated liquidation volumes and position ratios for major crypto perpetual futures over the past 24 hours: - ETH: $345.7 million liquidated (82.31% longs) - BTC: $261.72 million liquidated (84.59% longs) - SOL: $64.9 million liquidated (91.91% longs)

Ozzy, founder of PONS, a token launchpad in the Arbitrum-based Layer 2 Robinhood Chain ecosystem, said on X that Ozzy bought a small amount of spot BTC today for the first time since January 2023. Ozzy added that last night’s BTC drop felt like the sharpest selloff since the FTX collapse in 2023 and said Ozzy plans to accumulate one BTC through dollar-cost averaging. Ozzy also said not many people actually hold one BTC and personally believes Bitcoin could become a symbol of wealth in the future.

Crypto trader Jason Leo, who has about 122,000 followers on X, said Bitcoin is unlikely to fall straight to $78,000 from current levels in the near term and sees even lower odds of a drop to $74,000. Leo said BTC has corrected only about 5% even as macro headwinds have piled up, including rising U.S. Treasury yields, the possibility of another rate hike this year, and pressure from oil prices and inflation. Leo added the market’s reaction to negative factors matters more than the factors themselves. Leo also said Leo plans to reduce positions if BTC falls below $79,000 and exit all remaining long positions if the daily close finishes under $78,000.

U.S. spot Ethereum ETFs posted a net outflow of $72.5 million on Oct. 8, marking an eighth straight trading day of net outflows, according to Farside Investors. - BlackRock ETHA: -$71.1 million - Fidelity FETH: +$5.5 million - 21Shares TETH: -$1.2 million - VanEck ETHV: -$0.9 million - Morgan Stanley MSSE: +$1.3 million - Grayscale ETHE: -$6.1 million

U.S. spot Bitcoin ETFs posted $244.1 million in net outflows on Oct. 8, extending withdrawals to a second consecutive day, according to Farside Investors. - BlackRock IBIT: -$5.5 million - Fidelity FBTC: -$197.1 million - Bitwise BITB: -$17.7 million - ARK Invest ARKB: -$20.3 million - Franklin Templeton EZBC: +$4.7 million - Grayscale GBTC: -$8.2 million

Claims that global asset manager Fidelity sold $197 million worth of BTC, which some crypto community members blamed for yesterday’s sharp Bitcoin drop, lack supporting evidence and appear to stem from a misreading of on-chain transfers tied to internal asset movements, Crypto Briefing reported. As BTC fell into the $80,000 range yesterday, some in the community pointed to an alleged $197 million Fidelity sale as the cause of the decline, according to the outlet. Crypto Briefing said currently verifiable data does not show an actual sale took place, and added the claim appears to have misinterpreted fund transfers between custody wallets for Fidelity’s institutional clients and related settlement flows linked to its spot BTC ETF business.

Thailand’s SEC has finalized new rules allowing spot Bitcoin and Ethereum ETFs to trade on the Stock Exchange of Thailand, Cointelegraph reported. The Thai regulator announced the rules on Oct. 8 local time, saying they will take effect on Oct. 16. Initial eligibility is limited to Bitcoin and Ethereum, and crypto ETFs in Thailand will be allowed to trade only on the SET. Related products, including depositary receipts linked to overseas crypto ETFs, are not yet permitted. Thai securities firms also remain barred from brokering investments in overseas crypto ETFs for retail investors other than institutional investors and ultra-high-net-worth individuals.

Robinhood Crypto said on X it is considering launching Stock Tokens linked to active exchange-traded funds on Robinhood Chain with global asset manager T. Rowe Price. T. Rowe Price has about $1.9 trillion in assets under management. Robinhood said the product could become the first stock token tied to an active ETF if launched, but added that the collaboration and product launch remain subject to legal due diligence, board approval and regulatory authorization, and have not been finalized.

An address believed to be linked to Wang Chun, co-founder of F2Pool, the world’s fourth-largest Bitcoin mining pool, sold 235.5 WBTC worth about $19.31 million and bought 7,848.5 ETH after a sharp drop in the crypto market, according to EmberCN. Wang had been buying BTC and ETH since late May. The ETH purchase was made at an average price of about $2,460 per token.

A newly created address opened a 40x leveraged long position worth 54.1 BTC, or about $4.42 million, on Hyperliquid, according to on-chain analytics account Onchain Lens. The entry price was $81,778.6 and the liquidation price was $80,819.1. The position is currently showing an unrealized loss of about $1,200, while the address has accumulated losses of about $20,200.

According to CoinNess market monitoring, BTC has risen above $82,000. BTC is trading at $82,009.96 on the Binance USDT market.