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CryptoQuant analyst MorenoDV_ published an analysis indicating that the realized market cap of new whales in Bitcoin is $78.61 billion, while old whales stand at $159.15 billion. New whales account for 33.06%, compared to about 18% earlier in 2026.Since September, the realized market cap of new whales has continued to grow, while old whales have remained relatively stable, with the growth primarily coming from new whales. The realized market cap is calculated based on the price at the last on-chain transfer of the tokens and does not represent the proportion of BTC supply.In terms of cost, the overall cost basis of new whales has decreased from a previous high of around $110,000 to about $68,000 at the end of August, before rebounding to around $77,000. The current BTC price is $82,134, which is approximately 6.7% higher than the cost basis of new whales.The analysis suggests that the data shows large holders buying during the downturn and continuing to accumulate as prices rebound. However, the turnover of the holder group and transfers between addresses can also inflate the realized market cap, so the growth in realized market cap cannot be interpreted as an equivalent influx of new funds. If BTC continues to fall below around $77,000, new whales will incur losses again, increasing the likelihood of selling during a rebound. The inflow to exchanges and realized losses can be used to determine whether this is short-term pressure or if large holders are starting to sell off again.

On October 16, Circle announced that in the first half of 2026, the on-chain settlement amount of USDC exceeded $36 trillion, and Circle minted and redeemed over $315 billion of USDC during the same period, averaging about $1.7 billion per day. The company stated that as of June, USDC accounted for approximately 77% of the global stablecoin trading volume, an increase from 60% a year ago.More attention from the market is focused on the income distribution of USDC. Circle disclosed that the company generated approximately $1.4 billion in revenue in the first half of the year, of which about $819 million was allocated to USDC distribution partners and transaction costs, accounting for about 59% of the revenue; another approximately $473 million was invested in licensing, banking partnerships, settlement liquidity, compliance systems, product development, and multi-chain deployment, accounting for about 34%. According to the announcement, for every $1 of revenue Circle earns, it ultimately retains only about 7 cents in net profit.This announcement may be in response to market concerns regarding "the monopolization of reserve income by stablecoin issuers." Circle stated that partners can share corresponding reserve income by holding and expanding their USDC balances on their platforms; currently, more than 150 trading platforms, wallets, banks, fintech companies, payment platforms, and enterprises have formed economic interests tied to the growth of USDC. Circle also mentioned that Binance signed a five-year commercial agreement with it in September and invested $100 million in Circle.On the product side, Circle announced the expansion of its free redemption mechanism: all Circle customers can still redeem USDC for free through traditional banking channels, with the funds typically arriving within two business days; customers who make payments through the Circle Payments Network or use eligible products such as Arc, Circle Mint, and Circle Wallets will be able to enjoy free, near-real-time redemption capabilities.

The Hong Kong Stock Exchange published a consultation summary document regarding the shortening of the settlement cycle for the Hong Kong stock cash market, showing broad support for the implementation of a T+1 settlement cycle in the Hong Kong securities market. After consolidating stakeholder opinions, the Hong Kong Stock Exchange plans to complete the relevant transition in the second half of 2028, provided that the market is ready and regulatory approval is obtained.A total of 109 unique responses were received during this consultation, from market stakeholders including brokers, custodians, investment managers, industry associations, technology providers, and investors. Respondents agreed on Hong Kong adopting a T+1 settlement cycle and recognized that this move would help enhance market efficiency, reduce settlement risks, improve capital efficiency, and strengthen Hong Kong's competitiveness as an international financial center.

According to Coinglass data, the current holdings of whales on the Hyperliquid platform amount to 8.588 billion dollars, with long positions totaling 4.015 billion dollars, accounting for 46.75% of the holdings, and short positions totaling 4.573 billion dollars, accounting for 53.25% of the holdings. The profit and loss for long positions is 253 million dollars, while the profit and loss for short positions is -233 million dollars.Among them, the whale address 0x5b5d..60 has shorted ETH with a 5x leverage at a price of 2322.64 dollars, currently showing an unrealized profit and loss of -14.4412 million dollars.

According to The Block, French Bitcoin treasury company Capital B announced its performance for the first half of 2026, reporting a net loss of 69.5 million euros (approximately 77.9 million dollars), with revenue increasing by 3.5% year-on-year to 5.8 million euros (approximately 6.5 million dollars).As of September 30, Capital B's strategic Bitcoin reserves increased to 3,538 coins, with an average purchase price of 87,805 euros (approximately 98,460 dollars).

According to Ember Monitoring, the whale/institutional address that had been continuously "selling BTC and buying ETH" has exchanged 288.9 BTC for 23.48 million USDC in the past day, and subsequently purchased 9,820 ETH.In the past 5 days, this entity has sold a total of 1,601.1 BTC (exchanging for 132 million USDC) and has cumulatively purchased 53,095 ETH at an average price of 2,497 USD.

According to on-chain analyst Ai Yi's monitoring, a certain whale that built a position in ETH at the top of this bull market started accumulating around $4600 in September 2025. Subsequently, during the price decline, it continued to add to its position, extracting a total of 15,810 ETH, worth $63.85 million, with an average price of $4,101.85.From October 2025 to October 2026, this whale deposited a total of 15,361.1 ETH to exchanges, worth $49.55 million, during which it made deposits at price levels such as $4,478 and $1,910. The most recent deposit occurred 5 hours ago, with a final average deposit price of $3,226.22. If the aforementioned ETH were sold, it would incur a loss of $13.45 million. Currently, there are still 572 ETH remaining on-chain.

According to Lookonchain monitoring, the giant whale Hamr4x (Hamr4xk8...5NCn6) sold 145,010 SOL again two months later, worth 15.25 million dollars.

According to on-chain analyst Yu Jin's monitoring, a certain whale opened a long position in BTC and ETH worth $187 million with maximum leverage 4 hours ago. Among them, the BTC long position was 1,822 coins, worth $150 million, with an opening price of $82,409 and a liquidation price of $80,634; the ETH long position was 15,270 coins, worth $37.33 million, with an opening price of $2,455 and a liquidation price of $2,406.The whale's most successful trade previously made a profit of $14.8 million: going long on NEAR at $2.14 at the end of August and taking profit at $4.88 at the end of September.

According to Catcher Predict monitoring on-chain data, it predicts significant capital movements in the Polymarket market. A large whale invested $58,800 in the "LoL: Cloud9 vs. Karmine Corp (BO5) - World Championship Qualifiers" event, specifically on the "Game 2 Winner." Based on the current transaction price, the latest corresponding winning probability for this bet is 49%.

According to Catcher Predict monitoring on-chain data, significant capital movements are predicted in the Polymarket market. A large whale fund made a single purchase of $50,142.3 on "KKS Lech Poznań vs Bayer 04 Leverkusen" event, targeting "Bayer 04 Leverkusen." Based on the current transaction price, the latest corresponding winning probability for this target is 70%.

The cryptocurrency trading platform Bitfinex stated that among the approximately 60,000 BTC accumulated by Bitcoin whales, most were purchased since late August, with buying prices ranging from about $80,000 to $86,000.Bitfinex noted that this price range is roughly equivalent to Bitcoin's current price. The platform also mentioned that if these whales continue to hold the aforementioned Bitcoin during this round of correction, the price just above $80,000 will receive support.

According to Coinglass data, the current whale holdings on the Hyperliquid platform amount to 7.9 billion dollars, with long positions at 3.694 billion dollars, accounting for 46.76% of the holdings, and short positions at 4.206 billion dollars, accounting for 53.24%. The profit and loss for long positions is 86.357 million dollars, while the profit and loss for short positions is -31.006 million dollars.Among them, the whale address 0x5b5d..60 has shorted ETH with a full margin at a price of 2322.64 dollars, currently showing an unrealized profit and loss of -2.8623 million dollars.

According to EmberCN monitoring, PUMP has dropped 16% in the past 24 hours, and one address may be the driving force behind the decline. This address sold 1.264 billion PUMP in a single transaction on-chain about 7 hours ago, exchanging it for 5.483 million USDC, with an average transaction price of approximately $0.0043.Due to the large one-time sell-off, this transaction incurred about 5% slippage loss. Ember estimates that if the order had been split into multiple transactions, it could theoretically have cashed out about $5.78 million; this direct sale only obtained $5.48 million, resulting in a loss of about $300,000.

According to Cryptoquant data, the cumulative amount of XRP flowing into Binance from whales in the past 30 days has risen to 1.669 billion, reaching a new high in 7 months, surpassing the level of approximately 1.65 billion in September, indicating that the activity of large holders transferring XRP to trading platforms has intensified recently.The increase in whale inflows may raise the tradable supply of XRP on trading platforms, and if large holders choose to sell, it could increase market selling pressure. However, inflows do not necessarily indicate an imminent sell-off; they may also involve wallet rebalancing or the use of other trading services on Binance. This indicator alone cannot determine the future price trend of XRP; it still requires observation in conjunction with net flow, trading volume, and price changes.

According to monitoring by lookonchain, despite the continuous decline in the cryptocurrency market, some whales are still buying on dips. Previously, the whale address 0x8E8b sold 2050 ETH, cashing out approximately 4.93 million dollars, with a profit of about 1.08 million dollars.The address has repurchased 6010 ETH, worth approximately 14.23 million dollars.

According to monitoring by Lookonchain, a certain whale received 6.76 million BTW and then sold it for $85,000; this batch of BTW is currently worth $13.5 million.

Larry Fink, CEO of the world's largest asset management company BlackRock, stated in an interview with CNBC on Wednesday that if the United States implements "some kind of pause" on data center construction, it will plunge the U.S. economy into recession. He said, "A large part of our economy is built on such capital expenditure expansion." Data centers are buildings that house a large number of computers and provide computing power for artificial intelligence. Fink's remarks were in response to calls to halt data center construction due to concerns about environmental impacts.Fink dismissed concerns about data centers, stating that most fears are based on "misinformation," and emphasized that "data centers are not the problem." He also pointed out their demand for labor in construction, energy infrastructure, and AI computing hardware. A survey by the Pew Research Center shows that at least 49% of Americans believe data centers negatively impact the environment and the quality of life for surrounding residents. Moody's estimates that U.S. capital expenditure on data centers will reach $700 billion this year, accumulating between $2.4 trillion and $2.48 trillion by 2030, with the global total reaching $7 trillion by the end of this decade.Fink also warned about the government debt issue, stating that the U.S. fiscal deficit is having a serious impact, with national debt rising from $8 trillion in 2000 to $40 trillion in 2026, "an increase of $32 trillion over 26 years," causing a huge shock to credit demand and leading to larger government bond auction sizes. He believes that private capital needs to be unleashed to drive the U.S. economy to achieve 3% growth. BlackRock saw a net inflow of $205 billion in the third quarter, with revenue growth of 19%, adjusted earnings per share increasing by 38% year-on-year, and operating profit margin rising to 47.8%.

According to on-chain data analyst Yu Jin's monitoring, a whale or institution holding a long position worth 352 million dollars is facing liquidation risk, with an overall position loss of approximately 18.87 million dollars.Among them, 79,260 ETH long positions are valued at about 187 million dollars, with a liquidation price between 2290 and 2301 dollars, approximately 60 dollars away from liquidation. The address has 1,140 BTC long positions valued at about 92.6 million dollars, with a liquidation price between 72,268 and 74,449 dollars, which is currently not close to the liquidation price.