Plus: Are whales giving up on self-custody?

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GM. Crypto news can ferment faster than overripe grapes, and today’s stories have plenty of fizz.

Here's what’s bubbling away right now:

🍍 $740M got liquidated.

🐋 Bitcoin whales are moving to ETFs.

🍋 Latvian crypto scam busted, Tether claims 500M users + more

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🍍 Market flavor today

Find out more about the Fear & Greed Index here.

Name		Price	24H	7D
Crypto Market Cap: $3.67T -0.38% (24H)
	Bitcoin BTC	$108,114.53	-1.56%	-2.96%
	Ethereum ETH	$3,816.95	-2.73%	-5.54%
	BNB BNB	$1,071.37	-1.15%	-8.91%
	XRP XRP	$2.40	-1.93%	-3.47%
	Solana SOL	$183.65	-2.65%	-8.37%

Prices as of 10:00 AM EST. Click here to see live data.

The market said, "We're back!!"... and then hit us with a sike 🫠

Here's what actually happened: about $740M in leveraged positions got wiped out in the past day.

Too many traders got greedy, went long, and then Bitcoin fell below a key price level (around $110K) that traders were counting on to hold.

This led to a whole lotta liquidations → price dipped further → more liquidations → bigger dip → ... do I continue?

Once the liquidations cooled off, Bitcoin found balance near $108K.

Bitcoin price chart from BitDegree, 10-22

Source: BitDegree

But the thing is: this kind of flush is healthy. It clears out all the overleveraged noise, the weak hands are gone, and what's left might actually be solid.

I know, it's painful in the moment, but it resets the market so it can move again without all that built-up risk.

So yeah, some traders think the worst is over, and this was the big flush we needed. Others think it's just round one.

Everyone’s watching the same support line and waiting for a sign - ETF flows, macro data, anything.

👉 If Bitcoin holds $108K and ETF inflows come back, we could see a real rebound;

👉 If not, another leg down isn't off the table.

For now, it's a standoff - calm but fragile.

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🥝 Memecoin harvest

If only your Tinder matches pumped like these... 💘

Data as of 09:36 AM EDT.

Check out these memecoins and plenty more here.

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🐋 Bitcoin whales are moving to ETFs

Imagine you've been keeping your grandma's secret burger recipe in a handwritten notebook for years. You measure every spice yourself, cook it your way, and no one touches the pan but you.

Then one day, you need rent money, so you sell the recipe to a restaurant chain.

They promise they'll make it just as good, but now it's their kitchen and their pan - you just get to eat whenever you want.

SpongeBob meme of a cockroach eating a burger and crying

That's kinda what's happening in Bitcoin right now.

For the first time in Bitcoin's 15-year history, self-custodied Bitcoin is declining. Whales are moving their coins out of cold storage and into ETFs.

And according to Martin Hiesboeck, Head of Blockchain and Crypto Research at Uphold, the reason is taxes.

Let's break it down 👇

Until recently, ETFs that held Bitcoin had to deal in cash creations and redemptions - meaning if someone wanted in or out, the fund might have to sell Bitcoin for cash.

That sale could trigger capital gains taxes, and those taxes could trickle down to all the ETF's shareholders. Nobody likes that.

However, the SEC made a rule change, and now they allow "in-kind" creations and redemptions for spot Bitcoin ETFs.

That means when a big investor wants in, they can hand the ETF their Bitcoin directly and get shares back - no selling, no taxable event.

When they want out, the ETF can give them Bitcoin back instead of selling it. Again, no sale, no capital gains.

And this one tweak turned Bitcoin ETFs into tax-optimized vaults for big holders.

Hm meme

This is actually a sign of Bitcoin becoming part of the TradFi system.

Think about it:

👉 Big investors get Wall Street convenience and tax efficiency;

👉 Financial advisors can now plug Bitcoin exposure right into existing portfolios;

👉 And ETFs mean investors can borrow against, lend, or hedge their Bitcoin positions just like any stock.

But the crypto diehards see this as selling out.

“Not your keys, not your coins” was the sacred rule - self-custody was freedom. ETFs? That's back to trusting the suits.

Either way, this shows that Bitcoin is maturing.

ETFs bring liquidity, tax perks, and a comfy way in for institutions. But that convenience comes with strings - layers of custody, middlemen, and trust.

So the whole thing might be good for the market... but less good for the mission.