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Galaxy Research Director Alex Thorn stated that the 13F holdings report for Bitcoin ETFs is still in the early stages, and most large asset management companies and registered investment advisors (RIA) typically submit their filings just before the November 16 deadline.However, some long-term funds have already increased their holdings in Bitcoin ETFs in the third quarter. Wealth management advisory firm SIGFIG Wealth Management submitted its related filing for the first time, indicating that its clients increased their investments in Bitcoin ETFs by approximately $73 million in the third quarter. A significant portion of the assets managed by the firm comes from retail client accounts at banks such as Wells Fargo, Citizens, Santander, and UBS.

ARK Invest's Director of Digital Asset Research, Lorenzo Valente, stated that the number of addresses holding stablecoins has surpassed 300 million for the first time. The Ethereum ecosystem currently accounts for 37% of all stablecoin holding addresses, up from 29% two years ago, with approximately three-quarters coming from L2. He believes that the strategy of expanding adoption through L2 is proving effective and expects tokenized stocks to develop along the same path.Valente also mentioned that if one were to illustrate the dominance of EVM, EVM-compatible chains hold about 94% of stablecoin addresses. It took 8 years for the number of stablecoin holding addresses to reach 300 million, and he anticipates that it could reach 1 billion wallets within 18 months, faster than the existing trend.

Reuters reported on October 23 that Elizabeth Barron, the Executive Director of the non-profit organization PHP Foundation, which supports the open-source language PHP, stated in an email interview on Friday that the foundation is severely underfunded. She mentioned that recent events indicate a high reliance on PHP by businesses and governments, and given this reliance, PHP's funding is clearly insufficient.Barron noted that the foundation currently has only one full-time employee, which is herself, along with 14 part-time contractors, with funding coming from donations and grants. The increase in coding related to artificial intelligence has roughly doubled the foundation's workload. The number of code change proposals received by the PHP project is nearly double that of a year ago, but the number of contributors has not doubled. She stated that reviewing code contributions and bug reports requires a significant amount of manual input and expertise.Reuters reported that two serious vulnerabilities in PHP were discovered this week, prompting urgent patches for websites worldwide, highlighting the critical importance of this nearly thirty-year-old open-source language to the internet. The article stated that PHP may support approximately 70% of websites globally, and there is currently no evidence that these vulnerabilities were exploited before their disclosure. The report was filed by journalist Toby Sterling from Amsterdam.

According to the information released by the SEC, Robinhood (HOOD) director Bhatt Baiju sold 50,912 shares of the company's stock on October 21 at an average price of $101.4 per share, for a total value of approximately $5.1625 million. After the transaction, his direct holdings decreased to 4,636 shares.

According to Jinshi News, former Executive Director of the Bank of Japan, Eiji Maeda, stated that the next interest rate hike is expected to occur in December, followed by another increase in March or April.Eiji Maeda mentioned that the current pace of interest rate hikes has accelerated to approximately once every three months, and he believes this pace is appropriate.

Grayscale Research Director Zach Pandl stated in "The Stack" published on October 20, 2026: AI computing infrastructure stocks have recently declined due to investors' concerns about rising borrowing costs, while the financing needs of related companies are high. The stock index, which includes AI cloud service providers CoreWeave and Nebius, has fallen by approximately 27% since the end of September, according to data from Bloomberg and Grayscale Investments, based on the Indxx High-Performance Computing Index, as of October 19, 2026.Pandl noted: Most of these companies are in early stages and capital-intensive, with some neocloud capital expenditures being several times their current revenue. The top five holdings in the index have a capital expenditure to sales ratio exceeding 230% over the past 12 months, with data as of October 19, 2026. He believes that while stock prices are correcting, the demand and prices for computing power remain stable, with demand for computing power increasing rather than decreasing.He also anticipates: The decline in token prices and the increase in AI agent usage will lead to higher inference demand, thereby supporting the growth of computing power demand; if demand increases and computing power prices remain high, these companies may benefit. He also mentioned the slowdown in GPU depreciation, as well as the overlap between AI computing power and the Bitcoin mining industry, with the possibility of rising Bitcoin prices. Pandl believes: Higher borrowing costs have suppressed computing infrastructure stocks, but the fundamental trend of rising computing power demand remains valid, and this correction should be seen as an opportunity to increase exposure to the energized compute layer.

Bybit's Marketing Director Claudia Wang announced that today is her last day at Bybit. She stated that she is leaving for personal reasons, but this is not a true farewell; Bybit will always be a part of her, and she will continue to support the company.Claudia Wang mentioned that she joined two years ago as a management trainee, supporting the CEO's office with meeting preparations and operations. Since then, she has served as the head of talent recruitment, head of branding, and head of marketing, participating in fiat, card, and payment product-related work, growing from a trainee to a leader of a large global team.She also noted that the team completed a brand overhaul and built Bybit's payment products from scratch, expanding them to over 20 new regions. Currently, Bybit cards have exceeded 4 million, and payment users are about to surpass 2 million. She stated that working with Ben, Helen, and Mazurka has been an important experience in her career.

Patrick Witt, the Executive Director of the White House Presidential Digital Asset Advisory Committee, announced his departure from government service to return to the private sector. He made this decision public last week, and the White House has not yet announced a new head of cryptocurrency policy, with a successor still undetermined.Previously, Harry Jung and Bo Hines had also left the committee. White House officials stated that cryptocurrency policy and the Digital Asset Market Clear Act will remain a focus of the Trump administration, but the personnel vacancies have raised concerns about the momentum of policy advancement.As the midterm elections approach next month, the administration is still advancing rule-making in the digital asset space. After the new Congress is sworn in in 2027, cryptocurrency legislation will require coordination from a White House liaison, with tax legislation expected to proceed ahead of market structure reforms; if the Democrats flip the House of Representatives, the congressional landscape may also bring new variables. Meanwhile, the rule-making efforts of agencies such as the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Office of the Comptroller of the Currency, and the Department of the Treasury will continue.

The research director of Galaxy posted on platform X, stating that year-to-date net inflows for Bitcoin ETFs remain positive, reaching 355 million dollars, and turned positive again in September.

According to The Block, Helius CEO Mert Mumtaz has officially joined the NEAR Foundation Council, where he will assist in guiding product strategy, ecosystem growth, and governance.Current council members include NEAR co-founder Illia Polosukhin, Anchorage Digital co-founder Diogo Mónica, among others. Mumtaz was previously an early user of NEAR Intents and referred to it as "a marketplace of marketplaces."

According to The Block, Mert Mumtaz, the CEO of Solana infrastructure company Helius, has officially joined the NEAR Foundation Council, where he will assist in guiding product strategy, ecosystem growth, and governance.Current council members include NEAR co-founder Illia Polosukhin, Anchorage Digital co-founder Diogo Mónica, among others. Mumtaz was previously an early user of NEAR Intents, which he referred to as "a marketplace of marketplaces."

According to a recent report by AlphaWire, Edwin Cheung, Executive Director of Gate, stated in an interview during TOKEN2049 Singapore that the payment business will become an important growth direction for Gate, serving individuals and corporate users with daily fund transfer needs.On October 7, Gate officially launched Gate Money, allowing users to open a global electronic bank account in their own name through the Gate App, and as services gradually open, it will accept payments in over 60 local currencies, connecting digital assets with everyday financial scenarios. Edwin Cheung pointed out that stablecoins can reduce the number of intermediary banks in cross-border transfers and enhance the transparency of fund flows. In the future, it will coexist long-term with traditional bank transfers, instant payments, and QR code payments, and will play a greater role in cross-currency payments as services develop in Europe, Asia, and the Middle East. Gate Money integrates functions of fiat currency, digital assets, stocks, ETFs, and gold, providing integrated financial services.Regarding institutional business and security, he mentioned that institutional investors remain highly concerned about liquidity and counterparty risk. Gate offers an OES over-the-counter settlement solution, allowing institutional clients' assets to be retained in third-party custodians while still utilizing Gate's liquidity and trading services, and enhancing transparency with reserve proof. He emphasized that user trust is crucial, and Gate's compliance qualifications, risk control system, and cooperation with various market regulatory agencies are key to the sustainable development of the business.

Galaxy Digital Research Director Alex Thorn stated that over half of the BTC supply is located in addresses of unknown ownership. Despite the trend of institutionalization and centralized holdings in recent years, there is still a massive (possibly even the majority of) amount of Bitcoin being self-custodied by individuals.

Grayscale's Research Director Zach Pandl stated in his column The Stack on October 8 that the rising demand for AI is due to decreasing usage costs and technology's ability to perform tasks more autonomously, thereby increasing the demand for computing power and the physical infrastructure that supports AI. Lower costs can unleash more AI activities, and the low-cost competition of open-source weight models is driving down token prices, making cheaper intelligence economically viable for more applications and automated workflows.The article cites that Anthropic's latest Sonnet model claims to reduce the cost of each task by up to 30%; OpenAI's always-on agent dots, launched on September 29, can work towards user goals around the clock, potentially significantly increasing the demand for computing power. Pandl compares that chatbots primarily answer questions, while agents execute multi-step processes to achieve goals, with tasks like preparing for client meetings potentially consuming 5 to 50 times the tokens of a single chat interaction, and always-on agents may extend processing beyond a single conversation.Pandl cites Goldman Sachs' prediction that by 2030, token consumption could increase 24 times, primarily driven by agents; even with improved efficiency, if usage grows faster, the total demand for computing power may still rise. He points out that digital activities still rely on physical infrastructure that requires time to deliver, such as electricity, data centers, and GPUs, and cheaper AI can coexist with tight computing power supply, mentioning that CoreWeave recently signed new contracts at higher computing power prices. His conclusion is that cheaper intelligence and stronger agents may expand use cases and usage enough to offset efficiency gains, thereby supporting the demand for scarce computing power and benefiting its owners.

According to the information released by the SEC, Coinbase (COIN) director Marc Andreessen sold 20,514 shares of the company's stock on October 1 at an average price of $190.12 per share, for a total value of approximately $3.9 million. After the transaction, his direct holdings decreased to 1,111,540 shares.

Grayscale Research Director Zach Pandl published an article on September 28, 2026, in the company's column The Stack. The article states that among American investors, Generation Z starts investing at an average age of 19, Millennials at 25, Generation X at 32, and Baby Boomers at 35. Based on a retirement age of 65, Generation Z has an investment horizon of 46 years, which is over 50% longer than the 30-year horizon when Baby Boomers started investing.Zach Pandl: Starting to invest earlier not only benefits from compound interest but also expands the capacity to take on risk. When young, labor capital accounts for a larger proportion of wealth, and a longer horizon means more time to recover from fluctuations, as well as more future income available for continued saving and investing, thereby expanding the lifetime risk budget. He believes that the returns on digital assets are both volatile and potentially asymmetric, making them more suitable for longer and more flexible horizons.Zach Pandl also mentioned that for early investors, the cost of recent volatility may be less than the opportunity cost of missing out on long-term upside. With decades available for rebalancing, adding funds, and compounding across cycles, early starters may allocate a higher proportion to digital assets while keeping their lifetime risk balanced. Starting to invest earlier gives investors more time to absorb fluctuations, potentially enhancing the utility of digital assets in long-term portfolios.

ARK Invest's Director of Digital Asset Research Lorenzo Valente published a discussion on the synthetic dollar protocol Ethena: tokenized stocks are changing the landscape in which ENA operates. He stated that the supply of USDe had bottomed out at $3.8 billion and has now risen by about 30%, recovering to nearly $5 billion.Lorenzo Valente: The inverted or low funding rates in the crypto market have forced more USDe collateral to shift towards off-chain yields such as government bonds, with sUSDe's average annualized rate once approaching or falling below SOFR; the market capitalization has remained stable over the long term, and the open interest has also limited the pace of expansion. He noted that basis trading has rebounded to about 20% of the collateral and is growing rapidly, with the U.S. stock market size at approximately $70 trillion, averaging over 8% annual growth. Continued bullish demand is expected to bring sustained positive funding rates, with lower stock volatility and lower hedging costs.He believes this is the first clear path for USDe to expand its supply to over $20 billion, and reaching $30 billion to $40 billion in the next 12 to 18 months would not be surprising, as the upper limit has shifted from crypto open interest to tokenized stock open interest. He also mentioned that Ethena's infrastructure and operations have been validated, and it is expected that Ethena Pay will further drive USDe from the demand side, with the chains, protocols, and vaults supporting USDe's supply and circulation strategies becoming the main beneficiaries.

According to Bitcoin Magazine, Bitcoin futures open interest has risen above $50 billion for the first time this year.David Lawant, Head of Research at Anchorage Digital, stated that this is not a warning signal of excessive leverage, but rather a reflection of market vitality, noting that the increase in spot trading volume and the thinning order book point to an early stage of recovery in the Bitcoin market.In his analysis, Lawant introduced the liquidity absorption ratio and explained how to identify shifts in Bitcoin market mechanisms. He mentioned the Bitcoin options market, which is approximately $60 billion in size, and the volatility curve, explaining why short-term Bitcoin volatility remains elevated through 2026, as well as what information options data can provide that prices themselves cannot reflect.He also shared Anchorage's experience with backtesting 37,000 covered call options and discussed how ETFs and treasury companies are changing the price discovery process for Bitcoin.

Bitwise Research Director Ryan Rasmussen interpreted the company's first institutional cryptocurrency adoption report in an interview. The report interviewed 15 major institutions, covering pensions, endowments, foundations, and sovereign wealth funds. During the period when Bitcoin fell from $125,000 to $60,000, none of the interviewed institutions sold off, with many choosing to increase their holdings instead.Rasmussen stated that these institutions view Bitcoin alongside gold as a tool to hedge against currency devaluation. Wells Fargo allocated a position of 2% to 3% in Bitcoin, while Fidelity and BlackRock provided a range of 2% to 8%. He noted that the launch of ETFs has made this round of the Bitcoin bear market shallower than previous ones, with weekly ETF inflows reaching as high as $2.5 billion, bringing a new wave of capital to the market.He also mentioned that sovereign wealth funds are selling gold to buy Bitcoin and believe that $60,000 constitutes the bottom of this round. He simultaneously pointed out that Bitcoin has low correlation with bonds, gold, and stocks.