galaxy

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.

Galaxy Digital released its Q3 2026 financial report, with a net profit of $323 million, turning around from a loss of $85 million in the previous quarter. Adjusted EBITDA reached $455 million, total assets increased by 51% quarter-on-quarter to $16.4 billion, and cash, stablecoins, and U.S. Treasury bonds totaled $4.9 billion, nearly doubling quarter-on-quarter.In terms of digital asset business, trading volume increased by 12% quarter-on-quarter, outperforming the overall spot market. The combined scale of asset management and staking grew by 46% quarter-on-quarter to $10.4 billion, and a multi-year cooperation was established with BNY Mellon to provide staking support for its digital asset custody platform.The data center business saw adjusted EBITDA increase nearly fivefold quarter-on-quarter to $69 million, mainly from the first full operational quarter after the delivery of 133 MW computing power from Helios Phase 1 to CoreWeave. Phase 2 has been fully financed and commenced, with the company completing a $3.5 billion senior secured bond issuance, expanding the overall power pipeline to over 5.7 GW, and the data center is expected to start delivering in Q2 2027.In terms of capital operations, the $200 million repurchase plan initiated by the company in February was completed on October 15, with approximately 9.8 million shares repurchased. The board approved a new $200 million repurchase limit on October 26.

According to a report by The Block, Galaxy Research stated that the Bitcoin bear market ended in June, and it is currently an attractive time to buy and hold.The report noted that Bitcoin has closed above the 50-week moving average for five consecutive weeks as of October 18, after being below that average for 44 weeks; the monthly moving volume of Bitcoin in long-term holding wallets has decreased from 67,000 BTC in 2024 to 34,000 BTC in 2026. Galaxy Research Director Alex Thorn also pointed out that if Bitcoin's weekly close falls below the 50-week moving average of $76,540 and fails to recover within a month, this bullish outlook will be challenged.

According to CoinDesk, a snapshot from Galaxy Research in October shows that out of approximately 21 million mined Bitcoins, about 11.1 million (approximately 55%) are held in addresses that cannot be linked to exchanges, funds, governments, or other known entities. Alex Thorn, the head of research at Galaxy, stated that this indicates that despite the increasing institutionalization, a significant amount of Bitcoin may still be self-custodied by individuals. Xapo Bank believes this reflects the fact that retail investors have been in the market for over a decade.However, this portion of unallocated Bitcoin does not all belong to individuals who have been self-custodying for the long term; it may also include coins that are inaccessible due to lost private keys or the death of the holder, holdings from institutions or over-the-counter traders that Galaxy has not yet identified, as well as custodial assets spread across multiple addresses. The remaining 45% has been allocated, including ETFs from issuers like exchanges and BlackRock, as well as the U.S. government; among them, the single largest holder is "Satoshi Nakamoto (Patoshi model)," holding 1,123,658 BTC.

According to Onchain Lens monitoring, Arthur Hayes (0x6cd...7e21) received 49.24 million USDC after recently selling tokens, of which Galaxy Digital recently transferred 23.07 million dollars to him, bringing the total amount of USDC received from the trading department and exchanges to 49.24 million dollars.

Galaxy Research published an analysis stating that over the past three weeks, the Bitcoin network has seen approximately 40 inscriptions composed of random letters each day, which appear to be encrypted text but are not actually cryptographic information. The related address had previously written the U.S. Constitution into the Bitcoin network in May.The research found that after analyzing 562 texts, the frequency of the 26 English letters is almost evenly distributed, which is significantly different from the characteristics of normal English and substitution ciphers; metrics such as word length distribution and frequency of repeated words also indicate that these texts are likely generated by a random letter generator.Galaxy Research refers to the operator as the "Babel Scribe," believing it is more like testing a data publishing tool on the Bitcoin mainnet rather than attempting to convey hidden information. The structure of on-chain transactions, the continuous use of change addresses, and the regularity of publication times all exhibit characteristics of automated scripts. Related activities also include testing texts, random words in different languages, binary data, and the subsequent writing of the U.S. Declaration of Independence.It is estimated that the project has transferred approximately 3.33 million satoshis in total, of which about 24% was used to pay miner fees, while the remaining funds are still held in the related address. Researchers suggest that there is no need to interpret these garbled texts as hidden information.

According to Onchain Lens monitoring, Arthur Hayes transferred approximately 8,000 ETH, worth about 18.69 million USD, and subsequently received around 11.73 million USDC from Galaxy Digital and Flowdesk, with approximately 6.96 million USD remaining to be processed.

Recently, at the 2026 World Physics AI Conference and Yushu Partner Ecosystem Conference, the robotics company Galaxy Universal and Yushu Technology announced the joint development of the world's first native intelligent robot, Galaxy Star Galbot ET1.This product made its debut at the World Robot Conference in August this year. This announcement of joint development further showcases the collaboration between the two parties in product definition, hardware refinement, and the development of embodied intelligent capabilities.

According to The Block, investment bank StoneX reiterated its "buy" rating on Galaxy Digital (GLXY) and maintained a target price of $57.The agency believes that Galaxy's current valuation underestimates its AI data center business and does not actually take its digital asset business into account in the valuation. Market concerns are primarily focused on the rising borrowing costs of CoreWeave and the outstanding debt of $35.6 billion as of the end of June.

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 a report by Seoul Economy on the 16th, Samsung Electronics is experiencing performance degradation due to overheating in Qualcomm's next-generation application processor intended for the high-end model Galaxy S27 Ultra, which is set to be released early next year. The MX division of Samsung's DX department is conducting final performance validation on the Qualcomm Snapdragon 8 Elite Extreme 6th generation that will be equipped in this model and has requested Qualcomm to resolve the overheating issue by mid-month.Several related individuals stated that the chip repeatedly exceeded temperature benchmarks during recent internal testing, leading to a decrease in processing speed under sustained high load. Samsung informed Qualcomm of the results last month, and as of the report, the overheating stability required by Samsung has not yet been achieved, with both parties still working to enhance performance and revalidate. This chip is Qualcomm's highest-end mobile application processor publicly announced last month, focusing on handling complex AI tasks on the device side and improving the performance of the CPU, GPU, and more.Mass production of the Galaxy S27 series is scheduled for the end of this year, and Samsung plans to confirm the results of the overheating improvements and finalize the application processor selection by mid-month. If the standards are met, Snapdragon will be used as originally planned; if not resolved, the Exynos 2700, designed by Samsung's System LSI and utilizing the second-generation 2-nanometer process SF2P from its foundry division, may be considered as an alternative. Since the global use of Qualcomm application processors began with the Galaxy S23 Ultra in 2023, if the Exynos 2700 is adopted in next year's Ultra, it will mark a return to the highest-end model after about five years since 2022. Industry insiders indicate that Qualcomm's application processor has not been completely ruled out.

Galaxy Research released a research report on October 15, categorizing decision markets and impact markets as conditional markets. These two types of conditional trading settle only when specific outcomes occur, and decision markets also settle on clear and binding results. Unlike prediction markets, conditional markets are not limited to binary, all-or-nothing structures; they trade real assets and their prices rather than synthetic probability contracts, with the byproduct being the impact of events on asset values rather than occurrence probabilities. The agency referred to prediction markets as the zero version of event-driven finance, with a large number of experiments emerging over the past 18 months, and new infrastructure pushing it beyond prediction markets.The ownership token-based issuance platform Umia, aimed at EVM-compatible chains, launched in September, expanding decision markets from being primarily limited to Solana, where MetaDAO was the first to scale binary pass or fail markets, to multi-outcome markets that can price proposal parameters. A deposit of stablecoins or DAO tokens can simultaneously convert into positions covering each outcome, with only winning market trades ultimately settling. Currently, 22 DAO treasuries fully governed by decision markets hold a total of $50.5 million, with MetaDAO accounting for 21 of them and 78% of the assets; the stablecoin portion is $35.8 million, with MetaDAO holding 82%. The fundraising for the market-governed DAO issuance platform by MetaDAO was approximately 11 months prior to this research report. Umia extends the issuable chains to Solana or EVM, which together account for about 92% of TVL by chain type.

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.

According to Onchain Lens monitoring, Galaxy Digital OTC clients transferred 134,000 LINK to Binance, worth 1.73 million USD, possibly for sale.

According to on-chain analyst Yu Jin's monitoring, a certain whale/institution conducted OTC trading through Galaxy Digital and sold the last 10,000 ETH 5 hours ago, completing their liquidation.This entity bought and sold 52,000 ETH within two and a half months, making a profit of 24.49 million dollars: from July to September, they accumulated 52,000 ETH at an average price of 2,161 dollars; since the end of September, they liquidated at an average price of 2,632 dollars.

IT Home cited a report from Money Today on October 8, stating that Samsung Electronics' Mobile Experience (MX) division plans to cut smartphone production, with a maximum reduction of 30% in the fourth quarter of 2026. Several IT industry insiders have indicated that Samsung's MX division has notified multiple partners to reduce product supply by 20% to 30%. IT Home noted that the original text did not specify whether this 30% is compared to the previous quarter, year-on-year, or against earlier expected production.In terms of production, Samsung Electronics originally planned to rely on new products like the Galaxy Z Fold8 to produce up to 270 million smartphones for the year. After the significant reduction in the fourth quarter, the final annual production is expected to drop to just over 200 million units, exceeding market expectations. IDC data shows that smartphone shipments in the first and second quarters of this year were 62.4 million and 62.7 million units, respectively, with previous forecasts predicting shipments of 59 million and 52 million units for the third and fourth quarters, indicating a decline of about 12% in the fourth quarter compared to the third quarter.Money Today reported that the rise in memory prices is the core driving factor behind the production cuts. TrendForce data shows that the price of 12GB low-power DRAM (LPDDR5X) for smartphones was $145 to $146 in the second quarter of this year, an increase of 175% compared to the same period last year. The report also stated that demand for artificial intelligence has driven up memory prices, with smartphone DRAM prices expected to rise by about 20% in the third quarter, reaching as high as $180. IT industry insiders stated that Samsung's current smartphone sales are no longer profitable, and the production cuts are a strategy to maintain overall profitability.

According to The Block, on October 7, Samsung announced that Samsung Wallet and Samsung Pay will support USDC transfers on Solana for cross-border remittances, covering 82 million Galaxy devices in the U.S. starting from the last week of October. This feature is built into Samsung Wallet and includes fiat withdrawal and recharge channels, rather than being a standalone crypto application.Users can send USDC to compatible external wallets, with the infrastructure of Solana and Sui running in the background, and the underlying framework collaborating with the U.S. licensed stablecoin custodian Bastion. Samsung does not charge transfer fees, but the receiving wallet or exchange may charge fees. The wallet also supports transfers to qualified bank accounts in over 60 countries, with funds arriving in the recipient's local currency.Coinbase will host USDC in Samsung Wallet through Coinbase Prime. Samsung plans to expand this service to more markets, provided it complies with local regulatory requirements.

Galaxy Research released a report titled "The Behavior of Polymarket Traders," with data compiled by Stork, based on approximately 2.9 million retail accounts defined by trading frequency on the Polymarket international platform. The report states that since its launch in 2020, the platform has facilitated 1.27 billion orders, involving 3.07 million wallets, with a nominal amount of 82.8 billion USD. 125,429 accounts that placed more than 50 orders on active days were excluded, accounting for 4.1% of accounts but contributing 80.8% of orders and 41% of nominal trading volume.The report shows that 69.2% of retail accounts are below breakeven, with total losses of 338.9 million USD. The median retail account lost about 3 USD, with half of the accounts falling between -36.64 USD and +0.40 USD. The proportion of accounts that did not trade again within 30 days after a loss is 15.2%, while after a profit it is 6.1%. The excluded automated accounts collectively made a profit of 246.8 million USD. The median position for profit-makers is 13.96 USD, while for loss-makers it is 10 USD.44.1% of traders concentrated over 60% of their activity on a single theme. Sports specialists account for 47% of all specialists, with a profit ratio of 25.1%, the lowest among all themes; technology and science specialists have a profit ratio of 41.2%. The report covers the entire history of the international platform and mentions that the platform will introduce taker fees in early 2026. At a price point of 50 cents, crypto market takers pay 1.75 USD for a position of 100 shares or 50 USD, accounting for approximately 3.5% of the invested capital.