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Strategy moves 22,704 BTC worth $2.45 billion in custody transfer to new wallets in a major institutional custody move, not a sell-off.
Ethereum’s Fusaka Upgrade Set for Dec. 3, update aims to boost scalability, validator efficiency, and Layer-2 performance.
Coinbase reports $433 million profit due to strong derivatives growth and USDC adoption that lifted revenue 25% QoQ.
The last day of October saw significant developments in the crypto market, from a $2.45 billion Bitcoin transfer to the Fusaka upgrade for Ethereum and strong quarterly earnings from Coinbase. Meanwhile, Dogecoin faced technical pressure after breaking through key levels of support, and Hong Kong’s regulatory advances signaled its ambition to emerge as a global digital asset hub.
On-chain analysts revealed that Strategy transferred 22,704 BTC worth $2.45 billion to many addresses, leading to the speculation of a large-scale liquidation.
However, the transfer was a part of the relocation of institutional custody, where the funds were distributed to several new wallets instead of going to the exchanges, indicating cold storage transactions rather than a sell-off.
This mirrors SpaceX’s recent 281 BTC ($31 million) transfer via Coinbase Prime Custody, interpreted as part of a corporate treasury management strategy.
Bitcoin Spot ETFs saw notable outflows on October 30, with a total net withdrawal of $488.43 million, according to SoSoValue. None of the twelve listed ETFs reported inflows during the session.
BlackRock’s IBIT ETF recorded the largest outflow at $290.88 million, though it still maintains $65.05 billion in total historical inflows.
Ark Invest’s ARKB ETF saw a $65.62 million outflow, bringing its cumulative inflows to $2.05 billion.
The total Bitcoin ETF market capitalization now stands at $143.94 billion, accounting for 6.71% of Bitcoin’s global market cap.
Also Read: Bitcoin Price Recovers to $109K as Traders Eye $120K Resistance
After the successful test deployments over Holesky, Sepolia, and Hoodi testnets, Ethereum developers announced that the mainnet launch date for the “Fusaka” upgrade is December 3, 2025.
The backward-compatible hard fork brings in nearly a dozen Ethereum Improvement Proposals (EIPs), which mainly focus on making the network scalable and improving validator and data access.
A key feature, Peer Data Availability Sampling (PeerDAS), gives validators the opportunity to work with smaller data segments, not having to deal with full datasets, gaining a large improvement in performance on Layer-2 networks.
The upgrade was also subject to a public audit contest lasting four weeks with prizes amounting to $2 million, a clear indication of the Ethereum Foundation’s commitment to network security and reliability.
Dogecoin faced renewed selling pressure, losing 5.5% to $0.1843 after a breakdown of the crucial support level of $0.1940. An increase of 180% in trading volumes signals the selling off on an institutional level.
DOGE stabilized around $0.1765, but analysts have cautioned; if the weakness continues, it could lead to a deeper correction until the bulls reclaim $0.1950.
RSI hints at short-term oversold conditions, suggesting a technical bounce-back might be on the way if the selling pressure lessens. Despite the price drop, Dogecoin is still among the best-performing large-cap assets of 2025, gaining 43% since the start of the year.
Also Read: Dogecoin Analyst Predicts November Surge Tied to Market Moves
Hong Kong has announced Senior Counsel Kennedy Lai as Chairperson of its newly formed Stablecoin Review Tribunal, which will start operating from November 1, 2025.
The tribunal will monitor the review process of the decisions taken by regulatory by the Hong Kong Monetary Authority regarding the regulations on fiat-referenced stablecoins and ensuring that only licensed entities can offer such products to retail users.
A government spokesperson said the move “strengthens the foundation for sustainable digital asset industry growth” and ensures regulatory fairness.
Hong Kong’s proactive stance positions it as a regional leader in digital asset governance, complementing its efforts to attract global crypto firms.
Coinbase's Q3 2025 results reflected a net profit of $433 million, exceeding the analysts' expectations. The company's revenue rose 25% compared to the previous quarter to $1.9 billion, the main reasons being the growth in derivatives trading and the acceptance of stablecoins.
The income from trading went up by 37% to $1 billion; on the other hand, the revenue from subscriptions and services grew by 14% reaching $747 million. The acquisition of Deribit, a worldwide derivatives platform, contributed an additional $52 million in revenue and increased the institutional participation by 122%.
The CEO, Brian Armstrong, emphasized progress toward the company’s “Everything Exchange” vision, which is an all-in-one platform covering everything from spot trading to futures, options, and staking.
The Layer-2 network of Coinbase, Base, stayed as the best Ethereum scaling solution, and the USDC balances broke the ceiling at $74 billion.
1. What does the $2.45 billion Bitcoin transfer mean?
The transaction reflects institutional custody restructuring rather than selling, with BTC moved into cold storage for long-term holding.
2. When will Ethereum’s Fusaka upgrade go live?
The Fusaka mainnet upgrade is scheduled for December 3, 2025, enhancing scalability and validator performance across the network.
3. Why did Dogecoin fall 5.5% today?
DOGE broke below the key $0.1940 support due to heavy institutional selling, but analysts expect a potential rebound near $0.1765.
4. What’s significant about Coinbase’s Q3 results?
Coinbase posted $433 million in net profit, driven by derivatives expansion, USDC growth, and its Layer-2 network “Base” maintaining top status.
5. What is Hong Kong’s Stablecoin Review Tribunal?
It’s a new regulatory body starting November 1, 2025, aimed at ensuring fairness in stablecoin regulation and licensing within Hong Kong’s crypto ecosystem.
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