“Markets are a voting machine in the short run and a weighing machine in the long run.”
— (Paraphrasing Graham; timely for options-heavy days)

NARRATIVE FORMAT

QUESTION OF THE DAY

If BTC spends the next 48 hours pinned by options flows, where do you want exposure—core spot, income-oriented ETF (covered-call), or high-beta alts—and why?

BITCOIN PRICE ACTION

• Bitcoin crumbles below $109K, but data shows buyers stepping in (Cointelegraph) 
• Bitcoin falls under $109K as traders brace for Friday’s $22B BTC options expiry (Cointelegraph)
• Record $21 Billion Bitcoin and Ethereum Options Expiry Tests Market Nerves (BeInCrypto, Decrypt)
• Bitcoin at 4-week low in growing signs of ‘exhaustion’ — Glassnode (Cointelegraph)
• Bitcoin sees most fear since $83K as analysis eyes ‘turning point’ (Cointelegraph)
• Bitcoin slips below $109K as ETF outflows mount ahead of US inflation data (The Block)
• Odds of Bitcoin dropping below $100K by 2026 spike to 60% (Finbold) (E)
• JUST IN: World’s highest recorded IQ holder says Bitcoin will 100x in 10 years and become the global reserve currency. 🧠 (The Street) (E)

• JUST IN: Tiger 21 Founder tells CNBC the ultra-rich are finally buying Bitcoin. The world’s richest (and most intelligent) are buying Bitcoin. 🔥(E)

BITCOIN MINING

• Bitcoin miner TeraWulf to raise $3B for Google-backed data center (Cointelegraph)
• Bitcoin miner Cipher upsizes private offering to $1.1 billion following Google-backed AI hosting deal (The Block, Decrypt, CoinDesk)
• Riot Platforms Gets Double Upgrade on AI Pivot as JPMorgan, Citi Hike Targets (CoinDesk) (E)

BITCOIN WHALES

• 🐳 Bitcoin whale just bought 1,524 Bitcoin worth $171 MILLION 
• 🐳 Bitcoin whale buys 2,261 Bitcoin worth $247 MILLION over the past 4 days while market drops (E)

STRATEGIC RESERVE & CORPORATE TREASURY

• 🚨JUST IN: 🇨🇳 Chinese company Pop Culture Group to buy 1,000 Bitcoin worth over $100 million 
• JUST IN: 🇳🇱 Dutch government is considering creating a strategic Bitcoin reserve. Nation-state FOMO 🔥
• Nasdaq-Listed Ethereum Treasury Firm SharpLink to Offer Tokenized Shares (Decrypt) 

• JUST IN: 🇬🇧 British Bitcoin company BHODL buys another £1m Bitcoin. BHODL now owns 112 $BTC worth £9.3m

ETHEREUM

• Ethereum co-founder shifts $6M of ETH, but whales bought $1.6B (Cointelegraph)
• ETH Whales Buy the Dip as Ethereum Breaks $4,000 Support (BeInCrypto)
• Ethereum flashes ‘rare oversold signal’ for first time since $1.4K ETH (Cointelegraph)
• Ethereum Welcomes Major Testnet Release Ahead of Fusaka Upgrade (UToday)
• Ethereum Accumulator Addresses See Massive 400,000 ETH Inflow in a Single Day (CryptoPotato)

ETF

• BlackRock chases Bitcoin yield in latest ETF as a ‘sequel’ to IBIT (Cointelegraph)
• JUST IN: BlackRock's Global Allocation Fund has increased its Bitcoin holdings by over 38% since May. It now holds 1 million Bitcoin ETF shares worth more than $65 million. (E)
• Vanguard mulls crypto ETF access for brokerage clients in potential about-turn (The Block, )

ALTCOINS

• XRP $3 Fakeout Can Send Price to $2 Now (UToday)
• Solana open interest hits record 72M SOL, but why is price falling? (Cointelegraph)
• SOL slips below $200, but ETF verdict could trigger ‘institutional moment,’ and new highs (Cointelegraph)

STABLECOINS

• PayPal Taps Spark to Boost PYUSD Liquidity by $1B Through DeFi Lending (CoinDesk, Cointelegraph, Blockworks) 
• 🚨 JUST IN: Citi projects a $1.9 TRILLION stablecoin market by 2030. Current market cap: $280B 
• Stablecoin Market Could Reach $4 Trillion by 2030, Citi Says in Revised Forecast (CoinDesk) 
• Softbank, Cathie Wood's Ark Among Potential Investors in Tether Fundraising: Report (CoinDesk, The Block) (E)

EXCHANGES

• As IPO rumors swirl, Kraken secures $500M funding at $15B valuation (Cointelegraph, BeInCrypto) (E)

REGULATION

• SEC Chair Atkins responds to crypto conflicts of interest, says agency will 'enforce laws where indicated' (The Block)

LEGAL

• Feds Charge Brothers in Alleged $8 Million Crypto Kidnapping of Minnesota Family (Decrypt, BeInCrypto) 

VOICES

• Tom Lee: Fundstrat Sees Bitcoin Tripling, Ether Rising 5X By Year-End 
• Tim Cook: 🍏Apple CEO says he owns Bitcoin “I’ve been interested in it for a while.”
• Larry Fink says BlackRock consulted with Michael Saylor at the bottom of the Bitcoin bear market 🤯 
• Paolo Ardoino: Tether CEO says countries embracing Bitcoin can "make a huge difference." "El Salvador tourism increased 30% just because they supported Bitcoin." 

• JUST IN: 🇺🇸 Eric Trump says Bitcoin is the greatest asset of the decade by far. "It's outperformed everything." "Stablecoins will save the US dollar (Cointelegraph) (E)

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Bitcoin Tests Key $111K Support As Market Selloff Continues! Will It Hold? No | The Wolf of All Streets