Bitcoin opened the week weaker, sliding to $108,000 after weekend range-trading and ETF outflows; short-term support sits around the $107k cost-basis band.
Spot Bitcoin ETFs recorded net weekly outflows near $799 million last week; Ethereum ETFs were roughly flat for the week. Solana’s debut ETFs drew $199 million and remain a tactical destination for flows.
Large-holder balance remains concentrated: wallets holding 10–10k BTC control 13.68 million BTC (≈68.62% supply); these cohorts added ~110,010 BTC in October and sold ~23,200 BTC since.
Onchain and derivatives signals are mixed: realized profitability compressed, funding muted, and options skew modestly put-biased; participation has cooled and leverage is lower.
Action bias: maintain defensive sizing, prefer staggered entries into dips; watch whether spot ETF flows reaccelerate and whether BTC can reclaim and hold above $110k on sustained volume.
From a misconfigured bridge to seized assets on Arbitrum, the Kelp–LayerZero fallout lays bare how quickly “non-custodial” systems revert to human discretion under stress.
Korea Investment & Securities is in parallel discussions to buy an equal share, as financial firms rush to consolidate South Korea's smaller exchanges before a new 20% ownership cap takes effect.
The deal makes South Korea's Hana Financial the fourth-largest shareholder in Dunamu and comes with an MOU covering won-backed stablecoins, blockchain remittances and a joint wealth management product, while handing Kakao a roughly 300x return on its original investment.
Both exchanges grew adjusted revenue year-over-year and posted large GAAP losses driven by non-cash items, while signalling deeper moves into derivatives, tokenization and agentic trading.
