BitMine’s $3.7 billion paper loss and the falling mNAV valuations are threatening the business model of DATs, according to 10x Research. Concerns are mounting over the sustainability of corporate crypto-treasury firms as BlackRock moves forward with a staked Ether fund that analysts say could compete directly with existing digital-asset treasuries. BitMine Immersion Technologies, the world’s largest corporate Ether (ETH) holder, is currently down $1,000 per purchased ETH, implying a cumulative unrealized loss of $3.7 billion on its total holdings, according to a Thursday research report from crypto insights company 10x Research. The decline in net asset value (NAV) across these firms is making it difficult to attract new retail investors while leaving many existing shareholders effectively “trapped” unless they sell at a steep loss, 10x Research founder Markus Thielen wrote in a LinkedIn post. Read more
Survey data points to cautious allocations, long-term holding and a preference for regulated platforms as Singapore’s retail market continues to mature. Singapore’s retail crypto market is entering a new phase of maturity, as traders are increasingly prioritizing trustworthy platforms over those with lower fees, according to a new survey. On Thursday, a joint survey by finance platform MoneyHero and crypto exchange Coinbase revealed that 61% of “finance-savvy” investors in Singapore now hold crypto, with trust emerging as their primary deciding factor for selecting exchanges, outranking fees. The data suggests that the city-state’s crypto ecosystem is evolving beyond chasing the cheapest exchange to placing value on regulated frameworks, security and long-term conviction. Read more
Bitcoin Core’s first independent audit found no serious vulnerabilities, with reviewers praising the project’s security, testing depth and overall code maturity. Bitcoin Core has cleared its first-ever third-party security audit, with results confirming that the software securing the world’s largest decentralized network is highly mature. The review, conducted by French security firm Quarkslab and commissioned by OSTIF on behalf of Brink, examined the project’s most sensitive components, particularly the peer-to-peer (P2P) layer and block validation logic, over a 104-day period between May and September. According to the report, Bitcoin Core’s codebase is “the most mature and well-tested,” the auditors evaluated, despite its size, which includes more than 200,000 lines of C++ and over 1,200 tests already in place. Read more
Bitcoin enters bearish territory as institutional buying wanes and key indicators turn negative, signaling a potential end to the current market cycle. Bitcoin is entering bearish territory as institutional demand dries up and key market indicators point to a downward phase, according to data from analytics platform CryptoQuant. Bitcoin (BTC) market conditions have turned the “most bearish” within the current bull cycle that started in January 2023, CryptoQuant said in its latest crypto weekly report shared with Cointelegraph. CryptoQuant’s Bull Score Index has declined to extreme bearish levels of 20/100, while the BTC price has fallen far below the 365-day moving average of $102,000 — a key technical level and the final bearish signal marking the start of the 2022 bear market. Read more
The exchange will publish monthly, independently verified reserve reports, giving users third-party confirmation that assets are fully backed. MEXC has expanded its partnership with blockchain security platform Hacken to introduce monthly, independently verified Proof-of-Reserves (PoR) audits, marking a shift toward a more formalized transparency framework for the exchange. The monthly audits will add independent verification to MEXC’s existing PoR system, creating an external record of reserves that cannot be altered internally. Hacken will publish each report independently, without MEXC’s review or approval, starting in late November. The checks will compare MEXC’s reserves with user balances across major assets. MEXC said its current reserve ratios remain above 100% across major assets, with users able to verify their balances through the exchange’s Merkle tree system on a dedicated proof-of-reserves page. Read more
Some users viewed the asset reallocation as an alarming sign of the platform’s ability to blacklist user funds without requiring a governance proposal. The Trump family-backed crypto project World Liberty Financial has reignited concerns about its ability to freeze and reassign user funds, despite promoting itself as “community governed.” The platform said Wednesday that it will reallocate assets affected in a pre-launch phishing attack that exposed the seed phrases of what it described as a “relatively small subset” of user wallets. WLFI said the compromised wallets were targeted through “third-party security lapses,” not issues with the platform or its smart contracts. “This was not a WLFI platform or smart contract issue. Attackers gained access to user wallets through third-party security lapses,” wrote WLFI in the X post. Read more