Bitcoin Plunges Below $84K after $115B Sell-Off Wipes Out Weekly Gains

[200,000 ETH Withdrawn from CEX in the Last 48 Hours] In the past 48 hours, approximately 200,000 Ethereum (ETH) have been withdrawn from centralized exchanges (CEX), valued at around $780 million.

[glassnode: Bitcoin may drop to $88,000 if it fails to hold $113,000] On October 30, glassnode stated that the on-chain market structure of Bitcoin indicates that the adjustment and reorganization phase is still ongoing. Bitcoin has failed to maintain the short-term holder cost price (around $113,000), momentum is weakening, and both short-term and long-term investors continue to sell off. Market demand is nearing saturation, and it may take longer for consolidation to rebuild confidence. If Bitcoin cannot regain stability at $113,000, it may further decline to the realized price of active investors (around $88,000). Additionally, glassnode pointed out that if the Federal Reserve's actions deviate from expectations, the temporary stability of the market may become fragile.

[Bitmine receives 33,948 ETH from FalconX, valued at $135 million] On-chain data shows that Bitmine received 33,948 ETH from FalconX, valued at approximately $135 million. Additionally, Bitmine has accumulated a total of 61,264 ETH this week through BitGo and FalconX, with a total value of approximately $248 million.

["'100% Win Rate Whale' Total Position Value Reaches $275 Million, Floating Loss of $1.6 Million"] On-chain data shows that the "100% Win Rate Whale" recently added long positions in BTC and ETH, using 13x and 10x leverage respectively, while further increasing its position in SOL (10x leverage). Currently, the total value of all positions in this account amounts to $275 million, with a floating loss of approximately $1.6 million. In addition, the whale still has an unfilled order to increase its ETH position.

[DRW Leads $500 Million Fundraising to Support Canton Network Token Reserve Public Company] Supporters of Canton Network are in discussions to raise approximately $500 million for a publicly listed entity that will focus on investing in tokens for blockchain projects backed by banks and become a new member of the digital asset reserve pool. DRW Holdings and Liberty City Ventures will provide the majority of the funding in the form of Canton tokens, while external investors are expected to contribute $100 million to $200 million. The entity also plans to enhance the overall utility of the network by serving as a super validator node and developing blockchain applications. Liberty City Ventures Managing Director Mark Toomey will serve as President, and former DRW Chief Operating Officer Mark Wendland will take on the role of Chief Executive Officer. Clear Street is providing banking advisory services. Canton Network, launched in 2023 and developed by Digital Asset Holdings, completed a $135 million funding round in June this year, with investors including Goldman Sachs, Citadel Securities, and Liberty City Ventures.