Tom Lee: Crypto Market Enters Bull Cycle, BMNR Outperforms ETH

Glassnode stated that the trend of BTC Whale net depositing Bitcoin into the exchange has stopped, which lasted for over three months since the summer and ended in late August. Since then, the flow of funds has remained negative.

[DFDV Increased Holdings by 26,200 SOL Last Week, Total Holdings Exceed 2.56 Million SOL] Nasdaq-listed Solana treasury company DeFi Development (DFDV) increased its holdings by approximately 26,200 SOL last week, bringing its total holdings to around 2.5642 million SOL, valued at approximately $302 million. Since releasing its Q2 earnings on August 12, DFDV's holdings in SOL and equivalent assets have grown by about 11%, and it completed the first dividend distribution for CHAD variable-rate preferred shares on October 1. (Source: Globenewswire)

The expectation of a comprehensive victory for the Democratic Party in the 2026 midterm elections has risen to a historic high of 67% in the market, compared to 24% in the same period last year, with 29 days left until election day. (Source: The Kobeissi Letter)

After rebounding on Sunday, Bitcoin traded around $86000 and closed the week up about 2%. Derivatives positions have returned to the normal range, ETF inflows have slowed down, and on chain activity, new capital inflows, and profit taking remain active. （glassnode）

Strategy holds 848000 BTC with an average cost of $75441 and a floating profit of $9.059 billion; Bitmine holds 6.0164 million ETH, with an average cost of $3336 and a floating loss of $3.73 billion.