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Bitcoin ETFs Holds Strong, Ethereum Pauses As BTC Whale Short ETH on Hyperliquid

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U.S. spot Bitcoin ETFs continued their robust momentum on October 9, 2025, recording $197.8 million in net inflows and extending their positive streak to nine consecutive days. This surge was led by BlackRock’s iShares Bitcoin Trust (IBIT), which alone attracted $255.47 million, pushing its assets under management (AUM) to nearly $97 billion.

Other notable performers included Fidelity’s FBTC and ARK 21Shares’ ARKB, contributing to a total AUM across all Bitcoin ETFs of $62.77 billion. The inflows reflect sustained institutional demand amid Bitcoin’s price hovering around $121,000, bolstered by broader market optimism tied to regulatory tailwinds and corporate treasury adoption.

In contrast, spot Ethereum ETFs experienced a minor reversal, with $8.7 million in net outflows—primarily driven by withdrawals from Fidelity’s FETH $30.26 million out—ending their eight-day inflow streak.

Despite this, Ethereum ETFs maintain a solid $29.9 billion in AUM, and the outflow appears more like a brief pause than a trend shift, following $421 million in inflows just the prior day. Ethereum traded at $4,352 on October 9, down 2.3% daily but still up significantly year-to-date amid ETF-driven momentum.

This divergence underscores Bitcoin’s dominance in institutional flows, with analysts noting the “Uptober” effect amplifying BTC’s appeal as a hedge against fiat weakness. Ethereum’s brief dip may signal profit-taking after a strong run, but spot trading volumes rose 9% to $40.4 billion, hinting at underlying resilience.

Bitcoin Whale’s Bearish Ethereum Play on Hyperliquid

Adding a layer of intrigue, a prominent Bitcoin whale—previously linked to selling over $4 billion in BTC for ETH earlier this year—has pivoted to a contrarian bet against Ethereum. On October 9, 2025, the whale address cluster deposited approximately $30 million in USDC to Hyperliquid, a decentralized perpetuals exchange, to open a leveraged short position on ETH.

This move comes after the whale realized gains from prior BTC shorts and ETH rotations, but now targets ETH’s recent highs with up to 25x leverage, eyeing a liquidation threshold around $4,594. The whale’s history includes high-stakes trades: dumping 80,000+ BTC valued at $9+ billion at the time via Galaxy Digital in July for estate planning, followed by phased BTC-to-ETH swaps totaling $4 billion in August-September.

Recent activity on Hyperliquid shows this latest $30M deposit expanding shorts amid ETH’s rejection at $4,700, with the position currently facing mild unrealized losses as ETH stabilizes. Wallet balances sit under $1 million in margin, amplifying risk—liquidation could trigger if ETH surges past the threshold.

This short contrasts sharply with ETF inflows, potentially signaling whale caution on ETH’s overextension relative to BTC. Hyperliquid’s open interest has ballooned to records, with this trade spotlighting leveraged volatility. As one X observer noted, “Whales are flipping scripts—BTC inflows roar while ETH faces the heat.”

Bitcoin Performance is showing modest gains today, continuing the “Uptober” momentum from earlier in the month where it hit a record high above $125,000 on October 5. As of the latest data, BTC is trading at approximately $121,577, up 0.11% over the past 24 hours.

This slight uptick comes after a pullback on October 8 down ~1.8% to $121,788 and a minor recovery on October 9 up 0.41% to around $122,000. The market cap stands at $2.42 trillion, reflecting steady institutional interest amid broader economic stability.

U.S. spot Bitcoin ETFs saw positive activity earlier in the week, with analysts forecasting BTC could reach $148,500 by year-end, driven by ETF growth and a shift toward “maturity phase” investing.

Neutral to cautiously optimistic, with historical October averages showing 14.4% gains since 2013. Recent highs near $125,689 underscore resilience despite U.S. government shutdown concerns fueling a “debasement trade.”

The overall crypto market is up marginally, with a total market cap of $4.13 trillion up 0.15% in 24 hours and trading volume rising 8.23% to $203.74 billion. This follows mixed signals earlier in the week: a 2.2% dip on October 8 market cap briefly below $4T and a near-flat recovery on October 9.

Sentiment remains neutral, with 7 of the top 10 coins up in the last day, buoyed by regulatory tailwinds like high odds 90%+ for Solana ETF approvals due today.

Top gainers in the top 10: Dogecoin +2.32% leads, followed by Cardano +1.68% and BNB (+1.21%), reflecting meme coin hype and ecosystem upgrades. Stablecoins like USDT and USDC show minimal movement, providing liquidity anchors.

Capital is shifting toward high-cap alts like BNB and XRP, with forecasts for an “altcoin season” post-BTC surge. S&P Global’s new Digital Markets 50 Index tracking 15 cryptos and 35 related stocks and potential SOL ETF approvals are enhancing legitimacy.

Altcoin open interest remains elevated >1.4 ratio, signaling potential liquidations if volatility spikes. Overall, the market is stable with upside potential, aligning with October’s historical bullishness. Bitcoin’s institutional fortress strengthens, while Ethereum navigates whale skepticism.

UK Regulator Declares Google a Dominant Force in Search Market, Paving Way for Stricter Oversight

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The United Kingdom’s Competition and Markets Authority (CMA) on Friday formally designated Google as having a “strategic market status” (SMS) in online search and search advertising — a powerful classification that could subject the tech giant to new, stricter regulations designed to promote fair competition.

The designation, the first of its kind under Britain’s new digital markets regime that came into force in January, gives the CMA enhanced powers to impose binding conduct requirements on companies deemed to have entrenched market dominance in strategically important digital sectors.

“Google has had an unparalleled position in this digital activity for an extended period,” the CMA wrote in its decision. “Other traditional general search providers are significantly smaller than Google and have been for many years. Bing is the largest of these providers, but its current shares of queries and search advertising are both less than 5%. No traditional general search providers have materially grown relative to Google for at least fifteen years.”

While the designation itself does not immediately impose obligations on Google or suggest wrongdoing, it lays the groundwork for future interventions that could reshape how the company operates its search and advertising services in the U.K.

What the CMA’s Designation Covers

The CMA’s ruling applies to Google’s core search services, its online search advertising, and AI-enabled features such as AI Overviews and AI Mode — newer tools that use artificial intelligence to generate search summaries and contextual answers. It also covers the Discover feed, “Top Stories,” and News tabs that appear within Google Search.

However, the CMA clarified that the Google News app and website, as well as search syndication services, remain outside the designation’s scope. The regulator also said it will continue monitoring developments around Google’s Gemini AI assistant, hinting that it could fall under future scrutiny as the AI search market evolves.

The CMA now plans to open consultations later this year to determine what specific rules or obligations to impose on Google. Potential measures could include:

  • Requiring users to easily choose and switch default search engines via “choice screens.”
  • Enforcing stronger data portability rules to prevent user lock-in.
  • Mandating fairer ranking and attribution practices to ensure third-party content and publishers are not disadvantaged.
  • Requiring explicit user consent for the use of data in AI-generated search results.

A Move Years in the Making

The decision follows a nine-month investigation launched in early 2025 after the new competition regime came into force. The probe examined whether Google’s dominance in online search was limiting innovation, creating barriers to entry for rivals, or giving the company undue leverage over the advertising ecosystem.

Google controls over 90% of the U.K. search market — a figure that has remained largely unchanged for more than a decade — giving it unmatched access to user data and advertising revenues. Regulators across Europe have long argued that this dominance allows Google to unfairly prioritize its own services in search results while making it difficult for competitors to gain traction.

Google Pushes Back

In a blog post responding to the CMA’s announcement, Google warned that excessive restrictions could harm innovation in the U.K.

“The UK enjoys access to the latest products and services before other countries because it has so far avoided costly restrictions on popular services such as Search,” the company wrote.

“Retaining this position means avoiding unduly onerous regulations and learning from the negative results seen in other jurisdictions, which have cost businesses an estimated €114 billion,” it added, referring to the economic cost of regulatory fragmentation across the European Union.

Google further argued that some proposed interventions could slow the rollout of new AI-driven features and raise costs for businesses that rely on its advertising platform.

“Many of the ideas for interventions would inhibit U.K. innovation and growth, potentially slowing product launches at a time of profound AI-based innovation. Others pose direct harm to businesses, with some warning they may be forced to raise prices for customers,” the company said.

The CMA’s action underscores the U.K.’s determination to take a more assertive role in policing the dominance of Big Tech platforms. Under the new regulatory framework, companies designated with “strategic market status” can face legally binding rules requiring them to operate in ways that promote competition and transparency — with fines of up to 10% of global turnover for violations.

Analysts say that while Google’s designation is expected to be the first of several, it also signals the growing tension between innovation and oversight in the digital economy. With AI now reshaping how users interact with search results, regulators are increasingly concerned that the same monopolistic forces that shaped the web era could dominate the AI era as well.

The CMA said it will continue to engage with Google and other stakeholders before introducing formal remedies. But for now, the move marks a historic moment — one that positions the U.K. at the forefront of global efforts to rein in the power of Silicon Valley’s biggest players without stifling technological advancement.

Deutsche Bank Predicts Central Bank Will Include Bitcoin and Gold As Reserve Portfolios By 2030

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Deutsche Bank has forecasted that central banks are likely to include both Bitcoin and gold in their reserve portfolios by 2030, positioning them as complementary hedges against inflation, geopolitical risks, and the ongoing erosion of U.S. dollar dominance.

This outlook emerged in a series of research notes from the bank’s analysts, starting around September 2025, and gained traction in early October amid surging prices for both assets—Bitcoin surpassing $125,000 and gold nearing $4,000 per ounce.

Analysts Marion Laboure and Camilla Siazon argue that Bitcoin could evolve into a “modern cornerstone of financial security,” mirroring gold’s historical role in the 20th century. They emphasize that neither asset is expected to replace the dollar entirely, but both will likely “coexist on central bank balance sheets by 2030” due to their scarcity, low correlation with traditional assets, and strategic value.

The U.S. dollar’s portion of global reserves has fallen from 60% in 2000 to about 43% in 2025, prompting diversification. Central banks like those in China, Poland, and Turkey are already ramping up gold purchases, while Bitcoin’s institutional adoption signals growing legitimacy.

Despite being “backed by nothing,” Bitcoin’s volatility has hit historic lows even as prices rally, making it behave more like gold. Deutsche Bank highlights its potential as a store of value, especially for nations seeking to reduce U.S. financial exposure via decentralized networks.

Central banks currently hold about 35,200 tonnes of gold out of ~216,000 tonnes total supply. A 2025 World Gold Council survey shows 43% of central banks planning to increase holdings, with 95% expecting overall global reserves to rise.

This prediction aligns with broader trends: de-dollarization efforts, record ETF inflows hundreds of billions into Bitcoin ETFs since 2024, and recent U.S. policy moves like the strategic Bitcoin reserve under the Trump administration. The report, titled Gold’s Reign, Bitcoin’s Rise, has sparked widespread discussion.

scottmelker noted the weakening dollar as a key driver. Skeptics point to regulatory hurdles and Bitcoin’s past volatility, but the consensus is that this could accelerate sovereign adoption.

Deutsche Bank’s view isn’t about central banks “running to” these assets in panic but strategically allocating to them for resilience. If realized, it could solidify Bitcoin’s transition from speculative asset to global reserve contender alongside gold.

Implications of Central Banks Adopting Bitcoin and Gold by 2030

Central banks diversifying into Bitcoin and gold could accelerate the decline of the U.S. dollar’s dominance currently ~43% of global reserves, down from 60% in 2000. This shifts the global financial system toward a multipolar reserve structure, reducing reliance on fiat currencies like the dollar and euro.

Sovereign adoption would cement Bitcoin’s status as a legitimate asset class, likely boosting institutional and retail investment. This could drive Bitcoin prices higher, with some speculating $250,000+ by 2030, though volatility risks remain.

Increased central bank demand for gold already at 35,200 tonnes globally could sustain or elevate prices, potentially pushing gold beyond $4,000/oz, especially if inflation or geopolitical tensions persist.

Bitcoin’s maturing profile lower volatility despite price surges and gold’s stability could make them attractive for risk-averse central banks, potentially stabilizing portfolios but introducing new risks if Bitcoin’s price corrects sharply.

Nations like China, Russia, and BRICS countries, wary of U.S. sanctions and dollar weaponization, may accelerate Bitcoin and gold adoption to bypass SWIFT and reduce exposure to U.S. financial systems. This could weaken U.S. geopolitical leverage.

Bitcoin’s decentralized nature makes it appealing for countries seeking financial autonomy, while gold’s physicality offers tangible security. Central banks may balance both to hedge against different risks like cyber vs. physical threats.

Countries with significant Bitcoin or gold reserves could gain influence in a fragmented financial order, especially if digital assets become integral to cross-border trade or reserve settlements

Central bank Bitcoin holdings could spur investment in blockchain infrastructure, including custody solutions and regulatory frameworks. This might accelerate development of central bank digital currencies (CBDCs) or hybrid systems integrating crypto.

To accommodate Bitcoin, regulators worldwide would need to standardize rules on custody, taxation, and anti-money laundering, potentially reducing crypto’s “wild west” stigma but increasing compliance costs.

Both assets could serve as hedges against persistent inflation global CPI still elevated in 2025 and fiat debasement, protecting central bank purchasing power but potentially exacerbating wealth inequality if prices soar.

Sovereign backing could boost public confidence in Bitcoin, driving retail adoption but also raising concerns about speculative bubbles or exclusion of non-crypto holders.

Holding non-yielding assets like Bitcoin and gold could limit central banks’ ability to finance deficits or manipulate money supply, potentially altering traditional monetary policy frameworks.

Bitcoin’s low correlation with traditional assets could shift if central banks integrate it into reserves, potentially aligning its price movements more closely with macroeconomic trends. Bitcoin mining’s energy intensity could draw scrutiny, pushing central banks to favor “green” crypto solutions or face public backlash.

Central banks lack infrastructure for large-scale Bitcoin custody, and gold’s physical storage requires significant logistics, potentially slowing adoption.

If Deutsche Bank’s forecast materializes, central banks’ embrace of Bitcoin and gold could reshape global finance, legitimizing crypto, weakening dollar hegemony, and fostering a multipolar reserve system.

However, it introduces risks like market volatility, regulatory complexity, and geopolitical friction. Investors and policymakers should monitor adoption trends, regulatory developments, and price movements in both assets.

Global Debt Reaches Unprecedented Heights

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Global debt has indeed surged to new record levels in 2025, surpassing previous milestones amid easing financial conditions, persistent fiscal deficits, and uneven economic recovery.

According to the latest data from the Institute of International Finance (IIF), total global debt—including government, corporate, financial sector, and household borrowing—hit $337.7 trillion at the end of Q2 2025, up over $21 trillion from the first half of the year alone.

This marks a continuation of the upward trajectory seen earlier in the year, when debt reached $324 trillion in Q1. For context, this figure dwarfs global GDP estimates around $110-115 trillion for 2025, pushing the global debt-to-GDP ratio to approximately 324%—still elevated despite a slight moderation from pandemic peaks.

Emerging markets are bearing a disproportionate burden, with their debt-to-GDP ratio climbing to a record 242.4% and total emerging market debt exceeding $109 trillion. A softer U.S. dollar and accommodative central bank actions have lowered borrowing costs, encouraging more debt issuance.

The surge in global debt to $337.7 trillion by Q2 2025, as reported by the Institute of International Finance, is driven by several key factors: Central banks, particularly in advanced economies, have adopted looser monetary policies, including potential interest rate cuts and a softer U.S. dollar.

This reduces borrowing costs, encouraging governments, corporations, and households to take on more debt. Public debt, now over $102 trillion globally, is the primary driver. G7 countries are leading the increase due to persistent fiscal deficits and post-pandemic spending.

Emerging markets’ debt-to-GDP ratio hit 242.4%, with total debt exceeding $109 trillion. Countries like China, India, Brazil, and Poland saw significant nominal debt increases, driven by infrastructure spending and economic stimulus needs.

Developing countries face $921 billion in debt servicing costs in 2024, up 10% year-over-year. High interest rates 61 countries pay 10%+ of revenues and $7-8.2 trillion in upcoming bond/loan rollovers 10% in foreign currencies exacerbate borrowing needs.

While private debt stabilized in some regions like the U.S. private debt-to-GDP at 143%, surges in corporate borrowing in markets like Brazil and India offset declines, adding to the global total.

These factors, combined with uneven economic recovery and limited fiscal space, are pushing debt levels higher, with risks of further escalation if borrowing costs rise or growth slows. Global public debt alone reached $102 trillion in 2024 and is projected to climb toward 100% of global GDP by decade’s end if trends persist. In a severe adverse scenario, it could hit 117% by 2027.

Countries like China government debt-to-GDP nearing 100%, India, Brazil, and Poland saw the largest nominal increases. Developing nations face ballooning interest payments—$921 billion in 2024, up 10% year-over-year—with 61 countries devoting 10% or more of revenues to servicing debt.

While private lending has stabilized or declined in some areas, surges in corporate borrowing in markets like Brazil and India offset this. Accounts for ~$2T of Q1 growth; private debt at 206% of GDP.

Varies; 50% pay >6.5% of exports on servicing. High costs exacerbate inequality; Africa/Latin America hit hardest. This debt mountain isn’t just a number—it’s a ticking vulnerability.

80% of the global economy (by GDP), debt is both higher than pre-pandemic levels and rising faster, limiting fiscal space for investments in growth, climate resilience, or social services.

Emerging markets face a record $7-8.2 trillion in bond/loan rollovers through 2025, with 10% in foreign currencies, heightening default risks amid volatile commodity prices and trade tensions.

Experts warn of “bond vigilantes”—investors demanding higher yields on risky debt—potentially spiking borrowing costs further. At Davos 2025, IMF’s Gita Gopinath highlighted an “optimism bias” in projections, suggesting actual debt could be 10 percentage points higher than forecasted.

Policymakers are urged to prioritize fiscal reforms, debt transparency, and targeted spending to build resilience.If current trends hold, global debt could breach $350 trillion by year-end.

Inside the Growing Attention Around the Zero Knowledge Proof (ZKP) Whitelist

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Zero Knowledge Proof (ZKP) has quickly positioned itself as a project attracting curiosity across the crypto space. Built on the foundation of privacy, scalability, and verifiable computation, it represents a framework where artificial intelligence and blockchain intersect to address critical issues of data trust and security. What sets it apart is the way it incorporates advanced cryptography into real-world use cases, especially in managing AI-driven compute while safeguarding intellectual property.

Now, with an upcoming crypto presale on the horizon, the focus has shifted to its whitelist. For investors and observers alike, this whitelist is not just another entry point. Instead, it is becoming a defining moment that could shape early engagement with a project many consider as one of the most compelling examples of how a zero knowledge proof blockchain can underpin practical applications in both AI and decentralized infrastructure.

A Whitelist That Signals Market Confidence

The growing spotlight on the whitelist stems from what it represents in the bigger picture. Whitelists in crypto often indicate exclusivity, but in this case, the Zero Knowledge Proof (ZKP) whitelist has come to stand as an entry point to something more substantial. It reflects both the scale of anticipation and the degree of interest in projects considered to be among the most closely watched presale coins in circulation today.

This interest is not purely speculative. At its core, the ZKP ecosystem ties into real challenges faced by industries moving toward decentralized compute and storage. By leveraging cryptographic proofs that secure both AI computations and sensitive data, ZKP makes its presence felt in ongoing conversations about where blockchain utility is heading. As such, the whitelist itself becomes more than a process — it is viewed as a step into a network that places privacy and scalability at its center.

In practice, the growing attention is less about short-term excitement and more about a narrative building around credibility. The upcoming crypto presale positions Zero Knowledge Proof (ZKP) in an environment where trust, verifiability, and use-case depth matter. This is why the whitelist has emerged as one of the early signals that this project may stand apart in a crowded field.

The Broader Appeal of Whitelist Access

For many observers, whitelist access is synonymous with early positioning. What makes Zero Knowledge Proof (ZKP) different is the way its whitelist is being viewed in parallel with its technological promises. Investors seeking presale coins are not only weighing potential returns but are increasingly focused on projects that offer structural innovation.

The ZKP ecosystem brings forward unique elements, particularly in how it handles AI workloads through a distributed network of nodes and storage. That operational design is reinforced by zero knowledge proofs that guarantee privacy while maintaining verifiability. When this is paired with an entry point like a whitelist, it presents early participants with the chance to align with a project that has a clearly articulated approach to some of the most pressing issues in blockchain and AI.

The effect is that the whitelist becomes more than a gatekeeping tool. It becomes a part of the project’s identity, a bridge between the promise of the zero knowledge proof blockchain and the wider market narrative about decentralization and data sovereignty. For many, this alignment creates an additional layer of appeal, as it combines both practical considerations and market sentiment in one focal point.

Anticipation Ahead of the Presale Phase

What is driving this momentum even further is the way anticipation has steadily built around the upcoming crypto presale. While specific details are not yet available, the very existence of strong whitelist talk has already created waves in communities tracking new crypto presale opportunities. For some, this reflects a market trend where interest gathers around projects with distinct value propositions rather than hype alone.

The structure of the ZKP ecosystem strengthens this impression. Its dual consensus approach — pairing computational intelligence with storage commitments — ensures that the network cannot be dismissed as theoretical. Even in early stages, it projects a balance between technical credibility and market readiness. As a result, the whitelist appears to function as a filter, giving those who pay attention early an opportunity to signal belief in the system before the broader presale phase.

Market conversations increasingly highlight the whitelist as a reference point. In fact, it is often cited as evidence that ZKP is not just another entry in the list of presale coins but rather a project that ties utility directly to participation. For early participants, this distinction makes the act of securing whitelist access an important marker, not just a formality.

The excitement also ties back to ZKP’s core identity. Positioned at the intersection of AI and blockchain, its credibility is reinforced by the privacy-preserving foundations of zero knowledge proofs. When viewed through the lens of an upcoming crypto presale, the whitelist creates anticipation not just about access but about alignment with a project seen as forward-leaning in both concept and execution.

Closing Analysis

The whitelist surrounding Zero Knowledge Proof (ZKP) has captured a degree of market attention that few presale coins manage at this stage. Far from being a routine step, it has become a central feature in discussions, blending exclusivity with the credibility of a project committed to privacy, scalability, and AI-driven blockchain solutions.

As anticipation continues to grow around the upcoming crypto presale, the whitelist stands as the first meaningful indicator of how ZKP may position itself in the months ahead. For observers and potential participants, it is not only an entry point but a signpost pointing toward how the broader market views the intersection of technology, trust, and participation in this new phase of blockchain development.

Find Out More At:

https://zkp.com/