Crypto Investing and Decentralized Finance, Coinstack

Coinstack

Crypto Investing and Decentralized Finance

Coinstack is published weekly by Ryan Allis. He was previously CEO and Co-founder of iContact and led the company from 300 employees, 70,000 customers, and $50M in annual sales and an exit for $169M. Ryan was an angel investor in SpaceX, LendingClub, Change.org, Kuli Kuli, and Catalant. Today, Ryan advises companies and governments on blockchain-related projects and is the Chairman of Hive.org, a global community of 3,500 purpose-driven leaders from 130 countries making a positive impact in the world. Ryan holds an MBA from Harvard Business School where he was Co-President of the Harvard Social Enterprise Club and a fellow of the Harvard Graduate School Leadership Institute.

Crypto

<ul><li>Uptober turned ugly. September’s institutional bid reversed in two trading days.</li><li>BTC ETFs shed $487.07M on October 7 (per SoSoValue), the largest outflow since June 25.</li><li>ETH ETFs extended a nine-day streak (Sep 29 to Oct 9). Fed meeting is two weeks away, and the macro fog is thicker, not thinner.</li></ul>

Uptober turned ugly. September’s institutional bid reversed in two trading days.BTC ETFs shed $487.07M on October 7 (per SoSoValue), the largest outflow since June 25.ETH ETFs extended a nine-day streak (Sep 29 to Oct 9). Fed meeting is two weeks away, and the macro fog is thicker, not thinner.

<ul><li>Congress averted the October 1 shutdown with a bipartisan stopgap bill. Jobs data came in weak. Citigroup lifted its 12-month Bitcoin target by 37.8%.</li><li>Uptober has begun, and BTC absorbed all three catalysts, closing the week near $86,490 (CoinGecko, Close, Oct 4).</li><li>ETH broke out of its multi-week $2,600 range on Thursday before settling back. The institutional story kept building while macro visibility deteriorated.</li></ul>

Congress averted the October 1 shutdown with a bipartisan stopgap bill. Jobs data came in weak. Citigroup lifted its 12-month Bitcoin target by 37.8%.Uptober has begun, and BTC absorbed all three catalysts, closing the week near $86,490 (CoinGecko, Close, Oct 4).ETH broke out of its multi-week $2,600 range on Thursday before settling back. The institutional story kept building while macro visibility deteriorated.

Built for Investing, Trading, and Research, Glassnode Services

Glassnode

Built for Investing, Trading, and Research

Glassnode Services

Built for investing, trading, and research. Access a unified platform that integrates spot, futures, options, ETFs, DATs, and on-chain data. Raw digital asset data is notoriously complex and scattered across hundreds of disconnected sources. We eliminate this fragmentation by aggregating these diverse inputs into a unified data layer. Access the insights that shape the industry. Our expert analysts decode the entire digital asset landscape, translating comprehensive market data into the premier intelligence that professional investors rely on.

<ul>
<li>
Bitcoin never closed below the Realized Price in this bear market. The share of coins in profit fell as far as in 2022, but NUPL stayed positive.
</li>
<li>
Price sits just above a large block of long-term holder supply at $84K-$85K. The next major on-chain resistance is the mean MVRV price at $96.7K.
</li>
<li>
Options positioning built up in one day: dealer hedging could speed up moves between spot and $92K and slow them near $95K.
</li>
<li>
Profit taking is a fraction of what it was at the 2024-2025 tops, even though almost all short-term holders are in profit.
</li>
<li>
ETF buying is picking up, and spot volume has more than doubled from its August low, this time with price rising and spread across many exchanges.
</li>
<li>
Altcoins are rising broadly, but traders have added very little leverage.
</li>
</ul>



Bitcoin never closed below the Realized Price in this bear market. The share of coins in profit fell as far as in 2022, but NUPL stayed positive.


Price sits just above a large block of long-term holder supply at $84K-$85K. The next major on-chain resistance is the mean MVRV price at $96.7K.


Options positioning built up in one day: dealer hedging could speed up moves between spot and $92K and slow them near $95K.


Profit taking is a fraction of what it was at the 2024-2025 tops, even though almost all short-term holders are in profit.


ETF buying is picking up, and spot volume has more than doubled from its August low, this time with price rising and spread across many exchanges.


Altcoins are rising broadly, but traders have added very little leverage.



<ul><li>Bitcoin closed at $81,169 (CoinGecko, Sep 20 close), up nearly 5.7% w/w after both twin catalysts landed.</li><li>CLARITY Act failed cloture 49-50 on Sep 15. Four Republicans defected. Effectively dead for 2026.</li><li>Fed hiked 25bp to 3.75-4.00% on Sep 16 in a unanimous 12-0 vote. First hike since July 2023. Dot plot shows 16 of 18 expect another hike this year.</li></ul>

Bitcoin closed at $81,169 (CoinGecko, Sep 20 close), up nearly 5.7% w/w after both twin catalysts landed.CLARITY Act failed cloture 49-50 on Sep 15. Four Republicans defected. Effectively dead for 2026.Fed hiked 25bp to 3.75-4.00% on Sep 16 in a unanimous 12-0 vote. First hike since July 2023. Dot plot shows 16 of 18 expect another hike this year.

<ul>
<li>The Decentralization Spectrum: Design Tradeoffs In Digital Assets is a joint report by ARK Invest and Glassnode that maps Bitcoin, Ethereum, and Solana across four design features and six measurable dimensions of decentralization.</li>
<li>Decentralization and centralization are architectures at two ends of digital asset network design.</li>
<li>While “decentralized” and “centralized” networks seem to be binary alternatives, the reality is more nuanced. Blockchain design choices fall along a spectrum.</li>
</ul>


The Decentralization Spectrum: Design Tradeoffs In Digital Assets is a joint report by ARK Invest and Glassnode that maps Bitcoin, Ethereum, and Solana across four design features and six measurable dimensions of decentralization.
Decentralization and centralization are architectures at two ends of digital asset network design.
While “decentralized” and “centralized” networks seem to be binary alternatives, the reality is more nuanced. Blockchain design choices fall along a spectrum.


Ark Invest x Glassnode: The Decentralization Spectrum

United States

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

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Bitcoin (XBTUSD CURNCY)

ETFs Bleed in Uptober

Uptober turned ugly. September’s institutional bid reversed in two trading days. BTC ETFs shed $487.07M on October 7 (per SoSoValue), the largest...

Coinstack

Citi’s $113K Bitcoin Call

Congress averted the October 1 shutdown with a bipartisan stopgap bill. Jobs data came in weak. Citigroup lifted its 12-month Bitcoin target by 37.8%.

Coinstack

Escape Velocity

Bitcoin has moved above the cost bases that held it back this year, and the question now is how far it can go. Profit taking is light, ETF buying...

Glassnode

SEC Fills CLARITY Vacuum

Fed hiked 25bp to 3.75-4.00% on Sep 16 in a unanimous 12-0 vote. First hike since July 2023. Dot plot shows 16 of 18 expect another hike this year.

Coinstack

Ark Invest x Glassnode: The Decentralization Spectrum

The Decentralization Spectrum: Design Tradeoffs In Digital Assets is a joint report by ARK Invest and Glassnode that maps Bitcoin, Ethereum, and...

Glassnode

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