The Incrypted editorial team presents a roundup of this week’s key events in the cryptocurrency world, covering the pardon of former Binance CEO Changpeng Zhao, the launch of the first Solana ETF in Hong Kong, Bitcoin price forecasts, and insights from market experts.
Bitcoin Highlights
Bitcoin traded between $106,000 and $114,000 throughout the week. On October 21, the price briefly surged to $114,000 before dropping to $106,000 the following day. By the end of the week, the market remained largely sideways, with BTC hovering around $113,300, according to TradingView.
Price Forecasts
Crypto analyst PlanB suggested that Bitcoin’s peak may not occur in 2025 but rather between 2026 and 2028. He cautioned against relying solely on halving cycles, noting that the Stock-to-Flow model reflects average cycle prices rather than exact highs or lows. Meanwhile, Standard Chartered predicts a potential short-term dip below $100,000 due to geopolitical tensions between the U.S. and China.
BitMine CEO Tom Lee warned that despite the ETF boom, Bitcoin remains volatile and could fall by up to 50%. He emphasized that even with claims of market “maturity,” BTC continues to amplify stock market swings.
Market Analysis
Galaxy Digital’s Alex Thorn stated that the crypto market remains fundamentally strong despite the October 11 flash crash, which liquidated over $19 billion in futures positions. He highlighted long-term growth drivers, particularly in AI-related investments.
CryptoQuant noted investor skepticism persists, with negative funding rates on Binance reflecting hesitancy to trust a bullish trend. Long-term distrust, however, could fuel rapid price surges through short squeezes, potentially pushing Bitcoin to liquidity zones between $113,000 and $126,000.
Glassnode reported that traders have entered a defensive mode following the rapid four-day drop from $115,000 to $104,000. After the crash, CryptoQuant observed a return to spot trading, indicating a shift toward more cautious investment strategies. Binance continues to dominate the spot market, with daily BTC trading volumes stabilizing between $5–10 billion.
Whale Activity
Three major wallets accumulated over 23,000 ETH during market dips. Significant Chainlink (LINK) accumulation was also observed, with large holders steadily increasing their positions.
CZ Pardoned
Former Binance CEO Changpeng Zhao was pardoned by U.S. President Donald Trump after serving four months in prison. Trump claimed he was not personally acquainted with CZ but acted on recommendations from credible sources, suggesting that Zhao’s imprisonment was part of the Biden administration’s campaign against crypto.
Other Notable Developments
- Several platforms, including Coinbase, faced access issues due to an Amazon Web Services outage on October 20.
- AI trading competition platform Alpha Arena launched by nof1.ai, with six AI models trading $10,000 each.
- Tether’s USDT user base surpassed 500 million, marking a major milestone in financial inclusion.
- Hong Kong’s SFC approved the ChinaAMC Solana ETF, the first spot Solana ETF in Asia, trading in USD, HKD, and CNY.
- Polymarket confirmed the launch of its native POLY token and an accompanying airdrop, following earlier hints from co-founder Shane Coplan.
This week reflects ongoing market volatility, regulatory developments, and growing institutional involvement, highlighting the continued evolution of the cryptocurrency ecosystem.
