ARK Invest scoops $10M in Bullish as it hits record low amid crypto stock rout

Kraken's parent company has taken a significant step towards an initial public offering (IPO), aiming to join other cryptocurrency firms like Circle, Gemini, Bullish, and Figure Technologies. This move comes amid a volatile market, indicating Kraken's commitment to growth despite industry challenges.

Bullish reported record revenue and profit for the third quarter; however, this strong performance did not positively impact investor sentiment, as the company's share price continued to decline.

Coinbase has launched decentralized exchange (DEX) trading in Brazil, expanding its vision of becoming an 'everything app.' This move aligns with the growing acceptance of cryptocurrency in the region and aims to enhance user engagement by offering a broader range of services.

CryptoQuant CEO Ki Young Ju has identified a realized price level of $56,000 for Bitcoin amid its current correction. He clarified that this figure should not be interpreted as a definitive bottom, emphasizing that market conditions and sentiment could lead to price fluctuations. Ju's analysis categorizes the market into futures, spot, and on-chain segments, noting a shift from futures whales to retail dominance in trading activity.

Bitcoin's value has dropped significantly, falling nearly 15% to around $90,300, marking a decline below the $100,000 and $95,000 thresholds. Michael Saylor's company, Strategy, recently purchased an additional 8,178 BTC for approximately $835.6 million at around $102,171 each, raising concerns as a portion of these holdings are now losing value. Overall, Strategy holds 649,870 BTC, valued at about $59.38 billion, reflecting a paper gain of 22% despite recent market volatility.

Circle has launched xReserve, enabling blockchains to issue $USDC-backed stablecoins that work natively with $USDC, reducing dependence on external bridges. The market cap of $USDC has reached approximately $74 billion in 2025, solidifying its role as a key asset in on-chain finance. Best Wallet Token ($BEST) has garnered $17.1 million in presale, offering governance rights and reduced fees. This development allows chains to use $USDC as native collateral, enhancing liquidity and transaction efficiency.

Bullish reported a profitable third quarter, driven by the addition of options and U.S. spot trading. The company has successfully navigated a challenging cryptocurrency market, showcasing resilience and strategic growth amid fluctuating market conditions.

BlackRock has made substantial deposits of $616 million in Bitcoin and $200 million in Ethereum into Coinbase, signaling a growing institutional confidence in digital assets. This move may contribute to the stabilization of cryptocurrency markets amid ongoing volatility.