Abu Dhabi Tripled Its Bitcoin Bet In Q3 Before the Crypto Market Crash

VanEck analysts report that the recent selloff of Bitcoin is primarily driven by mid-cycle traders, while long-term investors, referred to as whales, continue to hold their positions. This trend indicates a divergence in market behavior, with short-term holders reacting to price fluctuations while long-term holders remain steadfast in their investment strategy.

BlackRock's iShares Bitcoin Trust (IBIT) experienced a significant net outflow of $523 million on Tuesday, marking its largest single-day withdrawal since inception. This development reflects a growing caution among investors in the cryptocurrency market amid ongoing volatility.

Bitcoin's price has dropped to $88,890, nearing a seven-month low, reflecting a 4% decline on the day. The cryptocurrency market continues to experience significant downturns, with Bitcoin trading close to the bottom of its weekly range. This slump follows a broader trend of declining values across crypto stocks.

Brink has funded the first external security audit of Bitcoin Core, conducted by Quarkslab. The audit revealed no critical or severe security issues, indicating a positive assessment of Bitcoin Core's security framework.

Kraken has confidentially filed for an initial public offering (IPO) in the U.S. through Payward, Inc. following a successful $800 million fundraising round that has valued the cryptocurrency exchange at $20 billion.

The Abu Dhabi Investment Council significantly increased its investment in Bitcoin during the third quarter, tripling its stake in the IBIT ETF just before the cryptocurrency market faced a sharp decline. This move highlights the council's growing interest in digital assets despite the volatile nature of the market.

Mezo has partnered with Anchorage Digital to enhance institutional access to Bitcoin-based borrowing and yield opportunities. This collaboration aims to provide low-cost MUSD borrowing and new veBTC yield options through Mezo's Bitcoin-native finance platform, marking a significant step in the cryptocurrency sector.

New Hampshire has approved the world's first $100 million Bitcoin-backed municipal conduit bond, a decision made by the state's Business Finance Authority. This groundbreaking initiative aims to integrate digital assets into the traditional finance sector, potentially transforming municipal funding strategies and paving the way for other states to follow suit.