Ethereum’s split moment: Whales vs. Bitmine

October 29, 2025

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Ethereum whales diverge as Bitmine bets big and Fusaka fork nears launch

Key points:

  • Ethereum traded near $4,020 after multiple defenses of the $4,000 level, while Bitmine’s $113 million accumulation pushed its holdings above $13 billion.

  • Whale activity split between profit-taking and dip-buying as ETF inflows topped $380 million and Ethereum’s Fusaka upgrade advanced toward a December mainnet launch.

News - Ethereum’s market displayed contrasting signals this week as major holders and institutions took opposing stances.

Bitmine Immersion Technologies, chaired by Tom Lee, added 27,316 ETH worth $113 million, boosting its total to over 3.3 million ETH valued at roughly $13.3 billion. The firm said it aims to expand toward 5% of Ethereum’s supply, with Lee comparing Ethereum’s position to Bitcoin’s 2017 phase of institutional acceleration.

At the same time, an early Ethereum ICO participant resurfaced after nearly eight years of inactivity, transferring 1,500 ETH (about $6 million) to Kraken. The wallet originally received 20,000 ETH for $6,200 in 2015, marking a 12,971x return.

While the sale hinted at profit-taking, the address still holds 18,500 ETH, suggesting continued conviction in the asset’s long-term value.

Institutional inflows and privacy push - ETF products tied to Ethereum saw $380 million in inflows early this week, surpassing Bitcoin’s $352 million, signaling growing institutional appetite.

Analysts at MEXC Research described this as the beginning of an Ethereum “supercycle,” citing its strength in stablecoin issuance and tokenized infrastructure. The Ethereum Foundation also introduced a new Privacy Cluster team focused on embedding privacy within the blockchain’s core design.

Fusaka Fork signals next technical leap - Ethereum’s upcoming Fusaka fork has gone live on the Hoodi testnet, with its mainnet launch slated for December 3. The upgrade includes EIPs 7594, 7825, and 7935, aimed at improving data efficiency, raising gas limits, and paving the way for parallel execution.

Together with institutional inflows and consistent support near $4,000, these milestones reflect a market balancing consolidation and renewed bullish momentum.

WLFI airdrop fuels Trump’s crypto push as Senators probe CZ pardon

Key points:

  • Seven Senate Democrats have urged an investigation into President Trump’s pardon of Binance founder Changpeng Zhao, citing alleged financial links between Binance and Trump’s crypto venture, World Liberty Financial (WLFI).

  • Even as scrutiny mounts, WLFI announced an airdrop of 8.4 million WLFI tokens worth $1.2 million to early USD1 stablecoin users across six exchanges, boosting adoption and cementing its position as the sixth-largest stablecoin.

News - The intersection of politics and crypto deepened this week as Senate Democrats pressed the U.S. Department of Justice to explain President Trump’s decision to pardon Binance founder Changpeng “CZ” Zhao.

Lawmakers, including Elizabeth Warren and Bernie Sanders, alleged that CZ’s ties to Trump-linked World Liberty Financial (WLFI) may have influenced the pardon, calling it “a signal that white-collar crime can pay if it benefits the President.”

Their letter follows reports of Binance’s past collaboration with WLFI, including claims that the exchange helped develop the code for the USD1 stablecoin and facilitated investor introductions. Democrats say the pardon undermines law enforcement and could embolden misconduct in the crypto industry.

Airdropfuels WLFI expansion - While the controversy unfolds, WLFI continues to grow its reach. The company confirmed an airdrop of 8.4 million WLFI governance tokens valued at $1.2 million to users who participated in its USD1 Points Program.

The distribution spans six exchanges, Gate.io, KuCoin, LBank, HTX Global, Flipster, and MEXC, each setting its own eligibility rules.

The loyalty campaign has generated over $500 million in USD1 trading activity in two months, making it the world’s sixth-largest stablecoin by market cap. WLFI, trading near $0.14, has been central to Trump’s expanding crypto portfolio, which now exceeds $1 billion in profits.

Politics and profit collide - The CZ pardon controversy underscores growing tension between Washington oversight and Trump’s crypto ambitions. With Democrats demanding transparency and WLFI ramping up market presence, the political and financial narratives around Trump’s crypto empire are converging faster than ever.

CoinShares bets on Telegram’s TON as market slump persists

Key points:

  • CoinShares launched the Physical Staked Toncoin (CTON) ETP on Switzerland’s SIX exchange, offering 2% staking yield and zero management fees.

  • Toncoin rose 5% to $2.30 despite a 59% year-to-date market cap drop, supported by Telegram’s expanding 900M-user ecosystem.

News - CoinShares has introduced a new exchange-traded product, CoinShares Physical Staked Toncoin (CTON), on Switzerland’s SIX exchange. The product provides regulated exposure to Toncoin with a 2% annual staking yield, no management fee, and trades in U.S. dollars.

The launch follows CoinShares’ merger with Vine Hill Capital and extends its lineup of staking-based crypto investment vehicles for European investors.

Toncoin, the native asset of The Open Network, has seen its market cap decline 59% year-to-date to roughly $5.7 billion. Despite that downturn, CoinShares pointed to the blockchain’s technical capacity of over 104,000 transactions per second and its deep integration with Telegram, which now boasts more than 900 million active users.

Ecosystem expansion within Telegram - The timing aligns with Wallet in Telegram’s rollout of tokenized stocks and ETFs through xStocks, introducing 50 traditional assets with dividend options. The initiative expands Telegram’s financial offerings beyond crypto payments, potentially enhancing TON’s long-term utility.

Market reaction and outlook - Following the announcements, Toncoin rose 5% to $2.30 and continues to trade near $2.25. The token remains the 35th-largest cryptocurrency by market value.

While CoinShares’ product gives investors passive yield exposure, TON still faces recovery challenges after a prolonged decline. The move reflects cautious institutional interest in Telegram-linked assets amid renewed efforts to blend mainstream communication apps with blockchain finance.

Visa expands stablecoin settlements to four blockchains amid record spending surge

Key points:

  • Visa will support stablecoin payments across Ethereum, Solana, Stellar, and Avalanche, expanding settlement capabilities to four blockchains.

  • Stablecoin-linked card spending quadrupled year-over-year as Visa’s annualized transaction volume hit $2.5 billion.

News - Visa has announced a major expansion of its blockchain-based payment network, extending support for stablecoin settlements across four distinct blockchains.

CEO Ryan McInerney confirmed during the firm’s fourth-quarter earnings call that Visa’s stablecoin platform now integrates Ethereum, Solana, Stellar, and Avalanche, enabling transactions in USDC, EURC, PYUSD, and USDG.

The initiative builds on Visa’s ongoing collaboration with Circle and new partnerships with Paxos to facilitate faster, programmable cross-border payments.

Through Visa Direct, the company has launched pilots allowing banks and financial institutions to mint and burn their own stablecoins, marking a deeper move into blockchain-enabled liquidity management.

Stablecoin growth outpaces traditional metrics - Visa reported that stablecoin-linked card spending rose fourfold in the last quarter compared to a year ago.

Since 2020, Visa has processed more than $140 billion in combined crypto and stablecoin flows, including over $100 billion for asset purchases and $35 billion in consumer payments.

Cross-border efficiency and institutional adoption - The company’s multi-chain approach will allow conversions between stablecoins and over 25 fiat currencies, offering speed and compliance for fintechs, merchants, and remittance providers.

Analysts view the move as a key milestone in mainstream stablecoin adoption, positioning Visa as a leading bridge between traditional payments and blockchain infrastructure.

With stablecoin pilots now extending to 40 countries and over 130 Visa-linked programs, the firm’s expansion underscores growing institutional confidence in blockchain-based settlement systems.

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Did you know?

  • According to a recent study, although crypto ecosystems have grown more decentralized over time, from 2025 onward, many core subsystems (consensus layer, major marketplaces and developer hubs) are showing a trend toward increased centralization.

  • The Bitcoin‐friendly nation of Vietnam now registers around 21% of its population as crypto asset users, placing it among the world’s highest national adoption rates in 2025.

  • More than 1% of all U.S. dollars in circulation are now tokenized as stablecoins on public blockchains, and collectively those stablecoins hold over $150 billion in U.S. Treasury securities, positioning them among the world’s top 20 holders of U.S. debt.

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Top 3 coins of the day

World Liberty Financial (WLFI)

Key points:

  • WLFI traded at $0.15 after climbing 9.13% over the last 12 hours.

  • The price stayed above its 9-day SMA at $0.14, while the RSI hovered near 56.2 as volume rose to 166.7M.

What you should know:

World Liberty Financial maintained its upward trajectory, extending its short-term recovery from this week’s lows near $0.12. The price closed above its 9-day SMA, reflecting improving near-term sentiment and renewed buying activity. The RSI’s move toward neutral levels showed steady accumulation without signs of overheating, while the uptick in trading volume indicated stronger participation around the $0.15 zone. Much of the optimism followed the project’s airdrop announcement, which allocated 8.4M WLFI tokens to USD1 stablecoin users, and the token’s trading debut on Binance.US that boosted liquidity. For now, maintaining support near $0.14 will be key, with resistance to watch at $0.16 as traders gauge follow-through momentum.

Key points:

  • TON was valued at $2.25 after a 0.49% daily uptick.

  • The candles moved between the mid and upper Bollinger Bands, while the CMF stayed positive at +0.10 as daily volume reached 2.2M.

What you should know:

Toncoin maintained its gradual recovery phase, trading steadily between $2.20 and $2.30 as market sentiment improved. The Bollinger Bands reflected mild volatility, with price movement trending toward the upper half of the range, a sign of strengthening buyer momentum. The CMF remained positive, confirming steady inflows of capital, while trading volume held slightly above its monthly average, showing sustained participation. This came alongside broader optimism over institutional involvement, including TON’s $558M treasury fund and expanding Telegram ecosystem utility, both of which reinforced investor confidence. If TON closes above $2.35, short-term momentum could build toward $2.45, while maintaining support near $2.10 remains crucial for continuation.

Aerodrome Finance (AERO)

Key points:

  • AERO was last seen at $0.98, posting a 0.32% daily increase.

  • The 20-day MA stayed below the 50-day MA, while the EWO showed shorter red bars and volume settled around 354K.

What you should know:

Aerodrome Finance continued its steady climb, hinting at a shift in short-term sentiment after an extended downtrend. The MA Ribbon revealed that price action re-entered its lower range, showing early signs of recovery, while the 20-day MA’s gradual convergence toward the 50-day MA suggested easing downside pressure. The EWO’s shorter red bars indicated waning bearish momentum, reflecting improved trader confidence. Volume remained consistent with recent averages, highlighting sustained accumulation rather than speculative spikes. Meanwhile, whale accumulation and recent buyback activity supported optimism around AERO’s deflationary outlook. Traders now eye the $1.03–$1.05 range as near-term resistance, with the $0.86–$0.88 zone serving as the key support to preserve bullish continuation.

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