Happy Monday Bitcoiners, it's Bam here with your weekly Bitcoin update.

Every week, our team at Bitcoin News helps save you time by personally curating the most impactful events of the week into an easy-to-read update.

Notable events this week include:

• +400,000 BTC moving to long-term holder addresses

• Russia legalizing Bitcoin mining

• Semler Scientific purchasing another 101 bitcoin for their balance sheet

Let’s dive in! ⚡

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LATEST NEWS 📰

🙌 ADOPTION

• A total of 404,448 Bitcoin have moved to long-term holder and ETF addresses over the past 30 days, marking the largest-ever demand shift toward this cohort within a one-month period.

• Hong Kong virtual bank Mox is set to offer Bitcoin ETF trading services.

• Mutiny Wallet to cease operations by the end of 2024 due to technical challenges. Users can self-host the wallet, but the web app and mobile versions will be discontinued.

⚖️ LEGAL

• Vladimir Putin signs a law legalizing Bitcoin mining in Russia, allowing only legal entities and registered individual entrepreneurs to mine.

• Xapo Bank has become the first UK bank to offer interest on Bitcoin under the passport program approved by UK and Gibraltar regulators.

• The Fed issues an enforcement action against the “pro-crypto” Customers Bank, despite the White House organizing a “crypto reset” meeting for the Harris campaign.

📈 MARKETS

• Capula Investment, the fourth largest hedge fund in Europe ($30 billion AUM) discloses owning $500 million in Bitcoin ETFs.

• Semler Scientific purchases an additional 101 bitcoins for $6.0 million, bringing their total to 929 bitcoins since adopting a bitcoin treasury strategy this spring.

• Metaplanet announces plans to borrow ¥10.08 billion to buy more Bitcoin.

⛏️ MINING

• Genesis Digital Assets (GDA) announces the launch of a heat repurposing initiative with Swedish company Muttern Fastigheter.

• New CAD design released for SolarBit: a fully automated, off-grid mining system powered entirely by the sun using the Bitaxe bitcoin miner.

• Airbnb host catches guests running a Bitcoin mining farm on his property.

🗳️ POLITICS

• The US Treasury buying back up to $46 billion in outstanding government securities by the end of October, primarily to support liquidity.

• Bank of Japan will halt interest rate hikes if market instability persists.

• Chinese monetary policy is currently more accommodative than it has ever been in the past 14 years

BAMS 2 SATS 🧢

We’ve just experienced the most volatile period for Bitcoin since the regional banking crisis of March 2023. What began as a sharp drop to $49,500 last Monday swiftly reversed, surging to nearly $62,700—a swing of over $13,000 in just one week.

The recent volatility was triggered by the unwinding of the famous Yen Carry Trade. This trade involves borrowing yen at low interest rates and converting it into another currency to invest in higher-yielding assets, profiting from the difference.

However, there’s a risk of losses if the yen strengthens. When the Bank of Japan recently raised rates from 0% to 0.25%, it was enough to cause liquidations across global markets.

The natural question is whether we’re out of the woods yet.

I won’t pretend to know the answer, nor will I try to predict what Bitcoin will do in the coming days, but I can tell you two things:

1. Long-term holders remain unfazed, with significant accumulation underway. As reported above, over 400,000 bitcoins were acquired by this group in the last 30 days. This includes Bitcoin ETFs, where 99.5% of invested funds were held firm despite the major drawdown. Notably, BlackRock’s $IBIT ETF saw no outflows at all.

2. Bitcoin’s fundamentals remain strong, and we should continue to treat it as though it’s worth 10 times its current value, because one day it likely will be.

Let’s remember that Bitcoin is still seen as a risk-on asset and will likely continue behaving that way as long as this perception persists. As the most liquid asset trading 24/7 globally, it’s often the first to sell off during global panic by those needing liquidity for margin calls.

However, as we saw last week, it’s also often the first asset to rebound strongly when the situation stabilizes or after monetary intervention.

This means volatility will be a constant companion during every bull run, and it’s our responsibility to keep our sats safe. Because, as we all know, there will only ever be 21 million bitcoins, and everyone wants a bigger piece of the pie.

Keep on stacking!
Bam

Exposing Who Broke the Markets

This week, we were joined by one of our favorite geopolitical commentators, Tom Luongo.

The discussion delves deep into what’s happening behind the scenes during this election, the state of the dollar, and why we should be on the lookout for an October surprise.