Whales continue cashing out
Justin Arzadon
6 minutes reading time
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Off the Chain: 28 October 2025 - Bitcoin retraces from October losses
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Note: The audio was generated with the help of an AI play-to-listen software.
Bitcoin and the broader crypto market ticked slightly higher over the last seven days as Bitcoin rose to over US$114K (as at 28 October 2025). Confirmation of another Trump-Xi meeting, easing tariff fears and softer than expected US CPI data all sparked a risk-on rally, which helped push prices higher.
Bitcoin and Ethereum were up 4.55% and 1.64% respectively, over the seven days to 26 October 2025. Bitcoin’s market capitalisation is US$2.25 trillion while the global crypto market cap rose to US$3.77 trillion. Bitcoin’s market dominance is at 59.1%.
|
Price |
High |
Low |
Change from previous week |
|
|
BTC (in US$) |
$111,630 |
$113,790 |
$106,276 |
4.53% |
|
ETH (in US$) |
$3,945 |
$4,099 |
$3,738 |
1.63% |
Source: CoinMarketCap. As at 26 October 2025. Past performance is not indicative of future performance. Performance is shown in US dollars and does not take into account any USD/AUD currency movements.
Source: Glassnode. Past performance is not indicative of future performance.
Crypto news we’re watching
Trump pardons Binance founder CZ
In another signal of Washington’s shifting stance toward digital assets, US President Donald Trump has officially pardoned Changpeng (“CZ”) Zhao, best known as the founder of Binance. The White House confirmed the decision on Thursday, marking the latest move in the administration’s effort administration’s effort to embrace crypto and move past its more controversial chapters.
Zhao, one of the most influential figures in crypto, resigned as Binance CEO in 2023 after the exchange admitted to compliance failures and paid a US$4.3 billion penalty for lapses in its anti-money laundering controls. The pardon effectively draws a line under one of crypto’s most high-profile legal sagas, symbolising a broader reconciliation between policymakers and the industry they once sought to rein in1.
Australia among the world’s most crypto-curious investors
Australia has topped the world in per-capita crypto interest, according to new data from Andreessen Horowitz’s crypto division. The analysis of web traffic across the top 30 tokens on CoinGecko (excluding Bitcoin and stablecoins) found Australians lead with 74.6% of token-related web traffic per one billion people, ahead of South Korea and the UK. The US lagged at just 40.7%. The figure indicates Australians are among the world’s most crypto-curious investors2.
The report shows a clear divide in behaviour: developed markets like Australia still treat crypto largely as a trading and speculation vehicle while users in emerging economies are driving on-chain adoption through mobile wallets. For Australia, it’s another sign of our tendency to adopt financial innovation early, whether in ETFs, SMSFs or, now, digital assets2.
CRYP company spotlight
Bitcoin miner expands into data centre market
Cleanspark (NASDAQ: CLSK), one of America’s biggest Bitcoin miners, is making a major strategic shift by expanding into large-scale AI data centre development. The move is designed to diversify revenue, boost long-term cash flow and position the company as a key infrastructure provider for tech giants chasing scalable compute power.3
Cleanspark is held in the Betashares Crypto Innovators ETF (ASX: CRYP)4. CRYP provides exposure to global companies at the forefront of the crypto economy.5
Bitcoin (BTC): Percent balance on exchanges – all exchanges
This metric shows the percent supply held on exchange addresses.
According to data from Glassnode, as of 25 October 2025 the percentage supply of Bitcoin held on exchanges has consistently declined. This is seen as positive for sentiment as it may mean investors are moving off exchange to hold Bitcoin long-term. In addition, the less Bitcoin that is available, the more sensitive its price becomes to changes in demand.
Source: Glassnode. Past performance is not indicative of future performance.
Bitcoin (BTC): Liveliness
Liveliness is defined as the ratio of the sum of Coin Days Destroyed and the sum of all coin days ever created. Liveliness increases as long term holders liquidate positions and decreases while they accumulate to HODL (hold on for dear life, meaning long-term holders refuse to sell). A high liveliness is a figure that approaches one while a low liveliness figure approaches zero.
According to data from Glassnode, as of 25 October 2025 liveliness continues to increase and is now at 0.63. With Bitcoin recently hitting all-time highs, it’s not surprising to see some profit taking and coins moving to a new cohort.
Source: Glassnode. Past performance is not indicative of future performance.
Altcoin news
The top 20 altcoins were mostly positive over the last seven days to 26 October 2025. One altcoin making headlines was Hyperliquid (HYPE), which was up over 20% over the last 7 days and 127% over the last year.
Hyperliquid Strategies, which created the HYPE token, is looking to raise $1 billion via a public offering. Its newly lodged S-1 form with the US SEC says it plans to do this by merging with Nasdaq-listed Sonnet BioTheraputics and a SPAC. Money raised from selling more equity will be used to build up their treasury of HYPE tokens6.
According to Coinmarketcap, Hyperliquid (HYPE) is a decentralised perpetual futures exchange built on a custom high-speed blockchain, combining DeFi transparency with centralised exchange efficiency.
Investing in crypto-assets or companies servicing crypto-asset markets should be considered very high risk. Exposure to crypto assets involves substantially higher risk than traditional investments due to their speculative nature and the very high volatility of crypto-asset markets.
Investing in crypto assets or crypto-focused companies is not suitable for all investors and should only be considered by investors who (i) fully understand their features and risks or after consulting a professional financial adviser, and (ii) who have an extremely high tolerance for risk and the capacity to absorb a rapid loss of some or all of their investment. Any investment in crypto assets or crypto-focused companies should only be considered as a very small component of an investor’s overall portfolio.
References:
3. https://a16zcrypto.com/posts/article/state-of-crypto-report-2025/
4. As at 24 October 2025. No assurance is given that this company will remain in the portfolio or will be a profitable investment.
5. CRYP does not invest in crypto assets directly and does not track price movements of any crypto assets. For more information on risks and other features of CRYP, please see the Product Disclosure Statement and Target Market Determination (TMD), available at www.betashares.com.au.
6. https://www.onesafe.io/blog/hyperliquid-s1-filing-implications-for-smes-and-crypto-landscape
Off the Chain is published every second Tuesday. It provides the latest news on Bitcoin and the rest of the crypto market, along with analysis and insights into the world of crypto.
It provides general information only and is not a recommendation to invest in any crypto asset, crypto-focused company or investment product.