BizwavemediaPersonal Finance and Crypto Updates

Bitwise, a crypto asset manager, expects its spot Dogecoin ETF to launch within 20 days following an automatic regulatory approval process known as the “8(a) move,” unless the SEC intervenes, according to Bloomberg ETF analyst Eric Balchunas.

The filing relies on Section 8(a) of the Securities Act, which allows registration statements to become effective automatically after a set period without explicit SEC approval.

Grayscale has also submitted amended filings for its spot Dogecoin ETF, initiating a similar countdown period toward potential listing. Multiple asset managers have advanced spot crypto ETF proposals with exchange rule changes submitted for SEC review.

Bitwise’s updated filing reflects ongoing efforts to list the product on a major exchange, aligning with broader crypto ETF trends that have gained momentum following successful Bitcoin and Ethereum spot ETF launches.

A newly created whale wallet deposited $7 million in USDC into Hyperliquid, a crypto derivatives platform, today to establish short positions on Bitcoin and XRP.

The wallet address “0x7B7b908c076B9784487180dE92E7161c2982734E” reflects the aggressive bearish positioning that large traders have adopted on the platform amid current market volatility.

Whales on Hyperliquid have been increasing short positions on Bitcoin with high leverage in recent weeks. The platform has seen active whale involvement as traders deposit stablecoins to open leveraged shorts on major crypto assets.

Large traders on Hyperliquid are actively adjusting short positions on cryptocurrencies including Bitcoin, with some facing significant unrealized losses due to market movements. The mixed positioning on XRP shows whales taking both long and short bets on the digital asset.

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BlackRock deposited around 4,653 Bitcoin worth $478.5 million and 57,455 Ethereum worth $195 million into Coinbase today. The asset management giant has been actively depositing crypto assets into exchanges through its ETF products as part of its institutional crypto strategy.

BlackRock has conducted multiple similar deposits of Bitcoin and Ethereum to Coinbase Prime in recent weeks. Its iShares Ethereum Trust recorded outflows for five consecutive days, while the iShares Bitcoin Trust saw four days of outflows over the same period.

Coinbase, a leading crypto exchange providing prime services for institutional asset transfers and custody, serves as a key partner for BlackRock’s crypto operations. The exchange enables seamless transfers for institutional clients managing large-scale crypto movements.

Zcash reached a new all time high near $500 today after rising more than 20% in the past 24 hours and over 700% since its rally began in late September. The token has now surpassed $7.7 billion in market capitalization, placing it among the top 25 crypto assets by size.

Zcash enables users to shield their transaction history by sending funds to a privacy pool, offering selective privacy rather than mandatory anonymity. The renewed demand for privacy options on public blockchains has contributed to a sharp rise in trading activity. According to data from CoinGecko, Zcash processed more than $1.6 billion in trading volume during the past day.

The broader privacy coin sector has also experienced gains. Dash rose more than 200% in late October, while several smaller privacy tokens have recorded double digit increases over the last week and continued to post notable gains in the past 24 hours.

Another driver behind Zcash’s momentum has been commentary from industry figure Arthur Hayes, who has argued in recent posts that Zcash could eventually reach far higher price levels.

The token has now surpassed Monero in market capitalization, marking a shift in leadership within the privacy coin category after years of Monero serving as the dominant token in the sector.

US President Donald Trump said on Wednesday that the US government shutdown is now affecting stock markets, warning that there would be no quick resolution to the ongoing fiscal deadlock that is halting non-essential federal operations.

The extended shutdown is disrupting federal services that support various sectors, leading to far-reaching economic impacts beyond immediate worker hardships. Lawmakers’ failure to reach a funding deal has extended the shutdown to record lengths with no clear resolution timeline amid ongoing negotiations.

Investors are assessing potential ripple effects from the shutdown on global markets, with uncertainty prompting shifts toward safer assets like bonds as the collective US equities trading system faces increased volatility from policy disruptions.

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BlackRock, the world’s largest asset manager, deposited 1,198 Bitcoin and 15,121 Ether on Coinbase today as part of its ongoing institutional crypto operations.

As of October 31, BlackRock’s iShares Bitcoin Trust held over 801,000 Bitcoin, while its iShares Ethereum Trust managed nearly 4 million Ethereum.

The transfers highlight BlackRock’s continued use of Coinbase Prime for large-scale digital asset movements. The asset manager has been actively rotating capital between Bitcoin and Ethereum through deposits on the exchange platform.

The crypto market experienced over $250 million in long position liquidations within a single hour today, as leveraged bets on asset price increases faced sudden margin calls during a sharp downturn.

Bitcoin nearly fell below $100,000, marking its lowest since June 23. Currently trading at $101,247, Bitcoin has decreased about 5% in the past day, bringing its market cap to $2 trillion.

The broader crypto market also declined by 4.5% to $3.4 trillion. Major tokens like Ethereum, XRP, BNB, Solana, and Dogecoin experienced similar downturns. Over $1 billion in futures positions were liquidated in the last 24 hours due to the market pullback.