Plus: Bitcoin Slips but Holds Its Range, Ripple Treasury Mints Fresh RLUSD Supply
Good Morning Lions,
BitMine putting a ceiling on its own Ether buying matters more than one red day for ETH. A treasury that has been a steady bid now has a visible finish line, and I think traders start pricing that in well before the last buy lands. BUT, a cap only removes demand if nobody else steps up.. and fresh stablecoin mints plus a nine-figure USDC move into Aave say new dollars are still showing up, frens.
BitMine Caps Its Ether Holdings
TL;DR: BitMine Chairman Tom Lee said at Token2049 in Singapore that the company won't hold more than 5% of Ether's supply. Lee cited roughly 6 million ETH already held and about 100,000 ETH left to buy before the company reaches that limit.
Bitcoin Slips but Holds Its Range
TL;DR: Bitcoin fell more than 2% to $84,200 on Wednesday, according to CoinDesk data. The drop kept BTC inside its two-week range, which analysts say leaves a months-long stair-step uptrend intact.
Ripple Treasury Mints Fresh RLUSD Supply
TL;DR: Ripple's stablecoin treasury minted 30 million RLUSD in a single transaction, according to the Ripple Stablecoin Tracker cited by U.Today. RLUSD's market cap stood at about $2.53 billion as of Oct. 7.
Cardano Foundation Ships Token Compliance Standard
TL;DR: The Cardano Foundation said at TOKEN2049 that CIP-0113 is now live on mainnet. The opt-in standard lets native token issuers freeze, seize and restrict assets, with the ledger itself enforcing those rules.
Unlabeled Wallet Moves USDC Into Aave
TL;DR: An unlabeled wallet moved roughly 133.78 million USDC into lending protocol Aave, Crypto Briefing reports, citing on-chain transfer alerts. Neither Aave nor Circle has commented on the transfer.
Crypto Briefing Disputes Robinhood Bitcoin Claim
TL;DR: A viral post claimed Robinhood added $25 million in Bitcoin to its balance sheet. Crypto Briefing found no such purchase in the company's filings and says the claim misreads $25 billion in on-chain wallet labels that reflect customer custody.
Trader Frogman Reports Two Drained Wallets
TL;DR: Crypto trader Frogman said two of his wallets were compromised while he attended TOKEN2049 in Singapore. Approximately $4 million in digital assets were taken from the wallets, according to Crypto Briefing.
Once BitMine's last purchases are done, ETH needs a new marginal buyer. If no other treasury or fund picks up that slack, the cap stops being a headline and becomes missing demand. Also, TOKEN2049 week has already cost one trader two wallets 🦁 — Khal
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More crypto news, daily, at news.leodex.io. The Daily LEO · Written by the LEO Team, Edited by Khal.