Wayex Weekly Wrap: Bulls, Bears and Power Plays

The crypto market has once again reminded everyone that what goes up must eventually come down. Bitcoin slipped below the US$100,000 (AU$153,789) mark for the first time since May this year, shaking both traders and long-term holders. With over US$1.3 billion (AU$2 billion) in liquidations, Ripple raised fresh capital, and BlackRock is eying Australia’s ETF scene; the week has been anything but quiet. From Elon and Iggy reigniting the meme coin craze to FTX’s Sam Bankman-Fried fighting for freedom, regulators tightening stablecoin laws in Canada, and privacy wallet founders facing sentencing in the US, crypto’s chaos never sleeps. Whether it’s bull or bear territory, one thing’s sure: the market is writing one of its wildest chapters yet.

What's Happening On The Wayex Platform This Week

Bitcoin And Ethereum Price Predictions

As the saying goes, what comes up must come down. Crypto is certainly no exception to this rule this past week. 

According to Decrypt, Bitcoin plunged below US$100,000 (AU$153,789) for the first time since May this year, hitting a low of US$99,954 (AU$153,787). Per Decrypt’s reporting, the drop marks a 12% decline over the past week and more than 20% since its early October all-time high of US$126,000 (AU$190,432), with more than US$1.3 billion (AU$2 billion) in crypto liquidations recorded in the last 24 hours, most from long positions. Bitcoin led with US$470 million (AU$723 million) in liquidations, followed by Ethereum at US$377 million (AU$580 million), as ETH slid 10% below US$3,300 (AU$5,077). Analysts attribute the sell-off partly to the lingering effects of Crypto’s Black Friday, with US$20 billion (AU$30 billion) liquidated and investors rotating into stablecoins, now at record circulation levels. Some external events are also pushing the market and causing a sell-off. Fears about an AI bubble, the US government’s continued shutdown, and the impact on liquidity are moving US government debt to US$1 trillion (AU$1.5 trillion). The market’s volatility follows last month’s liquidation day and fading hopes of another Federal Reserve rate cut. 

News.com.au, speaking to Mark Hiriart, Head of Sales at Zerocap, reported that Bitcoin’s drop below US$100,000 (AU$153,787) “tests a key psychological level” and likely triggered leveraged liquidations, driving volatility. He described it as a normal “shake-out phase” rather than a collapse, noting that dips like this have historically been buying opportunities for long-term holders. Hiriart added that November is often Bitcoin’s strongest month, framing the 9 to 10 per cent pullback from the US$110,000 (AU$168,986) peak as a healthy correction within the ongoing bull cycle.

FX Street also wrote that Ethereum (ETH) is rebounding from a weekly low of US$3,057 (AUD $4697), trading above US$3,300 (AU$5,077) after recent market declines. FX Street reports that Futures Open Interest has fallen 19% since Saturday, reflecting lower retail demand and cautious sentiment. Glassnode data shows investor fear easing with retail as the Spent Outfit Profit Ratio (SOPR) dips below 1.00, hinting at potential buying opportunities amid cooling selling pressure. While technical indicators show early signs of recovery, traders remain cautious until Ethereum reclaims the 200-day Exponential Moving Average (EMA) near US$3,601 (AU$5,541). 

Although both analysts remain positive that this is a normal market correction, it's undoubtedly true that retail interest is currently suppressed. 

Where to next? Who knows. 

Bull Or Bear? No One Knows, But The Fear Is Real

Bitcoin fell below US$99,000 (AU$152,352) on Tuesday, breaching its 365-day moving average, a key macro indicator and sparking debate about whether the market is entering a bearish phase. Trading View, speaking to CryptoQuant’s head of research, Julio Moreno, noted that this signal marked the start of the 2022 bear market and warned that Bitcoin needs to recover above it quickly. The drop pushed BTC to a low of around US$98,900  (AU$152,192) before rebounding to about US$101,800 (AU$156,612). Analysts remain divided: some view the move as a “routine cleanse” within the current bull cycle. In contrast, others suggest a confirmed bear market would be unlikely unless Bitcoin falls well below US$100,000 (AU$153,855), especially amid uncertainty around Trump’s next policy moves and the upcoming US rate decision.

Analysts say the fall is part of a natural market correction after Bitcoin rose nearly 70% since April. Long-term holders have sold more than 100,000 Bitcoin in October, and Bitcoin ETFs have seen over US$1 billion (AU$1.5 billion) in outflows, adding to the pressure. The Crypto Fear and Greed Index remains deep in the “fear” zone at 35, showing cautious sentiment. Still, if Bitcoin can hold support above US$100,000 (AU$153,855) and its Relative Strength Index (RSI) indicator stays oversold, a short-term recovery toward US$110,000 (AU$169,241) may follow.

Ripple Raises US$500 Million

Ripple has raised US$500 million ($615 million AUD) at a US$40 billion (AU$61 billion) valuation in a fresh funding round backed by Wall Street heavyweights, including Citadel Securities, Fortress Investment Group, and Brevan Howard. Affiliates of Pantera Capital, Galaxy Digital, and Marshall Wace also joined in, showing continued confidence in Ripple’s role in bridging traditional finance and crypto. This fundraising event follows XRP’s breakout earlier this year, when the token hit a new all-time high of US$3.65 (AU$5.62 ) in July, fuelled by regulatory optimism and growing buzz around potential US spot ETFs.

CEO Brad Garlinghouse said the investment is both a vote of confidence in Ripple’s growth and a bet on the future of digital assets. Over the past year, Ripple has gone on an acquisition streak, buying GTreasury in October and crypto custody provider Palisade to expand its reach in institutional markets. It also launched a spot crypto prime brokerage after acquiring Hidden Road and continues to grow its RLUSD stablecoin offering. With US President Donald Trump’s pro-crypto policies paving the way, Ripple is positioning itself as a leader in the next wave of digital finance.

On-Chain Betting Is In The Spotlight.

If you are on Crypto Twitter, you will see the Tech Twitter absolutely on fire about the New York City Mayoral election, with the Polymarket official Twitter account absolutely OBSESSED with the race. Zohran Mamdani’s win over Andrew Cuomo to become New York City’s 111th mayor sparked record voter turnout and US$424 million (AU$652 million) in Polymarket betting volume, but not everyone walked away happy. One trader known as “fuxfux007” lost nearly US$969,169 (AU$1.5 million) after betting against Mamdani. On the flip side, a trader going by “debased” took home US$188,487 (AU$289,957) by correctly backing Mamdani. 

Competition will start to heat up as Crypto companies look to get into on-chain betting with Gemini, aiming to launch in these markets. This follows President Trump’s media company, Truth Social, partnering with Crypto.com to launch a live betting prediction on its platform.

Canada Stops Fighting With Trump To Fight for Stablecoins.

The Canadian government plans to introduce new laws to make digital currencies safer and more reliable as part of its 2025 payments modernisation plan. The upcoming legislation will require stablecoin issuers to hold asset reserves to manage risk, protect consumers, and meet national security standards to safeguard personal data. Stablecoins, cryptocurrencies backed by assets such as cash or gold, have been gaining popularity worldwide. The U.S. passed the GENIUS Act in July 2025, allowing major companies such as Walmart to issue their own dollar-backed coins, prompting Canada to take similar steps to stay competitive.

Treasury Companies, Are They Starting To Feel The Pinch?

French semiconductor firm Sequans (SQNS) sold US$100 million (AU$153 million) worth of Bitcoin from its treasury to pay down debt, just four months after adopting a digital asset strategy. The New York Stock Exchange-listed company began buying Bitcoin in July and has now reduced its holdings from 3,234 BTC to 2,264 BTC, valued at around US$228 million (AU$350 million). The sale cut its debt by half, and its stock dropped 16.6% following the announcement. CEO Georges Karam said the move was a tactical decision to strengthen finances and unlock shareholder value while keeping Bitcoin as a long-term reserve asset.

‍Sequans is one of more than 200 public companies taking part in the crypto treasury boom, which was essentially publicly traded companies investing in crypto through their treasuries. Prominent crypto author, Omid Malekan, adjunct professor at Columbia Business School, has stated that the crypto treasury boom is accelerating the market decline, calling it “mass extraction and exit event”.

However, it is essential to note that although Sequans sold some of its holdings to manage debt obligations, it said its thesis remained unchanged. Sequans CEO Georges Karam stated that despite the sale, “Bitcoin treasury strategy and our deep conviction in Bitcoin remain unchanged”.

MemeCoins Back In The Spotlight. Elon And Iggy Are In.

Elon Musk and Iggy Azalea are both back in the crypto spotlight this week, each making moves that have reignited excitement across the digital asset world. The Street reporting that Musk once again turned his attention to Dogecoin, posting “It’s time” on X, a nod to his 2021 promise to send “a literal Dogecoin to the literal moon.” The post renewed hype around DOGE 1, a CubeSat mission by Canadian company Geometric Energy Corporation that’s fully funded in Dogecoin and set to launch aboard a SpaceX Falcon 9 rocket later this year.

Dogecoin, which began as a joke in 2013, has evolved into one of the most recognisable cryptocurrencies, with Musk often calling it “the people’s crypto.” However, it is essential to note that Elon has links to the coin through a leading DogeCoin treasury company, Clean Core Solutions, led by Elon Musk’s go-to lawyer, Alex Spiro. 

Despite recent price dips, trading at US$0.1656 (AU$0.26) with a market cap of US$24.95 billion (AU$38.37 billion), Dogecoin remains in the global top ten, fuelled by Musk’s influence and ongoing retail interest. 

Meanwhile, Australian artist and crypto entrepreneur Iggy Azalea has launched Thrust, a new Solana-based platform aimed at reforming the chaotic celebrity memecoin market. Serving as Thrust’s creative director and strategic partner, Azalea says the project is designed to eliminate pump-and-dump schemes and restore trust through transparency, legal protections, and fair token distribution. Thrust’s first release features Twitch streamer N3on, with Azalea’s own MOTHER token set to migrate to the platform by the end of the year, and Megan Fox expected to debut her token at Art Basel in December. Azalea says her focus is on building sustainable value for fans rather than chasing hype, while co-founder Jake Antifaev calls Thrust a “responsible bridge between pop culture and crypto.” Both Musk and Azalea are proving that the intersection of entertainment and blockchain is only getting bigger.

SBF Appeals And The PR Campaign Rolls Out

Sam Bankman-Fried, the founder of FTX, is appealing his 25-year prison sentence for fraud, claiming the exchange was not insolvent and that customers could have been repaid if given more time. During the November 5 hearing in New York, his lawyer argued that “clients would have recovered their money,” but judges dismissed the claim as hypothetical and unsupported by evidence. Prosecutors countered that about US$8 billion (AU$12 billion) in customer funds were secretly moved to Alameda Research to finance risky trades and political donations. The defence insists SBF acted on legal advice and without intent to deceive, but the court appeared unconvinced. If denied, his sentence stands; if accepted, a new trial could redefine how crypto fraud is handled in U.S. law, underscoring ongoing concerns over transparency and trust in the industry. SBF has been attacking his appeal on all fronts, both from the legal side and the pr side, with whoever is tweeting from his account from jail actively declaring his innocence. 

Samourai Wallet Founders To Be Sentenced This Week

The U.S. Department of Justice is seeking five-year prison sentences for Samourai Wallet founders Keonne Rodriguez and William Lonergan Hill, accusing them of running a Bitcoin privacy app that laundered more than US$237 million (AU$364 million) linked to crimes including fraud and murder-for-hire schemes. Prosecutors allege that, for nearly a decade, the pair operated Samourai as a large-scale money-laundering service. The case draws strong parallels to the Tornado Cash prosecution, in which developers were charged with knowingly allowing over US$1 billion (AU$1.5 billion) in illegal transactions through their platform. Both cases highlight the DOJ’s growing stance that crypto developers and executives can be held responsible for how their software is used, even if it’s open-source. Rodriguez and Hill pleaded guilty in July, with sentencing set for November 6 and 7, respectively, marking another key test of how far U.S. regulators will go in policing privacy tools built on blockchain. But the stark contrast between the continued actions against the Torndao Cash and Samourai Wallet founders, in light of President Trump's pardons of CZ and Ross Ulbricht. Is the War on Cryptocurrency really over?

BlackRock Launching A Bitcoin ETF In Australia?

BlackRock is set to launch its iShares Bitcoin ETF on the Australian Securities Exchange by mid-November 2025, joining a competitive market. BlackRock executives said the move reflects growing institutional demand and aims to make crypto investment more accessible. Analysts expect BlackRock’s entry to intensify competition and boost liquidity, coinciding with tighter oversight from the Australian Securities and Investments Commission, which now classifies most crypto products as financial instruments requiring an AFSL licence by June 2026. Globally, BlackRock’s iShares platform continues to dominate, drawing US$205 billion (AU$315 billion) in new investments last quarter, including US$17 billion (AU$26 billion) from its digital asset ETFs, as its Bitcoin Trust becomes one of its most profitable funds.

Things That Made Us Laugh This Week

Founder's Corner

Every market correction tells a story, and this week’s feels like a reality check wrapped in opportunity. Bitcoin’s dip below the six-figure USD mark has reignited old debates about whether we’re in a shake-out or the start of something more profound, but history leans toward the former. 

Markets don’t reward panic; they reward patience. What’s fascinating is the contrast: while traders are sweating liquidations, institutions like Ripple and BlackRock are doubling down. That tells you where conviction truly lies. The headlines may read chaos, AI bubble fears, on-chain betting, SBF’s courtroom drama, but beneath it all, the foundations are maturing. Regulation is catching up, infrastructure is solidifying, and the next phase of adoption is quietly forming. Whether the market is up or down, it seems that institutions, governments and whales all stick to the same path.

Richard Voice, Co-Founder, Wayex