Cryptocurrency
Caroline Ellison speaks on FTX-Binance war, SEC won’t appeal Grayscale BTC ETF: Hodler’s Digest, Oct. 8-14

Top Stories This Week
Caroline Ellison wanted to step down but feared a bank run on FTX
Caroline Ellison, former CEO of Alameda Research, testified for over 10 hours this week at Sam Bankman-Fried’s trial, offering deeper details on the events that anticipated the FTX debacle in November 2022. From Ellison’s testimony, jurors learned that she planned to leave Alameda months before its collapse, but feared a bank run on FTX amidst the crypto market downturn. The week also featured a recording presented as evidence in the case showing the exact moment Ellison told employees about Alameda’s use of FTX customer deposits. Among the key moments of Bankman-Fried’s trial were revelations of fabricated balance sheets in order to deceive crypto lenders, as well as BlockFi CEO Zac Prince’s testimony. Check out this week’s highlights from Cointelegraph’s team on the ground.
Months before the collapse of crypto exchange FTX, former CEO Sam Bankman-Fried was “freaking out” about buying shares in Snapchat, raising capital from Saudi royalty and getting regulators to crack down on rival crypto exchange Binance, according to evidence presented in court this week as a part of the ongoing criminal trial. Bankman-Fried believed Binance leaked an Alameda balance sheet to the media in 2022. According to a document from Nov. 6, 2022, Bankman-Fried wrote that Binance had been “engaging in a PR campaign against us.” It continued, saying that Binance “leaked a balance sheet; blogged about it; fed it to Coindesk; then announced very publicly that they were selling $500m of FTT in response to it while telling customers to be wary of FTX.”
SEC reportedly won’t appeal court decision on Grayscale Bitcoin ETF
The United States Securities and Exchange Commission reportedly has no plans to appeal the recent court decision that favored Grayscale Investments. The ruling requires the SEC to review the firm’s spot Bitcoin exchange-traded fund (ETF) application. The SEC’s supposed decision not to appeal doesn’t necessarily mean Grayscale’s application is set to be approved. If the reports are true, the SEC will need to follow the court’s August order and review Grayscale’s application to change its Grayscale Bitcoin Trust into a spot Bitcoin ETF.
Terraform Labs contends Citadel Securities had a hand in its stablecoin collapse
Terraform Labs has again pointed the finger at market maker Citadel Securities for its role in an alleged “concerted, intentional effort” to cause the depeg of its TerraUSD stablecoin in 2022. On Oct. 10, Terraform Labs filed a motion in the United States to compel Citadel Securities to produce documents relating to its trading activity in May 2022, when TerraUSD Classic depegged. In its motion, Terraform argued that the documents are crucial for its defense in the lawsuit filed by the U.S. Securities and Exchange Commission in February, which alleged Terraform Labs and its founder, Do Kwon, had a hand in “orchestrating a multi-billion dollar crypto asset securities fraud.” Citadel Securities has, however, previously denied trading the TerraUSD stablecoin in May 2022.
Mastercard announces successful wrapped CBDC trial results
Mastercard has completed a trial involving wrapping central bank digital currencies (CBDCs) on different blockchains, similar to wrapped Bitcoin and wrapped Ether. The trial was conducted with the Reserve Bank of Australia and the country’s Digital Finance Cooperative Research Centre CBDC. Mastercard said the solution allowed a CBDC owner to purchase a nonfungible token (NFT) listed on Ethereum. “The process ‘locked’ the required amount of a pilot CBDC on the RBA’s pilot CBDC platform and minted an equivalent amount of wrapped pilot CBDC tokens on Ethereum,” the payment processor wrote.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $26,892, Ether (ETH) at $1,551 and XRP at $0.48. The total market cap is at $1.05 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Loom Network (LOOM) at 86.71%, Trust Wallet Token (TWT) at 16.72% and Tether Gold (XAUt) at 5.16%.
The top three altcoin losers of the week are Mantle (MNT) at -17.27%, Rocket Pool (RPL) at -14.39% and Avalanche (AVAX) at -13.39%.
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.
Read also
Most Memorable Quotations
“That’s our homework, actually. To really educate people about the benefit of using blockchain.”
Grace Sabandar, co-founder of the Indonesia Blockchain and Metaverse Center
“Crypto-assets markets, including DeFi, do not represent meaningful risks to financial stability at this point.”
European Securities and Markets Authority
“I was worrying about customer withdrawals from FTX, this getting out, people to be hurt. […] I didn’t feel good. If people found out [about Alameda using FTX funds], they would all try to withdraw from FTX.”
Caroline Ellison, former CEO of Alameda Research
“It’s alarming and should be a wakeup call for lawmakers and regulators that digital wallets connected to Hamas received millions of dollars in cryptocurrencies.”
Elizabeth Warren, U.S. senator
“Bitcoin and Ethereum may seem like opposites, but they can co-exist and complement each other.”
Willem Schroé, CEO of Botanix Labs
“People who believe SBFraud is a ‘good guy’ who made ‘mistakes’, and FTX grew too fast and it all got away from him, should NEVER be in charge of other people’s money.”
John Deaton, attorney and crypto advocate
Prediction of the Week
Ethereum losing streak vs. Bitcoin hits 15 months — Can ETH price reverse course?
The price of Ethereum’s native token, Ether, is trading around a 15-month low versus Bitcoin, and the lowest since Ethereum switched to proof-of-stake. The ETH/BTC pair dropped to as low as 0.056 BTC earlier this week. In doing so, the pair broke below its 200-week exponential moving average (200-week EMA; the blue wave) near 0.058 BTC, raising downside risks further into 2023.
The 200-week EMA has historically served as a reliable support level for ETH/BTC bulls.
ETH/BTC stares at similar selloff risks in 2023 after losing its 200-week EMA as support. In this case, the next downside target looks to be around its 0.5 Fibonacci line near 0.051 BTC in 2023, down about 9.5% from current price levels.
Conversely, ETH price may rebound toward its 50-week EMA (the red wave) near 0.065 BTC if it reclaims the 200-week EMA as support.
FUD of the Week
Mistake or money laundering? User pays $1.6 million for CrypToadz NFT
One of the CrypToadz NFTs, whose average price doesn’t exceed $1,000, was bought for an astonishing 1,055 wrapped Ether, an equivalent of $1.6 million. The CrypToadz collection was launched during the NFT boom of 2021 and surpassed a trading volume of $38 million worth of Ether during its first 10 days on the market. The price paid by the anonymous user for the NFT raised questions among the community. Two weeks ago, this item was acquired for 0.95 ETH (around $1,600), only to be sold for a price a thousand times higher.
USDR stablecoin depegs to $0.53, but team vows to provide solutions
Real estate-backed stablecoin USDR lost its peg to the United States dollar after a rush of redemptions caused a draining of liquid assets such as Dai from its treasury. USDR, backed by a mixture of cryptocurrencies and real estate holdings, is issued by the Tangible protocol, a decentralized finance project that seeks to tokenize housing and other real-world assets. During the crisis, a trader reportedly exchanged 131,350 USDR for 0 USD Coin, resulting in a complete loss on investment.
HTX claws back $8M in stolen funds, issues 250 ETH bounty to hacker
Huobi Global’s crypto exchange HTX has confirmed the return of the funds stolen by a hacker in late September and issued a 250 Ether bounty after resolving the issue. One of HTX’s hot wallets was drained of 5,000 ETH on Sept. 25, worth roughly $8 million at the time. Shortly after the hack occurred, the firm contacted the hacker and claimed to know their identity. HTX ultimately offered to pay a 5% bounty worth around $400,000 and not to take any legal action if they returned 95% of the funds before a deadline of Oct. 2.
Beyond crypto: Zero-knowledge proofs show potential from voting to finance
An emerging cryptographic technology may provide help with two gaping 21st-century needs: Privacy and truth.
Eleanor Terrett on impersonators and a better crypto industry
Fox Business producer Eleanor Terrett’s following exploded after she began providing commentary on the SEC v. Ripple lawsuit.
SBF’s alleged Chinese bribe, Binance clarifies account freeze: Asia Express
SBF allegedly bribes Chinese officials with $150 million to unfreeze accounts, Binance justifies blocking Hamas users, meanwhile, Huobi hacker returns all $8M in stolen assets.
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Cryptocurrency
Analyst: Skip Bitcoin FOMO, Altcoins Offer Better Gains Now

Bitcoin (BTC) has sent the crypto community into delirium, hitting a new all-time high (ATH) of almost $119,000 after brief stops around $113,000 and $116,000.
However, despite the excitement, prominent analyst CrediBULL Crypto has cautioned traders not to chase the rally blindly, suggesting that the real opportunity lies in altcoins, not Bitcoin.
Why BTC FOMO Could Be Costly
With BTC currently over 650% above its ideal accumulation zone, CrediBULL posted a stark warning on X:
“The big opportunity for gains is on ALTS even if Bitcoin is the one that is ‘leading’ this move.”
He added that anyone buying the asset at this particular point should only do so for an active trade with a clear setup.
“If you can’t identify a trade setup then there is no reason to buy Bitcoin at these levels as there are much better opportunities in alts from a R/R perspective at current levels.”
His comments echoed a broader sentiment emerging from key market voices, including former BitMEX CEO Arthur Hayes and YouTuber Crypto Rover, who likened the current market cycle to November 2024, when a major altcoin rally followed Bitcoin’s price surge.
In a recent tweet, Hayes said he had reversed his previously bearish stance, citing Bitcoin’s strong breakout and the rising dominance of Ethereum (ETH).
“Get ready for a monster alt szn,” he wrote, signaling increased institutional confidence. The crypto entrepreneur also reported that his Maelstrom Fund is ramping up altcoin exposure amid expectations of favorable political and macroeconomic shifts.
Observers have described the flagship cryptocurrency’s latest move as structurally different from past bull cycles. According to CryptoQuant, it isn’t driven by speculative angst, but rather by strategic accumulation and restrained selling activity.
Additionally, metrics like the MVRV ratio, currently 2.2 vs. over 2.7 in previous tops, SOPR, and MPI all hint at a sustainable rally with long-term potential. The drop in exchange balances, down over 21% in four months, also suggests that holders are in no rush to exit their positions.
Altcoins on the Mend
However, even with BTC in price discovery mode, Ethereum and several other altcoins are beginning to outshine it in percentage gains. ETH, for instance, is up by more than 18% in the last seven days, beating Bitcoin’s 8.9% rise in the same period. It has also reclaimed the $3,000 level and is setting its sights on $3,350–$3,500.
Meanwhile, Cardano (ADA) has pumped 23.7% across the week, reclaiming critical support at $0.64 and eyeing a return to $1. Hyperliquid (HYPE) is up nearly 19%, having set a new all-time high at $46.25, and is now targeting the $50 psychological threshold.
Even Solana (SOL) is catching a bid, with prices climbing above $164 and showing potential for a rally beyond $180.
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Cryptocurrency
XRP Breaks Free With Double-Digit Gains — Flips USDT in Market Shake-Up

TL;DR
- The consolidation phase for many altcoins, including XRP, seems to be over, and Ripple’s native token is on the run again toward $3.
- On its way up, it managed to surpass USDT in terms of market cap and is now back in the third spot after months of hiatus.
The graph above clearly demonstrates the price stagnation XRP had to endure for the past month or so. Its upper boundary was at around $2.6, while it also tested the lower one at $1.9 during the darkest hours of the war between Israel and Iran.
Nevertheless, each attempt met immediate rejections, and the cryptocurrency was pushed south to a tight range between $2.2 and $2.3. However, there were multiple signs that the consolidation could be coming to an end, and one analyst even warned that most traders will miss the breakout.
Such a price surge indeed started to materialize in the past few days, and especially today. XRP has been among the top performers on a daily scale, having surged by 20% at one point and coming close to $3 on most exchanges.
Although it was stopped there and now sits just under $2.8, it’s still up by over 12% since yesterday. Its market cap has spiked above $160 billion for the first time in months, and XRP has now become the third-largest cryptocurrency, by overtaking Tether’s USDT.
The move north was quickly picked up by the XRP Army, many of whom praised the asset’s performance and provided some bullish (and outrageous) predictions.
$XRP at $2,500 isn’t just a dream.
-Because a pump like 2017 would easily clear $2,000 ✅
Fact: The yearly resistance is now free so expect vertical price discovery. pic.twitter.com/A4G3PasuVk
— Crypto Bitlord (@crypto_bitlord7) July 11, 2025
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Cryptocurrency
Bitcoin Breaks ATH, Hayes Flips Bullish: ‘Maelstrom Is Backing Up the Truck’

BitMEX co-founder Arthur Hayes has decisively flipped bullish and even announced that Maelstrom Fund is “backing up the truck.” The exec’s comments came as Bitcoin (BTC) broke through its all-time high above $118K on strong volume.
He also revealed that Ethereum (ETH) began to follow with potential outperformance, and markets began pricing in a Trump administration’s readiness to ease trade tensions.
From Bearish to Bullish
This pivot follows Hayes’ prior cautious stance, which was rooted in concerns about a Treasury General Account (TGA) refill draining liquidity.
In his previous essay, Hayes explained that the US Treasury Secretary, whom he calls “The Big Bessent Cock (BBC),” faces an impossible task: funding ballooning deficits without causing a bond market revolt. To manage this, the government is turning to innovative liquidity engineering, including stablecoin adoption by “too big to fail” (TBTF) banks, which could unlock up to $6.8 trillion in T-bill buying power.
Hayes also noted that if the Fed stops paying interest on reserves, it could unleash another $3.3 trillion, bringing the total potential liquidity injection to $10.1 trillion.
He argued this approach was the modern replacement for QE, by maintaining equity markets and crypto afloat despite the Fed’s tightening posture. The exec warned that the TGA refill could briefly interrupt crypto’s bull momentum.
Despite this, Bitcoin’s resilience in busting through resistance while Ethereum appears to be positioning for a “monster alt season.”
“Frontloading Ahead of Trump Tariffs”
Adding to this backdrop, QCP Capital, in its latest analysis, also identified frontloading ahead of potential Trump tariffs as a key macro driver. Manufacturers are accelerating imports and production to preempt implementation, which has led to increased trade and manufacturing credit and improved liquidity conditions.
The firm views the current environment as supportive for continued crypto upside, with steady ETF inflows and strong structural demand boosting momentum.
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