$97M liquidated in 24 hours against $53.64B in Bitcoin open interest. That is about 0.18%, so most of the leverage is still on. Average funding on perpetual futures is still positive at 0.5308%.

FED HOLDS. Rates stay at 3.75-4%. But the vote was 10-2. Lisa Cook and Beth Hammack both dissented. They wanted ANOTHER hike today. September was 12-0. The dissents were the story. What changed in the statement: Growth upgraded from "solid" to "strong". Inflation "remains elevated". Unchanged. In September they said the hike would "support a timelier return" to 2%. Today they want "more information" before the next move. Translation: they're waiting on data. December is live. Balance sheet: Still "ample reserves". Still rolling over every Treasury that matures. Still swapping mortgage bond payments into T-bills. Ready to buy more T-bills "when appropriate". Tightening with one hand. Keeping the plumbing liquid with the other. What it means: Two officials want higher rates. The Fed calls the economy "strong". Inflation won't come down. Every hike makes the government's debt more expensive to roll. Eventually they choose: fight inflation or fund the government. History says they pick the government. That's the Bitcoin trade.

Fed decision in 1 hour. Rates at 3.75-4% after September's hike. CPI 3.7% and running hot two months in a row. Oil over $100. 10-year at 5%. Midterms next Tuesday. Market says 90%+ chance of a hold. The hold isn't the story. The dissents are.

1) what

🏦 Fed expected to hold at 3.75% to 4% today The decision is at 2 PM ET (18:00 UTC), and Chair Kevin Warsh speaks at 2:30. In September, most officials projected one more hike this year, likely in December. Three or more votes for a hike would show a split committee.

Coinbase customer data has leaked. Again. Here's what's actually confirmed. Amplitude, an analytics company Coinbase shares customer data with, had a security incident. Contact data for a "small subset" of Coinbase customers was exposed. Coinbase says its own systems weren't accessed and no funds were lost. Affected customers are being notified. What's NOT confirmed:
 The "70,000+ users" number going around. Coinbase hasn't given a figure or said exactly which fields leaked. Coinbase's official line is "Coinbase has not had a data breach." Your details were sitting in a third party's database. Now someone else has them. Call it whatever you want. This comes 17 months after the May 2025 leak, when bribed support staff handed over names, addresses and ID documents. If you use Coinbase, expect phishing. Coinbase will never ask for your seed phrase, password or 2FA codes. Every exchange account is a file on you, waiting to leak. Self-custody.

What's coming in the next 8 days, and why it matters (times ET): WED 2PM: Fed rate decision. The Fed raised rates in September, its first hike since 2023. Higher rates make borrowing more expensive for everyone, from your mortgage to the government. WED + THU: Microsoft, Google and Amazon report earnings. They're among the biggest spenders on AI. Their numbers show whether all that spending is actually paying off. THU 8:30AM: GDP and PCE. GDP shows whether the economy grew. PCE is the Fed's preferred inflation gauge, the one it actually watches when setting rates. NEXT TUE: US midterms. Congress writes the crypto and stablecoin rules. The midterms decide who controls it. None of this is about the next candle. It's about understanding the system you're opting out of.

🚨 BREAKING: CFTC sues Utah to protect Kalshi's prediction markets there Utah sued Kalshi first. Chairman Michael Selig says the agency will defend its "exclusive jurisdiction over commodity derivatives." The CFTC has also started proceedings against nine other states.

Bitcoin isn't the problem. Debt is. $80K cracked, Wall Street pulled $636M from the ETFs in a day, and Elon is warning the debt taps are shutting. The Fed only has one answer, and it's printing. Here's the level we're watching 👇

Half of crypto Twitter just saw "AI refutes ETH" and panic sold. Relax. Wrong ETH. It's the Exponential Time Hypothesis, a 27-year-old computer science assumption. OpenAI says its AI broke it. Experts are reviewing it now and say it's NOT confirmed yet. Your wallet is fine.

Microsoft just offered buyouts to 60,000 employees. That's about 1 in 4 people at the company. After 4,800 layoffs in July. After 15,000+ in 2025. Their line: it's "not a sign that Microsoft needs fewer employees." Meanwhile they're pouring tens of billions into AI data centers. Sure. If your paycheck can be automated, what's your plan B?

Bitcoin hit $79K and everyone's panicking. Not me. Tightest Bollinger Bands in 2.5 years, Bitcoin is 60% of the whole market, and nobody's called me about XRP yet. Meanwhile the Pentagon wants every base ready to run 90 days off-grid. And Bitcoin's still holding $80K 👇

🚨 Keystone to destroy 18,835 wallets after authentication key theft Hardware wallet maker Keystone will destroy 18,835 wallets following the theft of a key used to authenticate its devices. Owners of devices on the old key that arrived after Oct. 20 should carry out extra authenticity checks, because passing Keystone's online verification does not settle the question on its own.

ETFs. Exchanges. Governments. Years of headlines saying Wall Street owns Bitcoin now. Galaxy Research still can't put a name on 11.1 million BTC. That's 55% of every coin ever mined. Even Satoshi's 1.12 million coins are on the named list. Some of the unnamed pile is lost. Some is early miners. Some is funds nobody has spotted yet. And some of it is just people holding their own keys, answering to nobody. Which pile are yours in?

🫡

60.14% of the $2.67T crypto market is Bitcoin, about $1.61T. Ether is 10.59%, roughly $283B, so BTC is worth about 5.7 times ETH. Every other coin and token combined adds up to 29.27%, less than half of Bitcoin's share.

"It sounds great, but it looks complicated." That's what you told us after last week's multisig video. So here's the whole thing, step by step: a 2-of-3 on Bitcoin and on Ethereum, no company holding a key, no subscription. About an afternoon 👇

🏦 Bank of Israel rejects Netanyahu's crypto sanctions plan The Bank of Israel has publicly said no to a proposal from Prime Minister Benjamin Netanyahu to use crypto to get around possible international financial sanctions, the Financial Times reports. The idea came from Netanyahu's request for a contingency plan for Israel's banking system. Blockchain was one of the options on that list. The sanctions in the report are potential ones, not measures already in force. The objection came from the central bank itself, and it was made in public.

Your bank can't tell if it's you or an AI logging in. JPMorgan, BofA and Wells Fargo are scrambling. Same week, governments switched off their own websites. And the US now pays $2.9 BILLION a day just in interest. This week was a dress rehearsal 👇

⚖️ SEC puts tokenization on its 2027 exam list The SEC's exam division published its fiscal 2027 priorities on Oct. 23. Tokenized securities are on the risk list for clearing agency and Regulation SCI reviews. The list changes no rules.