holders

Zcash holders and community representatives will vote from November 16 to 30 on a proposal to remove 50,000 ZEC from the community grant fund (ZCG). This proposal was co-drafted by Zcash co-founders Sean Bowe, Zooko Wilcox, and Jason McGee, and was merged into the specification repository on Wednesday. According to the October treasury snapshot referenced in the proposal, ZCG holds 91,453 ZEC, and the amount proposed for removal accounts for approximately 55% of its holdings.If the proposal passes and is activated in the network upgrade, ZCG must remove the 50,000 ZEC from circulation within 30 days, and its corresponding value will be included in the Network Sustainability Mechanism, gradually returned through future block rewards. Additionally, the proposal plans to stop allocating 8% of newly issued ZEC to ZCG, transferring this portion of funds into a new Future Dev and Legal Defense Fund, which will continue to accumulate until the next Zcash halving. Funds in this new fund will temporarily be unavailable for expenditure until separate withdrawal rules are approved.ZCG can still use the remaining treasury funds to continue issuing development grants, and the independent 12% holder-controlled fund will not be affected. The proposal states that based on the October treasury snapshot, a ZEC price of $1,300, and expenditure estimates for the first half of 2026, the current funds of ZCG can cover approximately 13 years of expenditures; after the removal of 50,000 ZEC, the remaining funds are expected to cover about 6 years. Previously, ZCG proposed to redirect approximately 98,000 ZEC from existing assets and future income to miner rewards, but abandoned this plan on November 3 after facing community criticism. This new proposal still requires community support and must be implemented through a network upgrade. The activation block height has not yet been determined, nor has a reference implementation been provided.

Glassnode posted on platform X that Bitcoin has fallen below the short-term holder cost price of $75,600, underperforming compared to U.S. stocks, and the funds that could drive its rise are continuously flowing out. Currently, about 35% of short-term holders are in profit, with sellers averaging small losses.In terms of capital, the total supply of stablecoins has decreased by $14.2 billion over the past 30 days, marking the fastest contraction since June 2022; the U.S. spot Bitcoin ETF has seen a net outflow of $1.6 billion over the past 20 trading days; excluding the impact of USDT falling below $1, the 30-day average premium on Coinbase has remained negative, with the discount being the deepest since February. On the macro front, the two-year U.S. Treasury yield is at 4.75%, which is 75 basis points higher than the current 4% rate of the Federal Reserve, indicating that the bond market expects further rate hikes, but it is far from the level of 244 basis points in June 2022.However, there are also positive signals, as the decline has cleared most of the long leverage near the price, with the largest concentration of liquidations located between $59,500 and $62,600; since the sell-off on November 5, buy orders within a 5% price range in the Binance and Coinbase spot order books have consistently outnumbered sell orders; wallets holding between 100 to 1,000 BTC and 1,000 to 10,000 BTC have started to accumulate over the past week.Glassnode stated that if it returns to $75,600, it will support the judgment of a trend reversal in August; if it continues to fall below $73,000, it may enter a longer period of consolidation; if it closes below the June low of $58,500, the trend reversal since August will be broken.

NVIDIA shareholders are filing a securities class action lawsuit against NVIDIA and its founder Jensen Huang, accusing them of misconduct that misled a large number of investors. This case stems from Jensen Huang's recent admission of an extramarital affair on the company's website. U.S. President Donald Trump continues to support Jensen Huang. On November 9, local time, Trump publicly backed Huang at a White House press conference, stating, "I believe him (Jensen Huang)."In response, the attorney for the securities class action lawsuit, Laurence Rosen, stated that Trump's claim that Huang was unaware and NVIDIA's board's assertion that national security was not compromised, even if true, cannot determine the outcome of the case.The issue in this lawsuit is whether the statements made on October 9, 2025, were misleading, and existing facts support this conclusion. Currently, the lawsuit is only against NVIDIA and Jensen Huang. Rosen indicated that it has not yet been determined whether other defendants, including members of the NVIDIA board, will be added.

CryptoQuant analyst Darkfost stated that the Spent Output Profit Ratio (SOPR) of short-term Bitcoin holders has dropped to 0.98, remaining in negative territory since October 30, indicating that this group has begun to realize losses when selling Bitcoin.This metric measures the profit and loss realized when UTXOs are spent. Each UTXO has its own cost basis; when Bitcoin is moved, old UTXOs are destroyed, and new UTXOs are generated at new realization prices. SOPR calculates the difference between the two. This round only counts short-term holders, whose monthly average once reached 1.013 but has now fallen back to a neutral level of 1, erasing average profits.Darkfost noted that recent data suggests the market is leaning towards a capitulation phase. He believes that in a long-term bull market, a negative SOPR often corresponds to buying opportunities, but the monthly average has yet to reflect this, and capitulation may continue for several more days before reaching extremes.

CryptoQuant analyst Darkfost stated that since October, Bitcoin has undergone a chip distribution phase, resulting in a correction of about 15%. Currently, losses dominate after the profit-taking phase of short-term holders (STH).In the past 24 hours, short-term holders have sent 48,500 BTC to exchanges, of which 47,300 were sent at a loss, making it one of the strongest STH capitulation behaviors in recent months.

The CEO of the cryptocurrency exchange platform Coinbase, Brian Armstrong, stated that as the CEO of a publicly traded company, he supports the tokenization of the company's stock, as he hopes more people can hold the stock.Brian Armstrong stated that potential new groups of shareholders should not be shut out, as this is not a wise business practice, and connections should be established with customers where they are.

Cryptocurrency analyst Darkfost stated that tracking the profit and loss status of holders corresponding to tokens that moved in Bitcoin over the last 1 to 3 months reveals that this group currently has an estimated unrealized loss of $452 million, marking the first significant pressure since the end of the bear market.Darkfost pointed out that this metric can be used to observe market trends and potential price movements: when unrealized profits are high, holders may be more willing to take profits, increasing the risk of a market pullback; when unrealized losses expand, it indicates that many traders have a cost basis higher than the current price, which may suggest that the market is approaching a bottom and could present potential buying opportunities. However, the reference value of this metric during bear markets is relatively limited.

Darkfost pointed out that as the mid-term momentum of Bitcoin turns positive, the area close to an MVRV of 1 may become an important decision zone for short-term holders. Investors may choose to continue increasing their holdings or may capitulate and sell due to a price decline.

On-chain analyst Murphy pointed out that as of October 31, the total supply of short-term holders (STH, entity-adjusted) of BTC is 2.2353 million, of which 1.147 million are in a state of loss, accounting for 51.3%. The holding cost of STH shows a bimodal structure, with 1.145 million concentrated in the high-cost area of $78,000-$86,000 (accounting for 51.2% of the total STH), and 556,000 concentrated in the low-cost area of $60,000-$65,000 (accounting for 24.9%).The reduction of low-cost chips in September was the fastest, with an average daily net decrease of 6,733 coins, which significantly slowed down in October. After the Binance security incident, a reversal occurred: the high-cost chips in the range of $78,000-$87,000, which had been continuously increasing, began to decrease, while the range of $75,000-$78,000 saw a net increase of 90,000 coins within two days. Analysts believe that the black swan event accelerated the turnover and repricing of chips, forming a certain support in the $75,000-$78,000 range, which helps alleviate panic and creates resistance to declines, but is still insufficient to confirm the strength to drive the next round of increases.

According to Italian crypto media Criptovaluta.it, Italy is discussing the inclusion of an Exit Tax in the new annual budget bill, imposing a tax of up to 33% on unrealized capital gains for holders of crypto assets who move abroad. This tax obligation may arise even if the relevant Bitcoin or other crypto assets have not yet been sold.According to the disclosed draft, this regulation applies to individuals who have been tax residents in Italy for at least 6 out of the past 10 tax years, and whose total asset value reaches 800,000 euros. Taxable income is calculated based on the positive difference between the market value of the assets at the end of the tax year before the tax residency status terminates and the purchase cost.This Exit Tax is not only aimed at cryptocurrencies but also involves other categories of assets, with government bonds proposed to enjoy tax benefits. Currently, the relevant provisions are still in the draft discussion stage and have not yet received formal approval.

According to CryptoQuant analyst Axel Adler Jr., the price of Bitcoin is testing the cost basis of short-term holders (STH), with the accompanying image indicating that this level is around $75,900.He believes that the market's reaction to the Binance hacking incident has been relatively restrained; compared to the market reaction during the FTX collapse, Bitcoin is currently showing greater resilience.

Reserve tweeted that the RSR stolen in the Binance hot wallet security incident has been sold, and its contract was not affected, so RSR holders do not need to take any action.The attacker stole 3.38 billion RSR from Binance and exchanged all of it for 1,856 ETH (approximately 4.1 million USD) on Uniswap v3 between 20:53 and 21:08 (ET) on October 29. Reserve stated that, on-chain, the attacker no longer holds RSR.Since RSR is a non-fungible token and has no admin key, no one can freeze the token. Reserve has currently found no reason to suspend any products, and all products continue to operate normally.

According to Bitcoin Magazine, Fidelity Digital Assets reports that the unrealized profit metric for Bitcoin holders jumped from 0.09 to 0.36 last quarter."Historically, when Bitcoin's NUPL (Net Unrealized Profit and Loss) metric is around 0.36 (±0.05), the median return rate for the following year often reaches 93%."

CryptoQuant analyst Axel Adler Jr.'s latest report indicates that the rolling distribution volume of Bitcoin long-term holders (LTH) has decreased by 22% in the past week, showing that the potential selling pressure from long-term holders has eased.However, despite Bitcoin's price remaining above the average cost basis of long-term holders, their unrealized profit margin continues to narrow. Adler points out that the distribution activity of long-term holders has weakened, but the shrinking profit buffer is still worth noting.

On October 28, the payment network Visa released its performance for fiscal year 2026 and the fourth fiscal quarter. The fiscal year 2026 spans from October 1, 2025, to September 30, 2026, and the fourth fiscal quarter spans from July 1, 2026, to September 30, 2026.In fiscal year 2026, Visa's total operating revenue was $45.903 billion, a year-on-year increase of 15%; operating profit was $28.11 billion, a year-on-year increase of 17.15%; the operating profit margin was 61.24%, an increase of 1.25 percentage points year-on-year. The net profit attributable to the parent company was $23.504 billion, a year-on-year increase of 17%; operating cash flow was $23.728 billion. Basic earnings per share were $12.34, diluted earnings per share were $12.32, a year-on-year increase of 21%; the debt-to-equity ratio was 61.73%.In the fourth fiscal quarter, Visa's total operating revenue was $12.139 billion, a year-on-year increase of 13% and a quarter-on-quarter increase of 4.35%; operating profit was $7.262 billion, a year-on-year increase of 18.12%; the operating profit margin was 59.83%, an increase of 2.5 percentage points year-on-year. The net profit attributable to the parent company was $6.002 billion, a year-on-year increase of 18% and a quarter-on-quarter increase of 6.65%; both basic and diluted earnings per share were $3.19, a year-on-year increase of 22%; the debt-to-equity ratio was 61.73%.

CryptoQuant analyst Darkfost pointed out that short-term holders of Bitcoin (STH) have been in a profitable state on average for nearly two months, with an estimated cost basis of $76,500 and a current average profit margin of about 5.5%. Compared to less than a month ago when unrealized profits averaged as high as 20%, this level has significantly narrowed.The last time short-term holders had such high profits was shortly before the peak in October 2025, so the subsequent market consolidation is not surprising. Darkfost believes that short-term holder profits are still present, and the cost basis of $76,500 remains a noteworthy support level, with short-term holders likely to intervene here to defend the average entry price.

Strategy founder and chairman Michael Saylor posted that MSTR shareholders have approved the daily dividend amendment, with preliminary results showing 99.3% voting in favor. This amendment allows the four preferred stocks STRF, STRC, STRK, and STRD to accrue dividends on a daily basis.After the new regulations are implemented, every calendar day will be a dividend record date, and dividends will be paid on the next business day. The first record date and payment date for STRC are November 1 and November 2, respectively. The first record date and payment date for STRF, STRK, and STRD are January 1 and January 4 of next year, respectively.

According to Bitcoin.com News, shareholders of the Bitcoin holding company Strategy will vote on October 28 to decide whether to adjust the terms of STRC, STRF, STRK, and STRD, allowing for the daily setting of dividend record dates. The proposal requires majority support from all issued common stock voting rights, with abstentions and broker non-votes counted as opposition; preferred shareholders do not have voting rights.Michael Saylor currently holds 32.9% of the total voting rights, and the proposal needs approximately 17 percentage points of support from other shareholders. If approved, STRC holders can receive daily dividends from November 1 to 30, totaling $1 per share, with an annualized rate of 12%; if not approved, daily dividends will not be implemented.Strategy will announce its third-quarter performance on October 29. As of October 25, the company holds 848,517 bitcoins and $5.1 billion in assets.

CryptoQuant analyst Axel Adler Jr. stated that the BTC transferred to exchanges by short-term Bitcoin holders is primarily at a loss, with the 24-hour net inflow metric dropping to -18,600 BTC, compared to a positive 10,400 BTC a week ago.This metric fell to -23,100 BTC on October 26, then narrowed somewhat, but remains in negative territory.

Glassnode stated that recent investors buying BTC have exited the strong sell-off zone. Almost all short-term holders are in profit, and this proportion has now fallen to about 70%.For investors expecting the upward trend of BTC to continue, the current entry conditions have clearly improved compared to a month ago. The decrease in the profit ratio of short-term holders indicates that the pressure from profit-taking in the market has eased, but this does not mean that BTC will necessarily rise in the future.