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Crypto Daily | Bitcoin Drops to $108K and ETH Drops Below $3,900; Galaxy Digital Stock Gaps up After Q3 Earnings, Revenue Blow Past Consensus

TigerOct 22, 2025 5:51 AM

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Crypto Daily is our column tracking crypto market trends, offering timely insights and valuable updates to keep you informed.

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Bitcoin(BTC) Drops to $108,000 with a 0.37% Increase in 24 Hours

Bitcoin has dropped to $108,000 and is now trading at $108,151, with a narrowed 0.37% increase in 24 hours.

Ethereum(ETH) Drops Below $3,900 with a 0.29% Decrease in 24 Hours

Ethereum has dropped below $3,900 and is now trading at $3,859, with a narrowed 0.29% decrease in 24 hours.

Prediction Markets Boom as Volumes Surpass 2024 Election

The trading volume on the leading prediction markets platforms, Polymarket and Kalshi, has hit a new record high, surpassing the previous peak reached during the US presidential election last year.

The recent jump in trading activity offers one of the clearest indications yet of the growing excitement around the exchanges that allow investors to bet on the likelihood of real-world events, just as financial firms like CME Group Inc. and Intercontinental Exchange Inc. look for a way into these hot markets.

Kalshi and Polymarket saw notional trading volume rise above $2 billion for the first time, during the week ending Oct. 19, according to publicly available data collated by the user dunedata on Dune Analytics. That figure eclipses the frenzied trading seen during last year’s US presidential election, when the two platforms first entered the financial mainstream.

Coinbase Buys Investment Platform Echo in $375 Million Deal

Coinbase Global, Inc. said it acquired crypto investment platform Echo for about $375 million, expanding the digital-asset exchange’s footprint in private markets.

Coinbase is paying a mix of cash and stock, it said in a blog post Tuesday. It will use the acquisition to integrate Echo’s Sonar platform, which helps early-stage crypto companies raise money through self-hosted public token sales.

Cryptocurrency Regulation Faces Senate Roadblocks

According to BlockBeats, legislation aimed at establishing clear regulatory guidelines for the cryptocurrency industry is facing obstacles in the U.S. Senate, casting doubt on its progress. Earlier this month, Senate Democrats introduced a draft known as the 'Decentralized Finance Regulatory Preliminary Plan,' which was leaked and met with strong opposition from the cryptocurrency sector. Negotiations have stalled, with talks between Republicans and pro-cryptocurrency Democrats derailing. As the U.S. Congress focuses on addressing government shutdown issues, the likelihood of the bill passing by the end of the year remains uncertain.

Galaxy Digital Stock Gaps up After Q3 Earnings, Revenue Blow Past Consensus

Galaxy Digital Holdings Ltd. shares jumped 8% in Tuesday trading after the digital assets and AI infrastructure firm turned in third-quarter earnings and revenue that blew past Wall Street expectations.

Q3 adjusted EPS of $1.12, easily surpassing the $0.21 average analyst estimate, surged from $0.08 in the prior quarter and -$0.10 a year earlier.

Revenues of $28.4M, vs. $16.6B consensus, jumped from $9.06B in Q2 and $8.71B in Q3 2024.

ProShares Files for Crypto 20 ETF, Offering Investors Broad Crypto Market Exposure

ProShares is seeking to offer investors a new avenue for broad exposure to the cryptocurrency market, having filed for the ProShares CoinDesk Crypto 20 ETF with the U.S. Securities and Exchange Commission.

According to the filing, the ETF aims to deliver investment results that, before fees and expenses, track the performance of the CoinDesk 20 Index. The index is designed to reflect the performance of the 20 largest and most liquid cryptocurrencies in the market.

Bitcoin Spot ETF Flow

The overall net inflow of the US Bitcoin spot ETF on Tuesday was $477.19 million. The total net asset value of Bitcoin spot ETFs is $151.58 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.86%.

The Bitcoin spot ETF with the highest net inflow on Oct. 21 was iShares Bitcoin Trust ETF, with a net inflow of $210.9 million. Followed by ARK 21Shares Bitcoin ETF, with a net inflow of 162.85 million, according to SoSoValue.

SoSoValue

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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