Crypto Daily | Bitcoin Falls Below the $100,000 Mark at One Time! Gemini Exchange Prepares for Prediction Market Contracts Launch

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Crypto Hit by Bitcoin Whales Dumping $45 Billion in Bets

Bitcoin has been falling again — but this time, it’s not leverage breaking the market.

The original cryptocurrency fell as much as 7.4% to dip below the $100,000 mark for the first time since June. That’s down more than 20% from a record high reached a month ago. Bitcoin pared losses on Wednesday morning in Asia, but is still struggling for a sure footing.

Richard Heart Moves $611M in ETH to Tornado Cash, Including $379M in Last 7 Hours

Richard Heart, founder of Pseudo Hex, PulseChain, and PulseX, has transferred a total of 154,000 ETH (≈$611M) into Tornado Cash since October 20, with 113,671 ETH (≈$379M) mixed in just the past 7 hours.

On-chain data shows these ETH were accumulated in March 2024 at an average price of ~$3,779 using 621M DAI, meaning the move is currently being made at a loss. The transfers have sparked renewed scrutiny over Heart’s on-chain activity as crypto markets continue to pull back.

Wintermute Says Crypto Rally Hinges on Fresh ETF & DAT Inflows, Not Four-Year Cycle

Wintermute’s latest market report argues that the traditional four-year cycle narrative no longer explains crypto price movements. Despite expanding global liquidity and rate cuts from major central banks, most new capital is flowing into equities and AI , not crypto, with only stablecoin supply continuing to grow. The firm notes that market structure remains healthy and leverage has been flushed out, but a meaningful rebound will require renewed inflows into spot ETFs and Digital Asset Trust (DAT) products, rather than waiting for a halving-driven cycle.

Gemini Exchange Prepares for Prediction Market Contracts Launch: Bloomberg

Tyler and Cameron Winklevoss’ Gemini exchange is planning to launch prediction market contracts, Bloomberg reported Tuesday, citing unnamed sources.

If approved by the US derivatives regulator, Gemini would compete with dominant players, including Kalshi and Polymarket. Sources noted that the billionaire brothers-run crypto platform has discussed launching products “as soon as possible.”

Marathon Digital Moves 2,348 BTC worth $236M to Exchanges, Signaling Potential Sell-Off

On-chain data shows that Bitcoin mining firm Marathon Digital (MARA) transferred 2,348 BTC, valued at roughly $236 million, over the past 12 hours to platforms including FalconX, TwoPrime, Galaxy Digital, and Coinbase Prime. The movements suggest the miner may be preparing to sell a portion of its holdings, amid recent market volatility and declining BTC prices.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday (Nov. 4) was $577.74 million. The total net asset value of Bitcoin spot ETFs is $134.53 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.69%.

The Bitcoin spot ETF with the highest net outflow on Nov. 4 was Fidelity Wise Origin Bitcoin Fund , with a net outflow of $356.58 million.