Crypto Daily | Bitcoin Trades at $102K; Predictions Platform Polymarket Volume Inflated by "Wash Trading"; Bitwise Files Automatic-Approval Request for Spot Dogecoin ETF

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Crypto Extends Losses, Global Stocks Weaken on Economic Jitters

Crypto prices and major regional equity benchmarks sliped on Friday as investors grew more cautious about the global economic outlook.

Bitcoin fell alongside broader digital assets, extending this week’s losses after data pointed to weakening demand and slowing treasury inflows from large holders.

Predictions Platform Polymarket Volume Inflated by ‘Wash Trading’: Columbia Research

Polymarket, a leading crypto prediction market platform, has seen significant inflation of its trading volume due to “artificial” wash trading, a new Columbia University study uncovers.

The study notes that Polymarket was not itself responsible for wash trading, while the crypto-based structure could have enabled it.

In 2024, concerns over wash trading and potential market manipulation plagued the decentralized prediction platform. At the time, researchers noted that a “significant portion” of the virtual market’s activity might stem from wash trading.

Wash trading is a tactic where shares are repeatedly bought and sold to give the impression of higher trading volume.

Bitwise Files Automatic-Approval Request for Spot Dogecoin ETF

Bloomberg Senior ETF Analyst Eric Balchunas noted that Bitwise has submitted an 8(a) filing for its proposed Spot Dogecoin ETF. The 8(a) form triggers an automatic approval window, meaning the ETF would be cleared for listing after 20 days unless the SEC steps in to delay or block it. The move signals Bitwise’s push to expand the roster of spot crypto ETFs beyond Bitcoin and Ethereum, bringing a major meme asset closer to regulated exchange trading if approved.

Tether’s BTC Reserve Wallet Withdraws 961 BTC in Unusual Move, Seen as “Buy the Dip” Signal

On-chain data shows Tether’s BTC reserve wallet withdrew 961 BTC (about $97 million) from Bitfinex earlier today, in a move viewed by some traders as strategic dip-buying. The wallet, which accumulates Bitcoin using 15% of Tether’s corporate profits, typically only withdraws at the end of each quarter, making the timing notable. The reserve address now holds 87,296 BTC (roughly $8.84B), ranking as the sixth-largest Bitcoin wallet. Based on historical withdrawal prices, its average cost basis is estimated at $49,121 per BTC, leaving over $4.5B in unrealized profit.

SharpLink-Linked Wallet Redeems 5,284 ETH, Sends Majority to OKX

On-chain data flagged by Lookonchain shows a wallet associated with SharpLink Gaming redeemed 5,284 ETH worth roughly $17.5 million, before transferring about 4,364 ETH (around $14.5 million) to OKX. The movement suggests potential liquidity or realization activity, drawing attention amid broader market volatility.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Thursday (Nov. 6) was $240 million. The total net asset value of Bitcoin spot ETFs is $135.43 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.73%.

SoSoValue

The Bitcoin spot ETF with the highest net inflow on Nov. 6 was iShares Bitcoin Trust ETF, with a net inflow of $112.44 million. Followed by Fidelity Wise Origin Bitcoin Fund, with a net inflow of $61.64 million, according to SoSoValue.

SoSoValue