Strive Buys $169 Million in Bitcoin as Crypto Market Sees Major Moves

In a significant move, Strive CEO Matt Cole announced the acquisition of 2,000 Bitcoin (BTC) for a total of $169 million. The purchase, made last week, was executed at an average price of $84,422 per BTC. This strategic buy highlights the growing institutional interest in Bitcoin as a long-term investment.

Meanwhile, the U.S. Treasury has withdrawn two proposed reporting rules concerning self-hosted crypto wallets and mixer transactions. While these rules have been scrapped, existing anti-money-laundering obligations and sanctions restrictions remain in place, ensuring compliance within the crypto space.

Metaplanet made headlines with a bold trading maneuver, selling 10,000 BTC for approximately $790 million in Q3, only to repurchase 11,000 BTC shortly after. This operation was likely aimed at demonstrating liquidity and market confidence.

Strategy also joined the Bitcoin accumulation trend, acquiring 334 BTC for around $28.7 million between September 28 and October 4. The average purchase price was $85,838.80 per BTC, reflecting the company's continued bullish stance on the cryptocurrency.

In the exchange-traded fund (ETF) space, demand for XRP and SOL-focused funds has seen a dramatic decline. Weekly inflows for these funds dropped over 94%, with XRP-focused funds experiencing a significant reduction from $75.59 million to $4.74 million.

Ripple recently transferred 35 million XRP, valued at $52.4 million, to an unlabeled wallet. Within hours, 6.5 million XRP were forwarded from this wallet, raising questions about the purpose and destination of these funds.