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first_img Dragonfly partner refutes the "bunker mode" and proposes a crypto recovery mode

Dragonfly Managing Partner Haseeb Qureshi posted on platform X, referring to the "obfuscation mode" warning proposed by Ethereum researcher Justin Drake as "crypto doomsday theory." He stated that migrating tokens to a new address is not a real solution under the threat of artificial intelligence potentially cracking cryptographic signatures. The "obfuscation mode" can only provide protection if investors do not transfer tokens out of the new address, and once other tokens are hacked and sold off in large quantities, these tokens will also become worthless.Qureshi then called for blockchain networks to take proactive protective measures and proposed the "crypto recovery mode" plan: a hash-based backup signature mechanism that users can map to their own addresses. If cryptographic signatures are cracked, validators can force the recovery of assets based on this. According to Glassnode data, there are currently 6.26 million Bitcoins stored in at-risk addresses, accounting for over 31% of the total Bitcoin supply. Among them, approximately 4.33 million are exposed due to address reuse, and another 1.94 million are exposed due to address format; about 1.8 million exposed Bitcoins are stored on exchanges, accounting for 57% of the total balance on exchanges.Previously, Ethereum researcher Justin Drake warned that the rapid advancement of artificial intelligence could crack the Elliptic Curve Digital Signature Algorithm (ECDSA) protecting crypto wallets sooner than expected. He cited a report from OpenAI regarding AI's mathematical advancements, stating that in the worst-case scenario, ECDSA could be compromised in "months rather than years," and advised users to gradually migrate funds to new wallets where the public key is not exposed.

Bitget expands institutional-level custody and over-the-counter settlement infrastructure, supporting diverse custody and settlement models

As the institutional market gradually develops towards the separation of custody and trading, Bitget is expanding its open custody and over-the-counter settlement infrastructure for institutional clients, providing more flexible asset custody, fund management, and trading access options.Currently, Bitget has partnered with institutions such as Copper ClearLoop, Cactus Custody Oasis, Fireblocks Off Exchange, OSL MirrorEX, Bitfire PrimeMirror, and Sygnum Protect to meet the differentiated needs of institutions in asset isolation, custody options, settlement efficiency, and liquidity access through diversified custody and settlement models.Bitget's CEO Gracy Chen stated that different types of institutions have varying needs for custody, settlement, and capital management. Bitget aims to allow institutions to choose solutions based on their operational models through open and compatible infrastructure, enhancing fund utilization efficiency and liquidity access capabilities while achieving asset risk isolation. This expansion is also an important part of Bitget's UEX strategy, with institutional services continuing to be a strategic focus to further enhance capital utilization efficiency and accelerate the integration of crypto assets with tokenized traditional financial infrastructure.

first_img Glassnode: Bitcoin saw a new inflow of 4.9 billion USD over 30 days, with the upward trend relying on existing holders

The cryptocurrency research platform Glassnode pointed out in the latest issue of The Week Onchain report that within the 30 days ending on October 5, approximately $4.9 billion of "new funds" flowed into Bitcoin, covering corporate treasury purchases, stablecoin growth, and inflows into U.S. spot Bitcoin ETFs. During the same period, Bitcoin achieved a market capitalization increase of $12.8 billion, more than double the size of the new funds.Glassnode stated that new funds only accounted for less than two-fifths of this increase, with the remainder coming from existing market funds being traded at higher prices. Data shows that since the launch of the spot ETF in January 2024, Bitcoin's upward trends have shown similar differentiation, but the scale of inflows accompanying the rises in 2024 and 2025 is far greater than the current situation. Glassnode noted that before inflows recover, the market will rely on existing holders to pay higher prices.Since September 21, Bitcoin has attempted to break through $87,000 four times without success, and as of the time of writing on Thursday, it was around $83,000, down 1% for the month. Glassnode pointed out that on the first week since January when Bitcoin closed above $85,000, about 86% of the tokens transferred to exchanges came from short-term holders who had held for less than 155 days and were in profit, marking the highest single-day proportion in the past year. CryptoQuant data shows that as of October 7, the overall cost basis for short-term holders is approximately $78,250, still in a net profit state.
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