Analysis: Bitcoin buying demand remains strong. Last week, the market absorbed sell pressure of 220,000 BTC, with net outflows from centralized exchanges (CEX) hitting 3,863 BTC.

According to HTX market data, Bitcoin has fallen below $83,000.

Tom Lee, chairman of Bitmine, said he expects the next crypto bull run to be the largest in history, with key drivers including asset tokenization, intergenerational wealth transfer, digital asset treasury firms’ continued absorption of market supply, and the crypto sector benefiting as a downstream segment of the AI industrial chain. Lee argues that the ongoing wealth transfer will bring more capital to the crypto market. Since the group inheriting wealth is relatively young and likely has a higher risk appetite for crypto assets and stocks, this trend’s impact in the current cycle may surpass that of the 2019–2021 bull run. He also pointed out that even though the crypto market was in a bear phase between 2025 and 2026, Bitmine’s stock performance still outperformed ETH. As the macro environment changes and the crypto market enters a new cycle, he believes the company is well-prepared for a potential bull run.

Key pre-market news for U.S. stocks: 1. Strategy added 250 BTC to its holdings last week, bringing its total BTC position to 848,250. 2. Bitmine added 12,532 ETH last week, lifting its total ETH holdings to 6.03 million, approaching its 5% supply target. 3. Nvidia (NVDA.O) is in talks to acquire U.S. open-weight model developer Reflection AI or make additional investments in the firm. 4. Goldman Sachs has upgraded its three-month stock allocation rating to "overweight" and its 12-month bond allocation rating to "overweight". 5. Saudi Aramco’s CEO: Target to boost gas production sales by approximately 80% by 2030 compared to 2021 levels. 6. Autonomous trucking firm Kodiak AI (KDK.US) received additional stake purchases from Cathie Wood. 7. External forecasts widely expect TSMC (TSM.N) to achieve a sixth consecutive quarter of record-high profits, driven by the AI boom. 8. Norwegian regulators fined Microsoft (MSFT.O) nearly $10 million over a privacy breach. 9. Venezuela’s president reached an agreement with SpaceX (SPCX.O), officially authorizing Starlink’s operations. 10. Amazon (AMZN.O) is in talks to acquire AI startup Decart for roughly $7 billion, a deal that could value Decart at around $7 billion. 11. Tesla (TSLA.O)’s Robotaxi is under U.S. regulatory scrutiny for alleged speeding in school zones.

Saudi Energy Minister Abdulaziz bin Salman recently stated that Saudi Arabia plans to increase its overland oil transport capacity bypassing the Strait of Hormuz to 10 million barrels per day (bpd) over the next two to three years, to reduce reliance on the Persian Gulf shipping lane. The kingdom’s East-West Oil Pipeline, which links its eastern oil fields to Yanbu Port on the Red Sea, has a designed capacity of 7 million bpd. As of early October, the pipeline’s actual daily throughput rose to 5.8 million bpd, with around 4.5 million bpd used for exports and the rest supplied to western refineries. Saudi Arabia is upgrading pumping stations along the pipeline to further boost capacity. Additionally, the kingdom plans to temporarily convert existing natural gas pipelines for crude oil transport. After adjustments, these pipelines will support an oil transport capacity of roughly 1.2 million bpd; with future investments in pumping stations and compressors, their potential capacity could reach 3 million bpd. Saudi Arabia is also evaluating a dual-use oil and gas pipeline network scheme, enabling flexible switching of transport purposes based on geopolitical risks and seasonal demand. This initiative aims to address shipping disruptions through the Strait of Hormuz and security risks on the Red Sea route, building a more resilient crude oil export system. However, the 10-million-bpd overland transport capacity remains in the planning and construction phase, and its final realization depends on pipeline upgrades and supporting infrastructure investments.

Solana Treasury Firm DeFi Development Corp. (Nasdaq: DFDV) announced on October 12 that its treasury holdings rose by approximately 22,070 SOL and equivalent assets over the past week, bringing total holdings to around 2.5863 million SOL — a roughly 12% increase from levels when its Q2 financial report was released on August 12. The company stated it will continue accumulating SOL through ongoing purchases and on-chain yields, and has established a $300 million market issuance program (CHAD ATM) to fund further acquisitions. Meanwhile, its floating-rate perpetual preferred stock CHAD rose against the trend in the week ended October 9, hitting a record high trading price despite broader crypto market weakness in the same period. The company noted CHAD currently has an annualized dividend yield of 13%, calculated at a $10 par value per share, translating to an annual dividend of $1.30 per share. Dividends are paid on each business day when the company declares a distribution. CHAD serves as a financing channel for expanding its SOL treasury while offering holders income opportunities tied to SOL asset returns, the company added. It should be clarified that the 13% is the current dividend rate, not a guaranteed return; dividends are only paid after the company’s declaration, and future dividend rates and stock prices may fluctuate.

Bitmine Immersion Technologies (BMNR) announced on October 12 that, as of the latest statistics, it holds approximately 6.03 million ETH, accounting for around 4.9% of Ethereum’s total supply. The company added 12,532 ETH to its holdings last week, pushing its position further above the 6 million ETH threshold and bringing it close to its target of holding 5% of Ethereum’s total supply. In addition to ETH, Bitmine’s holdings of crypto assets, cash, tradable securities, and other investments total approximately $16.2 billion. Of this total, the company has staked 5,067,309 ETH, valued at roughly $12.9 billion per announcement data, representing about 84% of its total ETH holdings. Bitmine Chairman Tom Lee stated that since launching its ETH treasury strategy on June 30, 2025, the company has been continuously purchasing ETH every week. He projects that once all of the company’s ETH holdings are fully staked through MAVAN and its partners, at the current 2.61% seven-day yield, annualized staking revenue could reach approximately $400 million. Additionally, the company’s perpetual preferred stock (BMNP) closed at $99.53 per share, above its $80 per share issue price. Tom Lee believes that as tokenization, wealth transfer, and AI-related demand drive growth in the crypto market, Bitmine is poised to benefit from the next bull market.