Coinbase Research: Bitcoin Breaks Key Support, Market Possibly in Early Stage of Long-term Downtrend

Oct 12–Oct 18, 2026 #LookonchainWeeklyReport ?? Overview Stablecoin supply fell by $1.65B last week, DEX spot volume rebounded and perp volume edged up, while public companies added 7,721 BTC. ?? Stablecoin Market The total stablecoin market cap decreased by $1.65B. ?? Spot &

Oct 19 Update: #Bitcoin ETFs: 1D NetFlow: -1,156 $BTC(-$94.94M)?? 7D NetFlow: -2,926 $BTC(-$240.41M)?? #Ethereum ETFs: 1D NetFlow: -36,378 $ETH(-$87.51M)?? 7D NetFlow: -130,684 $ETH(-$314.39M)??

SkyAI, formerly Sharps Technology, has recently undergone a radical strategic shift. The company has liquidated all its Solana (SOL) reserves to fund its stock and warrant repurchase program, dropping from being the fifth-largest Solana treasury holder to zero SOL holdings. According to a Monday statement, as of October 16, SkyAI held roughly $223.8 million in cash and has "completed the sale of all SOL". Under the repurchase plan, SkyAI proposed to buy back 95% of its outstanding shares at $3 per share or per warrant. If fully subscribed, the company would retain approximately $22.5 million before related expenses. Additionally, since it no longer holds SOL, SkyAI has scrapped the original repurchase condition requiring SOL’s price to stay above $100. The liquidation was swift and abrupt: as recently as September 14, SkyAI reaffirmed its Solana treasury strategy, claiming to hold over 2 million SOL. But an October 11 repurchase announcement disclosed it had sold ~1 million SOL, and subsequent SEC filings showed its remaining balance was only around 600,000 SOL. This rapid sell-off has drawn strong pushback from Bastion Trading, a major shareholder holding nearly 10% of SkyAI’s shares. Bastion has called for an independent review and explicitly said it will not participate in the repurchase under current terms, demanding the repurchase price be raised to $3.5 per share, restrictions on insiders, and exclusion of strategic advisors’ warrants from the repurchase. Despite liquidating its crypto assets, SkyAI still describes its business as "building a financial platform combining Solana-based stablecoin tracks with AI". However, Monday’s announcement did not clarify if the company plans to rebuild its SOL treasury, nor provide updates on the platform. SkyAI only stated it intends to maintain its Nasdaq listing status after the repurchase is completed. As of the latest trading day, SkyAI (SKYA) shares rose 4.5% to $2.77, with a year-to-date gain of 35%.

HIP-3 market deployer entropy spent 574.98 HYPE to acquire the code MOONSHOT (Moon Dark Side), with its perpetual contract expected to launch soon.

According to a report by The Block, AnchorWatch Trust Company officially launched operations this Monday, becoming a qualified Bitcoin custodian with a Nevada charter. The firm disclosed to media that the Nevada Financial Institutions Division has formally authorized it to offer custodial services. Its target clientele primarily includes trustees, listed companies, trust entities, and high-net-worth individuals requiring qualified Bitcoin custodial services. On the fee structure front, AnchorWatch employs a fixed dollar rate based on vault size, rather than a percentage of assets under custody, with a monthly custodial fee capped at $10,000. This means once a client’s monthly fee reaches this cap, additional Bitcoin purchases or gains from existing holdings will not incur extra custodial costs. Regarding key management and custody architecture, AnchorWatch provides two distinct options for institutional clients. In its flagship model, AnchorWatch Trust Company holds the core keys necessary for qualified custody, while permitting clients, trustees, or executives to hold an additional key. Under the alternative distributed custody model, key control is decentralized across multiple parties, managed jointly by AnchorWatch, U.S.-based BitGo, and Isle of Man-based CoinCorner, further mitigating the risk of single points of failure.

According to CoinDesk, crypto infrastructure firm Zerohash launched its AUTH service at the Money20/20 conference, allowing users to transfer crypto assets between linked accounts without copying wallet addresses or selecting blockchain networks. The service supports on-chain securities including cryptocurrencies, stablecoins, and tokenized equities, and can connect to exchange accounts as well as self-custody wallets. Currently, Coinbase, Robinhood, and Gemini have integrated the service, while Kraken is in the testing phase. AUTH also supports over 600 wallets, including MetaMask, Phantom, and other popular options. Users only need to select an account or wallet in an AUTH-integrated application, log in, and approve the transfer; routing and settlement are handled by AUTH.