As **cryptocurrency** becomes increasingly prevalent, the necessity for **protective measures** is more crucial than ever. According to the bill's author, this legislation aims to safeguard **vulnerable Oklahomans** from the rising tide of **fraud** associated with digital currencies. With the **growing popularity** of cryptocurrencies, it's essential to establish **guardrails** that can protect individuals from scams and deceptive practices that exploit their lack of knowledge in this complex financial landscape.

As cryptocurrency becomes more commonly used, the need for guardrails becomes more apparent, the bill's author says, especially to protect vulnerable Oklahomans against fraud.

AARP Oklahoma Advocates for Legislation to Combat Cryptocurrency Scams

## Bitcoin Treasury Companies Face Unprecedented Challenges

Is crypto winter coming? It's already more than set in for **Bitcoin treasury companies (BTCTCs)**.

Aiming to replicate the once-in-a-generation success of Michael Saylor's **MicroStrategy (MSTR)** and perhaps taking advantage of a U.S. regulatory regime that is willing to look the other way at questionable public offerings, a wave of crypto asset treasury companies have gone public in 2025.

The result has been massive investor losses nearly across the board. And while the plunge in the price of **Bitcoin (BTC)** over the past 11 days (yes, it was only Monday, Oct. 3 when BTC peaked above $126,000) can be blamed for some of the carnage, BTCTC share prices were tumbling well prior to that.

![BTCTCs](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2Fcbc3c8b1f278747254503a30bd62cb7af53dcae4-1616x853.png%3Fauto%3Dformat&w=3840&q=75)

Checking a small group of BTCTCs, losses over the past three months range from "just" 38% in the case of Strategy to 94% for **KindlyMD (NAKA)**.

## The 'Steady Lads' Meme Returns

As his TerraUSD algorithmic stablecoin began de-pegging from the dollar in May 2022, **Do Kwon famously tweeted**, "Deploying more capital — steady lads." Within days, TerraUSD, which had previously commanded a market cap of about $50 billion, was worthless.

That social media post has gone on to become a meme for the crypto community whenever things start to look questionable for the markets or any companies.

This isn't to suggest any level of comparable shiftiness or criminality, or to predict the future BTCTCs, but some of the executive teams at these firms have recently been uber-busy on social networks in defense of their business models.

## Executive Responses and Investor Skepticism

**Simon Gerovich**, CEO of Japan's **Metaplanet (MTPLF)** — which remains higher since it adopted the BTCTC strategy in 2024, but has had a 70% share price decline over the past three months — on Friday attempted to make the case for why a shift to preferred stock issuance will deliver strong returns to shareholders.

"When bitcoin appreciates faster than the cost of capital, that difference compounds into greater bitcoin per share and the benefit accrues to the common shareholders," he said in a post on X.

The tl;dr: Metaplanet investors will benefit if "number go up."

**KindlyMD CEO David Bailey** — whose 94% share plunge over the past three months has left the stock price below $1 and in danger of being delisted by the Nasdaq — on Thursday found it necessary to deny the claims of an X poster that his company had "FTX vibes."

"In no way is there any similarity to FTX," said Bailey. "We’re a regulated, registered security that buys and holds bitcoin." When the CEO of publicly traded company has to respond to a random s--tposter to say "we're not FTX," it's safe to say the plot may have been lost.

Then there was **Strive (ASST) CIO Ben Werkman** — whose share price plunge has nearly matched that of NAKA and also faces delisting danger — attempting to explain the difficulties and a way forward.

"Now the exuberance is gone, and many companies are now in position with their balance sheets intact to be able to move to the second phase of the journey," said Werkman in an extremely long post to X.

"Achieving scale is difficult, but now many companies have it," he continued. "Valuations are reaching what I would consider deep value territory (just based on balance sheets alone), and these are the valuations where many investors will place their bets for the long term."

## Historical Perspective and Future Outlook

Werkman went on to remind that many assumed Saylor's Strategy (then MicroStrategy) was going to zero in 2022's crypto winter. Those who faded that assumption were rewarded with mind-boggling returns. MSTR was trading at about $30 when Do Kwon made his "steady lads" post. Even after their recent decline, the shares are still at $290 — or nearly a 10-bagger over the last three and a half years.

Whatever the future may hold for the BTCTCs, one thing is for sure: the vibes are anything but positive at the moment. If any of the latecomers are going to mirror the massive success of first mover Strategy, it could require a lot more than just a rising bitcoin price.

Already losing favor with investors when bitcoin was in bull mode, companies built around stacking BTC are facing an even larger threat thanks to the price collapse over the past two weeks.

Bitcoin Treasury Companies in Crisis: 'Steady Lads' Strategy Fails to Stop the Bleeding

## Market Turmoil and the Four-Year Cycle

Experts suggest that some crypto traders are selling off assets because they are adhering to the **classic four-year cycle rulebook**. Historically, **Bitcoin** has followed a four-year pattern, often peaking one year after its halving event and then experiencing a significant crash. With Bitcoin reaching a then-record high of $67,000 in November 2021, many believe the cycle is nearing its end, prompting fears of an impending downturn.

### Recent Price Declines and Contributing Factors

This week, the crypto market has seen notable declines: **Bitcoin dropped over 9%**, **Ethereum fell 6%**, and **XRP plunged 15%**, with some altcoins performing even worse. These drops follow a recent market shock triggered by **President Trump's renewed trade war threats with China**, which led to a record **$19 billion in daily liquidations** last Friday.

### Analyst Insights on Trader Behavior

Matthew Nay, a research analyst at Messari, stated, "I believe some of the sell-off is due to a cohort of market participants stuck to the four-year cycle. If you look at the timing, it's almost exactly four years since we topped last cycle, and when you throw in trade war uncertainty, it allows them to defend their positions more aggressively."

Jonathan Morgan, lead crypto analyst at Stocktwits, attributed this to "mechanical selling" from traders who base their strategies on the cycle's expectations. Jasper De Maere, desk strategist at Wintermute, added, "A lot of retail still trades off that old playbook: buy before the halving, sell when it doesn’t moon. When BTC underperforms post-halving, it shakes their conviction, and you get some forced selling."

### The Case for a Broken Cycle

However, many analysts argue that the **four-year cycle may be breaking** due to evolving market dynamics. De Maere emphasized, "But in my opinion, that strategy’s outdated. The halving just doesn’t move the needle anymore; miner rewards are tiny compared to total trading volume." Nay from Messari believes Bitcoin could return to **all-time highs before the end of the year**, citing factors like **growing institutional adoption** and the impact of **ETFs** and **derivatives**.

Cycle skeptics point to the crypto industry's maturation, with increased integration into **traditional finance**, the rising significance of **altcoins**, and reduced influence from miners on Bitcoin's supply. Morgan noted, "Back when miner rewards dictated supply, it mattered. Now, ETFs, institutional flow, and derivatives dwarf that effect."

### Additional Market Influences

Beyond the cycle debate, other elements are at play, such as the recent **record liquidation event** and geopolitical tensions. De Maere concluded, "Personally, I think while [the four-year cycle] is an interesting concept, the core drivers once used to explain the dynamic of the four-year cycle have just become more irrelevant as BTC and our entire space matures."

Experts believe that some retail traders still follow the four-year Bitcoin cycle rulebook, accounting for part of crypto’s recent decline.

Is the Legendary Bitcoin 4-Year Cycle Finally Breaking? Experts Weigh In

## Bitcoin and Crypto Prices Retreat Amid Regional Bank Concerns

Bitcoin and cryptocurrency prices fell sharply early Friday as U.S. financial stocks sold off on Thursday amid renewed fears surrounding **bad loans at regional banks**. This week's cryptocurrency sell-off comes after a historic liquidation event last week. **Miner Bitfarms** announced plans to raise $500 million in an upsized offering, while **Hive Digital** saw its price target doubled by an analyst.

Bitcoin early Friday fell to near $105,600, retreating more than **5% over the prior 24 hours** and pushing its decline on the week to more than **13%**. The price of bitcoin on Oct. 6 hit a record above $126,000, prior to last week's liquidation event sparked by President Donald Trump's latest tariff threat against China.

Ethereum on Friday traded around $3,780, falling **7% over the past 24 hours** with a **13% drop on the week**.

## Spot Bitcoin ETFs Record Massive Outflows

Meanwhile, **spot bitcoin ETFs** on Thursday recorded **$530.9 million in outflows**, the largest amount since Aug. 19 which saw $523 million in outflows. The **Ark 21 Shares Bitcoin ETF (ARKB)** led outflows at $275.2 million, followed by the **Fidelity Wise Origin BTC ETF (FBTC)** at $132 million.

Ethereum ETFs saw **$56.8 million in outflows** Thursday. The ethereum funds recorded $428.5 million in outflows on Monday, but rebounded on Tuesday and Wednesday with inflows of $236.2 million and $169.6 million, respectively.

## Crypto Liquidations Ramp Up

Crypto liquidations have also ramped up over the past 24 hours, with **$1.23 billion liquidated** from the market, according to CoinGlass data. A majority were **long positions at $920.6 million** as of Friday morning, with $305.5 million short positions liquidated.

Bitcoin accounted for almost **$453.2 million of the losses**, followed by ethereum at nearly $277 million.

## Bitcoin Mining Stocks Tumble

Bitcoin mining stocks tumbled Friday morning, continuing their sell-off from Thursday. **Hive Digital (HIVE)** led declines with a more than **12% drop** in premarket action.

Rosenblatt on Friday doubled its price target on HIVE stock to 10, noting that the bitcoin miner's contracted electrical power deals have become "incredibly valuable in this AI-led market," The Fly reported. The firm expects HIVE stock has additional upside potential as companies execute on their power pipelines. Rosenblatt also believes that the growing optimism about high-performance compute reduces exposure to bitcoin mining at a time when profitability has been pressured by rising network competition.

The firm kept a buy rating on HIVE shares.

Elsewhere, **Bitfarms (BITF)** on Friday announced the pricing of its upsized, **$500 million convertible note offering**. The miner increased its offering from the initially-proposed $300 million level on Wednesday.

Bitfarms plans to use the net proceeds to fund general corporate purposes, and may use some funding or cash on hand to fund capped call transactions. BITF stock skidded **4.9% early Friday**.

## Historic Liquidation Sparks Major Sell-Off

The price of bitcoin briefly dropped below $109,000 last Friday evening, while ethereum retreated near $3,620 after President Donald Trump threatened additional tariffs on China.

CoinGlass reported that over **1.6 million crypto traders** were squeezed into liquidating positions on Friday, with over **$19.13 billion liquidated** from the crypto markets.

JPMorgan analysts in a Thursday note reported that the liquidations were likely driven by **crypto-native investors**, rather than institutional firms or retail investors, The Block reported. Perpetual futures, a product that crypto-native traders typically use, experienced a sharp deleveraging between Oct. 10 and Oct. 14, according to the firm. Open interest in bitcoin and ethereum perpetual contracts fell **40% in dollar terms**, indicating that crypto-native investors were the primary drivers of the correction. Meanwhile, bitcoin ETFs saw a more modest $220 million in outflows during that period, with ethereum ETFs recorded $370 million in outflows. CME bitcoin futures, which gauges institutional positioning, saw few liquidations, according to JPMorgan.

Bitcoin, crypto prices fall amid liquidations, ETF outflows. Bitfarms announces $500 million offering, Hive sees price target doubled.

Bitcoin Plunges 13% as $1.23B Liquidations Hit Market - Miners Tumble Amid Bank Fears

## Gold's Meteoric Rise to $30 Trillion Market Cap

**Gold (XAU)**, traditionally viewed as a store of value but classified as a **"non-productive" asset**, has skyrocketed to a market capitalization exceeding **$30 trillion** in 2025. This staggering figure dwarfs not only **digital gold bitcoin** but also major U.S.-listed tech giants.

The price of gold per ounce has surged **66%** to a record high of approximately **$4,380**, with prices climbing **13%** in October alone, according to TradingView data. This rally has propelled gold's market cap to about **$30.42 trillion**, based on an estimated above-ground global supply of 216,265 metric tonnes as reported by the World Gold Council.

![Gold bars](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F20906a093fa5e5fa5736ae49dcd7c986f3491d30-1920x1080.jpg%3Fauto%3Dformat&w=3840&q=75)

*Gold's market cap zooms to $30 trillion.*

### How Gold Compares to Other Major Assets

**Nvidia (NVDA)**, considered the most consequential company globally due to its foundational role in powering the AI revolution, holds a distant second place with a market capitalization of **$4.42 trillion**. It is followed by Microsoft (MSFT), Apple (AAPL), Alphabet (Google), silver, and Amazon (AMZN).

Meanwhile, **bitcoin (BTC)**, often referred to as digital gold, ranked eighth with a market cap of **$2.17 trillion**.

## Non-Productive Gold Warns of Economic Strain

Gold's premium to tech giants doesn't necessarily reflect a positive outlook for the global economy because it is a **non-productive asset**. Unlike stocks, bonds, or real estate, **gold does not generate dividends, interest, or rent**, nor does it contribute directly to economic activity. Its price is directly tied to its appeal as a traditional safe haven and store of value asset as opposed to underlying cash flow or productive output.

The fact that it trades at a significant premium to the most valuable tech companies is likely a **telltale sign of economic malaise**. It indicates that **investors are seeking refuge in perceived safe havens** amid broader economic uncertainty.

**Ken Griffin, CEO of Citadel**, recently expressed significant concern over the trend of investors viewing gold as a safer asset than the U.S. dollar, calling the yellow metal's record rally a **cautionary signal about the U.S. economy's stability**.

### Drivers Behind Gold's Rally

According to analysis, the rally has been catalyzed by:
- **Fiscal imprudence in the U.S. and across the advanced world**
- **Sticky inflation**
- **Geopolitical tensions**
- **Expectations for Fed rate cuts**

The consensus is for the uptrend to continue.

## Bitcoin's Position in the Gold Rush

Features that describe gold as a non-productive store of value also apply to bitcoin. However, while **gold's price has rallied sharply this year, surging over 60%**, **bitcoin has gained a more modest 16%** in 2025. Industry observers are optimistic that when the gold rally eventually cools, **investment funds may rotate into the relatively cheaper digital store of value**.

Investors are increasingly pouring money into non-productive gold, raising alarm for the global economy. BTC lags.

AARP Oklahoma Advocates for Legislation to Combat Cryptocurrency Scams

Summary:

AARP Oklahoma is supporting a new bill to combat cryptocurrency scams.

The bill aims to protect vulnerable individuals from fraud.

The author emphasizes the need for guardrails as cryptocurrency usage grows.

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Other Latest News

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Bitcoin Plunges 13% as $1.23B Liquidations Hit Market - Miners Tumble Amid Bank Fears

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