What has happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, as well as interesting background reports, are summarized concisely in this weekly review.
Selected articles of the week:
After the billion-dollar liquidation cascades of recent weeks, the Bitcoin price still shows no signs of stabilizing. The 100,000 USD level broke without notable resistance. Shortly thereafter, the price slipped below 90,000 USD. The 27 percent drop since the all-time high pushes the market back to levels seen shortly after Trump’s election victory. The US spot Bitcoin ETFs also failed to provide support. Since the downturn began on October 29, more than five billion USD have flowed out, noticeably increasing selling pressure. Sentiment remains fragile. Falling equity markets and growing fears of a potential AI bubble are weighing on risk appetite. Net inflows since inception of the products fell from 62.7 billion USD to 57.3 billion USD, corresponding to a decline of around eight percent. The development is reminiscent of the correction in February, when eleven percent of assets under management were withdrawn. At that time, Bitcoin plunged 31 percent before a recovery set in.
The price discovery of the Bitcoin and crypto markets has been hampered by the government shutdown in the United States.
Citadel continues to push into the crypto space
The crypto exchange Kraken has raised 800 million USD in a new funding round. The round consisted of a main tranche from leading financial investors and a strategic tranche of 200 million USD from Citadel Securities. This raises Kraken’s valuation to around 20 billion USD, after roughly 15 billion USD had been discussed in September. Citadel is considered one of the leading market and liquidity makers in the global financial system. The company contributes billions in revenue, advanced trading algorithms, and robust risk-management systems. With the investment, Citadel provides not only capital but also deep expertise in market structure and institutional trading processes. The partnership is intended to help Kraken expand its infrastructure for institutional clients and significantly strengthen its market position in the regulated financial environment.
Kraken secures USD 800 million and reaches a USD 20 billion valuation; Citadel invests strategically and strengthens its market position.
Sovereign wealth funds expand Bitcoin positions
A sovereign wealth fund from Abu Dhabi significantly increased its Bitcoin bet shortly before the recent market downturn. The Abu Dhabi Investment Council (ADIC) boosted its stake in BlackRock’s spot Bitcoin ETF to 518 million USD. The increase occurred just weeks before Bitcoin reached a new all-time high in October and subsequently corrected sharply. According to reports, the fund classifies Bitcoin in a manner similar to gold and views it as a potential store of value in a long-term portfolio. The decision aligns with a broader strategy among Gulf states to substantially expand their presence in the global crypto-financial system.
Abu Dhabi’s sovereign fund boosts Bitcoin investment significantly – just before the crash. A strategic bet despite high volatility.
World’s largest university endowment doubles down
The Harvard University endowment fund has also significantly expanded its position in spot Bitcoin ETFs. For the third quarter of 2025, the endowment reported around 6.8 million shares of the iShares Bitcoin Trust (IBIT), equivalent to roughly 443 million USD. This increased Harvard’s previous position by more than 250 percent. While the amount represents less than one percent of the total endowment, IBIT was declared the university’s largest US equity position. In parallel, Harvard increased its stake in the gold ETF GLD to around 661,391 shares worth 235 million USD. These steps indicate a strategic approach in which Harvard uses both digital assets and traditional precious metals as instruments for hedging and diversification.
Harvard significantly increases its stake in BlackRock’s Bitcoin ETF and now holds around 6.8 million shares valued at 443 million US dollars.
Municipal bond secured by Bitcoin
In addition: The US state of New Hampshire has created a notable bridge between traditional financial markets and digital assets by approving a 100-million-USD bond secured by Bitcoin. The so-called conduit revenue bond allows companies to post cryptocurrencies as collateral, while the state merely acts as a pass-through entity and assumes no credit risk of its own. The structure requires substantial overcollateralization. The Bitcoin collateral must remain well above the bond’s nominal value. According to reports, the minimum coverage is around 130 percent. If the value falls below that threshold, an automatic liquidation is triggered.
New Hampshire issues its first USD 100 million bond fully backed by Bitcoin – a milestone for crypto financing.
