tl;dr
A summary of how we entertained you this week.
Market Snap
Market Wrap
BTC started the week close to $83k and may end up closer to $80k. The spot BTC ETFs saw a net outflow of roughly a quarter of a billion dollars this week, which probably accounts for a lot of the weakness towards the end of the week. The AI sell-off is clearly weighing on some minds, though perhaps others see it as an opportunity. The post-midterm period, now almost upon us, has historically been a very productive time for risk assets. The uncertainty that both Putin and Trump bring to the table may derail that outlook for 2026 and into the first quarter of 2027.
Curious Cryptos’ Commentary – The week in review
One of the CCC’s traditional bogeymen seems to have at least partially changed course. Here at CC Towers we do take it personally when organisations pin their colours to the naysayers’ banner, for that is the path that those who wish to deny us freedom, liberty, and privacy, demand we should take. But credit where credit is due, the International Monetary Fund (IMF) has, for the second time this year, made some positive comments about the crypto revolution, specifically tokenisation. The first occasion, back in April, addressed the same topic, but with this remarkable (for the IMF, at least) conclusion:
“… requires policymakers to engage proactively with the structural implications of digital transformation, rather than respond reactively to its manifestations”.
Truly, the wonders of the world never cease to amaze.
That outburst of goodwill was somewhat soured by two tales of woe. There were reported problems centred on a reseller of Ledger products out in Asia, and the increasing prevalence of wrench attacks, mostly in France. This downbeat CCC was slightly leavened by the news that we have filmed the very first CCC podcast, currently in post-production. I know you are all super-excited about that. As soon as we have a launch date, you will be the first to know.
Finally, we revisited that old chestnut of whether quantum computing and/or AI can ever crack Elliptic Curve Digital Signature Algorithm (ECDSA), the cryptography at the heart of cryptos, your fiat bank account, website security in general, remote logins, software updates, internet infrastructure, and many other applications. At CC Towers we think this is an opportunity, not a threat, cementing our status as contrarians-in-chief.