Overview:
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US spot Bitcoin ETFs recorded USD 244.13 million in net outflows, led by Fidelity’s FBTC with USD 197.09 million in withdrawals.
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Kazakhstan signed an MoU with Tether to explore a tenge-backed stablecoin.
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PI declined 10% weekly as its team outlined potential OUSD stablecoin integration.
The cryptocurrency market experienced significant activity as spot Bitcoin ETFs registered USD 244 million in net outflows. Concurrently, Kazakhstan took steps toward a tenge-pegged stablecoin through a signed MoU with Tether, XRP whale dominance dropped by 27%, and MARA transferred USD 81 million worth of Bitcoin to Galaxy Digital.
Bitcoin Witnessed USD 244 million in Outflows
Data from SoSoValue indicates that Bitcoin spot ETFs suffered a combined net outflow of USD 244.13 million yesterday. Franklin’s EZBC posted the highest daily net inflow at USD 4.71 million, bringing its total historical net inflow to USD 329.83 million.
Conversely, Fidelity’s FBTC experienced the heaviest withdrawals with a daily net outflow of USD 197.09 million, taking its total historical net inflows to USD 10.52 billion. Across the board, Bitcoin spot ETFs hold a total net asset value of USD 104.91 billion, representing an ETF net asset ratio of 6.38% and a cumulative historical net inflow of USD 57.09 billion.
Kazakhstan Explored Tenge-pegged Stablecoin
Tether entered into a memorandum of understanding (MoU) with the National Bank of Kazakhstan (NBK) and the Alatau City Authority (ACA) on October 7, 2026.
Under this agreement, the three entities will investigate stablecoin creation, asset tokenisation, and decentralised finance within the country. The NBK functions as the national central bank, responsible for setting monetary policy, supervising payment systems, and regulating currency.
The ACA governs the city of Alatau under a specialized legal framework designed to attract financial technology and establish the city as a Central Asian hub for digital innovation. A primary focus of the partnership is the creation of a tenge-pegged stablecoin, with the participants scheduled to evaluate international issuance models, establish use cases, and draft a pilot proposal.
Also Read: Bitcoin ETFs See USD 487M Outflows: What Does it Mean for BTC’s Next Move?
XRP Whale Dominance Falls 27%
XRP whale dominance across centralized exchanges experienced a sharp decline following a period when large holders accounted for more than four-fifths of exchange outflows. Figures from CryptoQuant reveal that the whale-versus-retail outflow spread dropped from 64% on September 30 to 46.7% on October 8, marking a 17.3 percentage point decrease, or roughly a 27% drop over an eight-day span.
This shift follows an exceptionally whale-dominated phase. On September 29, whales drove 82% of all XRP exchange outflows, while Binance’s whale concentration reached 84.2%.
A similar pattern appeared on Binance specifically, though to a lesser degree. Its whale-retail spread moved from 68% to 54.9% between September 30 and October 8, reflecting a 19.3% reduction while remaining higher than the aggregate 46.7% market reading.
MARA Transfers Bitcoin
Mining enterprise MARA transferred USD 81.1 million in Bitcoin to a wallet linked to Galaxy Digital, according to tracking data from Lookonchain. Originally dedicated exclusively to Bitcoin mining, MARA has since broadened its business model to encompass artificial intelligence and high-performance computing infrastructure.
The firm has previously liquidated portions of its Bitcoin reserves to reinforce its balance sheet and execute its broader corporate strategy. In March, the company disposed of 15,133 BTC for roughly USD 1.1 billion, largely to finance the buyback of convertible debt.
PI Declined 10%
Pi Network has clarified its strategy to incorporate stablecoins into its network while maintaining PI as its core cryptocurrency, as the native asset hovers near USD 0.08 following a 10% weekly drop. The Pi Core Team stated that its collaboration with Open Standard will investigate the implementation of OUSD stablecoin payments and reward systems for Pioneers.
During an update on October 8, the team noted that stablecoins can facilitate transactions, commerce, and settlements requiring stable pricing. Nevertheless, PI remains the principal digital currency across all network functions, and no timeline has been provided for an OUSD Mainnet launch.
Also Read: Ethereum Hits USD 16.8 Billion in Tokenized Funds: Could Institutional Adoption Drive ETH Higher?
FAQs:
1. How much money flowed out of Bitcoin spot ETFs?
US spot Bitcoin ETFs recorded total net outflows of USD 244.13 million, according to SoSoValue. Fidelity’s FBTC led withdrawals with USD 197.09 million, while Franklin’s EZBC attracted USD 4.71 million in inflows.
2. What is Kazakhstan’s proposed tenge-pegged stablecoin initiative?
Kazakhstan’s central bank and Alatau City Authority signed an MoU with Tether on October 7, 2026, to explore stablecoin development. The initiative includes studying a tenge-pegged stablecoin, asset tokenisation and potential DeFi applications.
3. Why did XRP whale dominance decline by 27%?
CryptoQuant data showed the XRP whale-retail exchange outflow spread falling from 64% on September 30 to 46.7% on October 8. This represents a relative decline of approximately 27%, suggesting whales accounted for a smaller share of exchange outflows.
4. Why did MARA transfer USD 81 million worth of Bitcoin to Galaxy Digital?
Blockchain data tracked by Lookonchain showed MARA transferring approximately USD 81.1 million in Bitcoin to a Galaxy Digital-linked address. The transaction’s specific purpose was not confirmed, although MARA has previously sold Bitcoin to support its financial strategy.
5. Why is Pi Network exploring OUSD stablecoin integration despite PI’s price decline?
Pi Network is exploring OUSD stablecoin payments and rewards through its partnership with Open Standard. PI remains the ecosystem’s primary cryptocurrency, while its price has fallen approximately 10% over the week to around USD 0.08.
