Overview:
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US spot Bitcoin ETFs recorded USD 65.40 million in net outflows, while Strategy acquired 250 BTC for approximately USD 21.5 million.
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A UK High Court ruled that Chinese law applies to claims over 61,000 seized BTC.
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Metaplanet announced plans to raise approximately USD 340 million through zero-interest convertible bonds to repay Bitcoin-backed loans and fund share repurchases.
The cryptocurrency market experienced significant shifts as spot Bitcoin ETFs registered USD 65 million in net outflows. Concurrently, Strategy purchased 250 BTC following a brief pause in its accumulation strategy. A UK High Court determined that Chinese law governs the seized Bitcoin, and Bitmine’s Tom Lee cautioned that the slump in the KOSPI index could impact the wider crypto market.
Bitcoin Witnessed USD 65 million in Outflows
Data from SoSoValue indicates that Bitcoin spot ETFs experienced a collective net outflow of USD 65.40 million yesterday.
BlackRock’s IBIT fund led these outflows with a daily net withdrawal of USD 65.40 million, bringing its total historical net inflow to USD 65.67 billion.
Currently, the aggregate net asset value of Bitcoin spot ETFs rests at USD 106.06 billion, representing an ETF net asset ratio of 6.35%. Cumulative historical net inflows have reached USD 57.04 billion.
UK High Court Rules Chinese Law Governs Seized BTC
A judge at the UK High Court has decided that Chinese law must determine whether victims of a multi-billion-dollar investment fraud hold legal rights to over 61,000 BTC confiscated by the Metropolitan Police of London.
Mr Justice Mark Turner issued this judgment on Monday. The litigation involves individuals who suffered financial losses from Ponzi schemes operated by Zhimin Qian in China spanning from 2014 to 2017. During July hearings, legal representatives for the victims urged the High Court to apply English law—or a blend of English and Chinese law—whereas prosecutors advocated exclusively for Chinese law.
The contested Bitcoin was acquired via illicit funds generated by the fraud prior to Qian’s escape from China to Myanmar in July 2017. Portions of the digital assets were purchased through a Huobi (now HTX) trading account, while other acquisitions occurred via over-the-counter transactions within China.
Also Read: Dormant Bitcoin Wallets Explained: On-Chain Tracking, Ownership Limits, and Privacy
Strategy Bought 250 BTC
Strategy, recognized as the world’s premier corporate holder of Bitcoin (BTC), reported on October 12 that it acquired 250 BTC spanning October 5 through October 11, marking its fourth consecutive week of buying. Throughout that same week, the organization devoted USD 192.4 million toward buying back its personal STRC preferred shares—nearly nine times the capital it allocated to Bitcoin.
The company expended roughly USD 21.5 million, accounting for fees and associated costs, for the recent Bitcoin purchase, which translated to an average price of USD 86,194 per coin.
By October 13, the enterprise’s holdings totaled 848,250 BTC. Its total capital outlay, inclusive of fees and expenses, stood at approximately USD 64 billion, equating to a mean acquisition price of USD 75,444 per Bitcoin.
Tom Lee Warns KOSPI Slump Could Hit Crypto
Tom Lee issued a caution on October 13 indicating that the sell-off in South Korea’s stock market might bleed into the crypto sector, as declining equities instigate brokerage margin liquidations and burden investors possessing digital assets. His warning coincided with an extension of losses for the KOSPI index, a drop in Bitcoin to USD 81,000 before a subsequent rebound, and hundreds of millions of dollars in liquidations faced by leveraged cryptocurrency traders.
“This major decline in Korean equities likely spilling into crypto,” Lee posted on X, highlighting two primary vectors: margin liquidations inside brokerages and the high participation of South Korean citizens as crypto holders. He encapsulated the short-term outlook using the phrase: ‘Short-term pain.’
The market sell-off accelerated during Tuesday’s Asian trading window, prompting the Korea Exchange to trigger a five-minute sidecar mechanism that temporarily curbed program selling after the KOSPI tumbled 5%. Total valuation losses across South Korean equities mounted to roughly USD 150 billion as the index retreated 4.5% in a matter of minutes.
Metaplanet Seeks Capital to Repay Bitcoin Loans
Japanese Bitcoin treasury enterprise Metaplanet revealed intentions to release JPY 52 billion—roughly USD 340 million—in zero-interest convertible bonds that mature in 2031. The enterprise intends to direct these proceeds toward settling Bitcoin-collateralized loans and financing share buybacks.
Metaplanet outlined this funding strategy within an October 13 filing submitted to the Tokyo Stock Exchange, executing a choice made by CEO Simon Gerovich pursuant to authority granted by the board of directors.
The corporation anticipates gathering approximately JPY 51.9 billion in net funds, designating JPY 23.6 billion for debt settlement and up to JPY 28.3 billion for repurchasing shares. The bond rollout is slated for October 29, 2026.
Also Read: Verification of Ethereum Transactions by Means of Execution Rules
FAQs:
1. How much money flowed out of Bitcoin spot ETFs?
US spot Bitcoin ETFs registered USD 65.40 million in net outflows, according to SoSoValue metrics. Withdrawals were driven by BlackRock’s IBIT, while overall Bitcoin ETF net assets remained at USD 106.06 billion.
2. How much Bitcoin did Strategy purchase in October 2026?
Strategy acquired 250 BTC between October 5 and October 11 for roughly USD 21.5 million, reflecting a mean purchase price of USD 86,194 per Bitcoin. This transaction elevated its stated reserves to 848,250 BTC as of October 13.
3. What did the UK High Court decide about the seized 61,000 BTC?
The UK High Court mandated that Chinese law must govern the evaluation of victims’ claims to more than 61,000 BTC confiscated amid Zhimin Qian’s investment fraud prosecution. This verdict establishes the relevant legal standards rather than executing a direct distribution of the digital assets to the claimants.
4. Why could South Korea’s KOSPI slump affect cryptocurrency markets?
Tom Lee cautioned that sinking South Korean equity prices could force brokerage margin liquidations and compel investors to liquidate alternative holdings, including cryptocurrencies. This vulnerability is magnified because South Korean investors are prominent participants in digital asset markets.
5. Why is Metaplanet planning to raise USD 340 million through convertible bonds?
Metaplanet intends to issue around JPY 52 billion in zero-interest convertible bonds due in 2031. The firm plans to apply JPY 23.6 billion to pay down Bitcoin-backed debt and utilize up to JPY 28.3 billion to buy back its shares.
