Institutional Fiat Settlement and Ethereum Liquidity
Three key takeaways
Kraken and SGB launch 24/7 fiat settlement for institutional clients, enhancing capital efficiency.
Tether is bringing USDT back to the Bitcoin blockchain via Utexo and the RGB protocol, potentially boosting Bitcoin's liquidity.
Ethereum's price surged 70% in Q3, but its market liquidity significantly contracted compared to Bitcoin.
Kraken and SGB launch 24/7 fiat settlement for institutional clients, while Tether announces its return to Bitcoin via the RGB protocol.

Read daily context
Daily context
The crypto market is experiencing a period of significant infrastructural developments, pointing towards increased institutional participation. Payward, Kraken's parent company, in collaboration with Singapore Gulf Bank (SGB), has launched 24/7 USD settlement for institutional clients in eligible Asian and Gulf jurisdictions. This initiative, announced on October 5, aims to bridge the disconnect between continuous crypto trading and traditional banking hours, potentially improving capital efficiency and reducing operational friction for large market participants. Concurrently, Tether announced the return of USDT to the Bitcoin blockchain via the Utexo and RGB protocol, which could potentially bolster Bitcoin's liquidity and DeFi utility. These developments signal a maturing market infrastructure that better accommodates institutional demands.
Why this matters for this issue
Current developments indicate increasing institutional integration and technological advancements in crypto. Simultaneously, Ethereum's liquidity constraints and Bitcoin's sensitivity to macro data point to potential volatility. Note that large whale transactions can influence short-term market movements but do not necessarily signal a trend. Your risk assessment should account for these factors.
Market pulse
BTC
$85K
+0.37% 24h / +0.7% 7d
ETH
$2.7K
+0.53% 24h / +0.11% 7d
Total Market Cap
$2.9T
-2.67% 24h
24h Volume
$63.1B
Global crypto volume
BTC Dominance
59.24%
Rotation filter
Fear & Greed
70
Greed
Stories
What matters in this issue
Every item now opens its own story page with summary, context, market data, and sources in one place.
Kraken and SGB Launch 24/7 Fiat Settlement for Institutional Clients
Payward, Kraken's parent company, has partnered with Singapore Gulf Bank (SGB) to provide 24/7 USD settlement for institutional clients in eligible Asian and Gulf jurisdictions. This initiative, announced on October 5, aims to enhance operational efficiency for large market participants by bridging the traditional disconnect between continuous crypto trading and conventional banking hours.
- Payward and SGB enable 24/7 USD settlement for institutional clients in Asia and the Gulf.
- The initiative enhances capital efficiency and reduces operational friction for large traders.
- SGB Net already processes over $20 billion in monthly fiat transactions.
Tether (USDT) Returns to Bitcoin via Utexo and RGB Protocol
Tether CEO Paolo Ardoino announced that USDT will return to the Bitcoin blockchain in the coming weeks, utilizing Utexo and the RGB protocol. This move could significantly boost liquidity in crypto markets and strengthen Bitcoin's position as a foundational layer for stablecoin operations.
Open storyLong-Dormant Ethereum Whale Offloads 13,330 ETH, Realizing $36 Million Profit
A long-dormant Ethereum whale transferred 13,330 ETH, valued at approximately $36.37 million, to Coinbase. This transfer is suspected to be a sale, yielding an estimated profit of $36.21 million with an ROI of 23,402%.
Open storyEthereum's Q3 Price Rally Accompanied by Contracting Liquidity
CoinGecko reports that Ethereum's price surged 70% in Q3, outperforming Bitcoin, while ETH's market depth significantly contracted. Between July 6 and September 30, ETH's median daily market depth was only 35% to 45% of Bitcoin's, a notable decrease from the previous year.
Open storyEthereum's 'Glamsterdam' Upgrade: Sepolia Testnet Launch on October 6
The penultimate test run for the Ethereum 'Glamsterdam' upgrade is scheduled for October 6 on the Sepolia testnet. This upgrade aims to introduce dynamically adjusted fees for lower costs and prepare the network for higher capacities, with a potential mainnet deployment in 2026.
Open storyBitcoin Briefly Touches $87,000 Before Retracing
Bitcoin briefly rose to just under $87,000 early on October 5, before falling back below $86,000 during Asian morning hours. This surge followed weaker US labor market data, which eased pressure on the Federal Reserve to raise interest rates.
Open storyNEAR Intents Hacker Returns $3.8 Million After Ultimatum
On October 2, 2026, the hacker responsible for the NEAR Intents exploit on October 1 returned the stolen $3.8 million in USDT. The return occurred before the expiration of a 48-hour ultimatum issued by Alex Shevchenko, CEO of NEAR Intents, who claimed to have identified the attacker.
Open storyData anchor
Only the market data that explains this issue
The brief shows only the data context behind this issue's stories. The full live overview stays in Markets.
Open marketsBitcoin
$84,956
1h
+0.11%
24h
+0.37%
7d
+0.7%
Market cap: $1.7T
24h volume: $14.9B
Ethereum
$2,692
1h
+0.11%
24h
+0.53%
7d
+0.11%
Market cap: $328.7B
24h volume: $4.8B
Global market
Total Market Cap
$2.9T
-2.67% 24h
24h Volume
$63.1B
Global crypto volume
BTC Dominance
59.24%
Rotation filter
ETH Dominance
11.37%
Altcoin participation
Sentiment & flows
Fear & Greed
70
Greed
Derivatives, leverage & liquidations
BTC Funding
+0.0042%
20 perp markets · Open Interest $56.2B
BTC Open Interest
$56.2B
24h volume $55.9B · basis +0.019%
ETH Funding
+0.0061%
20 perp markets · Open Interest $39B
BTC Aggregate OI
$68.2B
CoinGecko aggregate · funding +0.0044%
ETH Aggregate OI
$46.2B
CoinGecko aggregate · funding +0.0061%
Data notes
- Market data includes spot prices, market cap, volume, global dominance, trending coins, and category data.
- CoinGecko aggregate perpetual snapshots enrich funding and open-interest context; account positioning stays unavailable.
- Fear & Greed appears from Alternative.me.
- Date-verified ETF flow data was unavailable for this run.
- Liquidation context is omitted while no approved aggregate source is available.
Newsletter cut
Biturai Daily: 24/7 Fiat Settlement, USDT on Bitcoin & ETH Liquidity
Institutional fiat settlement, Tether's return to Bitcoin, and Ethereum's liquidity dynamics shape the markets. Learn more in this issue.
In this issue, we delve into significant infrastructure enhancements that could drive institutional adoption, alongside crucial liquidity developments in leading cryptocurrencies. We also analyze Bitcoin's recent price movements and the impact of whale transactions on Ethereum. Stay informed about the dynamics shaping the market.
Sources
Source desk
The key evidence behind this issue.
This Market Brief is information and market analysis, not financial advice, investment advice, or a return promise.
Archive
Previous issues
Saved issues remain available.
Biturai Daily: Whale Movements, Institutional Interest, and Market Volatility
7 stories
Bitcoin Defies ETF Outflows, Altcoins Show Strength
8 stories
Volatility, Regulation, and DeFi Growth
8 stories
Global Adoption and Infrastructure Updates
7 stories
Cautious Sentiment and Key Developments
8 stories
Bitcoin Below $84,000, Ethereum ETF Outflows, and New Institutional Standards
7 stories
Bitcoin Tests Resistance, Ethereum Scales, and New Crypto Trading Rules
8 stories
Institutional Fiat Settlement and Ethereum Liquidity
7 stories