This Week in Crypto: US Bitcoin ETFs Cross 1 Million BTC Mark, MrBeast Accused of Insider Trading, and Polymarket Betting Odds on Trump Suspected of Manipulation

This week, BeInCrypto noted strong investor interest in key events: Bitcoin ETFs crossing the 1 million BTC mark, insider trading allegations involving MrBeast, and suspected manipulation on Polymarket related to Trump.

BeInCrypto highlighted key events impacting the crypto scene this week, including the crossing of 1 million BTC in US Bitcoin ETFs, MrBeast facing insider trading allegations, and suspicions of manipulation on Polymarket.

Major Q3 earnings reports and large-scale layoff announcements also grabbed attention, while the GRASS token saw a significant price surge despite earlier airdrop controversies. Here's a closer look at each event:

US Bitcoin ETFs Now Hold Over 1 Million BTCThis week, Bitcoin ETFs in the United States crossed a major milestone by surpassing the 1 million BTC mark in their holdings. This signifies a crucial development, indicating strong growth and broad acceptance of Bitcoin among traditional investment funds.

Currently, these Bitcoin ETFs hold over 1.18 million BTC, which constitutes more than 5.6% of the total supply. Notably, BlackRock's iShares Bitcoin Trust alone holds over 420,000 BTC, accounting for over 2% of the total supply. This positive signal further solidifies Bitcoin's status as a mainstream financial asset.

“US ETFs smash through the 1 million bitcoin under management after Blackrock alone purchases a staggering 12,053 in a single day. Reminder to the small guy to “get some / get yours” while you still can. Utterly enormous supply shock inbound,” Shaun Edmondson commented.

Notable Q3 Reports from Tether, MicroStrategy, and RobinhoodThis week, notable Q3 reports from major companies in the crypto space grabbed attention with record figures. These reports highlighted the impact of crypto's bull run on the earnings and share values of related firms.

While crypto exchange platform Coinbase reported a 54% decrease in trading revenue compared to Q2, its total revenue still beat analysts' estimates. Meanwhile, stablecoin issuer Tether reported record earnings, with its profits surging by 1,144% to reach $700 million.

Investor enthusiasm for Bitcoin not only drove it near its all-time high but also elevated the profits and share values of associated firms. This was evident in the strong Q3 reports from MicroStrategy, Robinhood, and Block, among others.

YouTube Mogul MrBeast Accused of Insider TradingThe crypto investment community was abuzz with insider trading allegations against MrBeast, following a new investigation by Loock Advising that mapped a network of hidden transactions.

Kasper Vandeloock, an analyst at Loock Advising, accused MrBeast of earning at least $23 million from insider trading. However, MrBeast has yet to respond to these allegations.

“We believe this is a result of insider trading because MrBeast has most of his focus set on his social media empire. Cryptocurrency investing takes time and focus, sorting out hundreds of potential investment opportunities. Rather than actively trading, MrBeast made several investments that paid off massively,” the investigation claimed.

Suspicion Over Polymarket Betting Odds Related to TrumpSome analyses this week suggested that the betting odds on Polymarket related to former President Donald Trump might be fake, with suspicions pointing to potential manipulation through wash trading—a fraudulent activity to create artificial trading volume.

Polymarket consistently showed Trump's chances of victory at over 60%, with trading volume for the “Presidential Election Winner 2024” market unusually high at over $2.8 billion.

Chaos Labs' analysis estimated that about one-third (33.33%) of Polymarket's trading volume in the presidential election market was due to wash trading.

Additionally, Polymarket has taken steps to limit manipulation. As reported by BeInCrypto, the platform began tightening user verification protocols, especially for high-volume traders.

Wave of Layoffs in Crypto CompaniesThis week, several layoff announcements were made by ConsenSys, Kraken, and dYdX, among other crypto companies.

Early in the week, ConsenSys, the blockchain company behind MetaMask, announced a 20% cut in its workforce, affecting about 160 employees. CEO Joe Lubin cited macroeconomic challenges and legal costs associated with SEC disputes as primary reasons.

The next day, decentralized derivatives exchange dYdX announced a 35% cut in key personnel. Founder Antonio Juliano stated that dYdX was built differently from the vision it needed to pursue, leading to this difficult decision.

Kraken also announced layoffs affecting 15% of its workforce, approximately 400 positions. This announcement came as Arjun Sethi stepped in as co-CEO alongside Dave Ripley, with Kraken planning an organizational overhaul.

GRASS Airdrop Draws AttentionThis week in crypto, the DePin Grass project's airdrop event attracted community attention. After listing, the GRASS token on Solana surged to over $1.25, leading the DePin sector in trading volume.

Despite earlier controversies surrounding the GRASS token distribution, its price continued to rise. Concerns were raised about the initial circulating supply of GRASS being too low, while its Fully Diluted Valuation