The Bitcoin Vector #23

- Texas becomes first U.S. state to allocate $5M to BlackRock’s Bitcoin ETF as part of state-level crypto reserve. - Investment follows market dip near $87,000, with plans to transition to direct Bitcoin custody later. - Despite $1.09B in ETF outflows, Texas cites confidence in regulated Bitcoin exposure via IBIT . - Move aligns with broader institutional adoption trends as Bitcoin nears seven-month lows amid macroeconomic uncertainty.

- MegaETH scrapped its USDm stablecoin pre-deposit plan after technical glitches and user exploits caused a $1B cap to surge to $5B within minutes. - KYC system failures and a misconfigured 4-of-4 multisig transaction allowed unauthorized deposits to exceed the initial $250M threshold rapidly. - A suspected crypto whale exploited pre-signed workflows to accelerate allocations, triggering unfair access and forcing a withdrawal mechanism for affected users. - Despite the chaos, MegaETH maintains its 2026 mai

- Crypto Fear & Greed Index hits 15 ("extreme fear"), with Bitcoin trading below $90,000 after 30% drawdown from $126,000 peak. - $3.5B ETF outflows in November and $4.6B stablecoin cap contraction highlight liquidity strains, while Kaspa (KAS) and Quant (QNT) see isolated gains. - 10x Research notes historical correlation between index lows (<5) and market bottoms, citing March 2025 $76,000 Bitcoin floor as precedent. - Crypto IPOs face 31% average Q4 decline, with 2026 recovery expected amid macroeconomi

- Internet Computer (ICP) surged 30% in Q3 2025 due to network upgrades, institutional adoption, and AI-driven innovations like Caffeine. - Strategic partnerships with Microsoft Azure and Google Cloud boosted infrastructure scalability, while TVL grew 22.5% to $1.14B amid 2,000 new developers. - Compute capacity rose 50%, but dApp engagement fell 22.4%, highlighting tensions between technical progress and user adoption. - Speculative trading spiked 261%, raising concerns about overvaluation, while regulato