Bitget breach: $351M gone, withdrawals frozen Bitget suspended withdrawals on 24 September after a breach the exchange puts at roughly $351 million. BTC, meanwhile, is at a new high. 🧵

CEO Gracy Chen's preliminary account: attackers manipulated transaction data and got the exchange's authorization process to approve transfers it should have rejected. She says no private keys were stolen. The entry point is still under investigation. That detail is worth sitting with. Key custody is one layer of exchange security. The systems that build and sign off on transactions are another, and this is where it broke. Bitget says its protection fund covers the loss. The fund is held in Bitcoin, so its dollar value moves with the market. Neither statement answers what users actually want to know: when withdrawals come back, and with what restrictions.

bitcoin-cash:native is up over 30% since CME Group announced Bitcoin Cash futures on September 22. The launch is set for October 19, pending regulatory review. Price moved from around $267 to above $350 on the 4H chart, and UNI futures were announced in the same rollout. Bitcoin Cash is a 2017 fork of Bitcoin built around larger blocks and a payments-focused design, with the same 21M supply cap. CME already lists futures on BTC, ETH, XRP, SOL, ADA, LINK, XLM, AVAX and SUI, and BCH now joins that group. Contracts come in 2 sizes, 250 BCH standard and 25 BCH micro, both cash-settled in USD. Regulated futures give institutions a way to hedge or get BCH exposure without holding the coin. That does not automatically mean buying, since futures work for both long and short positions. Volume and open interest after October 19 will show how much demand there really is.

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BTC: Bull market starts Okay, so literally only once in BTC’s history had a bear market been shorter: the 23-week fall in 2011. If you were in the market back then and have held your BTC ever since, the Maldivian sun is probably shining right onto your screen. Turn up your screen brightness, because we are witnessing something truly extraordinary.

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BRENT is down about $12 from its mid September peak, and the war hasn't ended. Saudi Arabia's East-West pipeline, the main bypass around the Strait of Hormuz, has been down since the 11 September drone attack, with repairs ongoing. Satellite and shipping data show shuttle tanker flows through Hormuz and via Oman rising versus August, while normal commercial transit through the strait itself stays well below pre war levels. Qatar and Pakistan are mediating between Washington and Tehran to try to restart formal talks, with no agreement reached so far. The Fed raised rates to 3.75-4.00% on 16 September, its first hike since 2023, and signaled another possible move this year. The pipeline outage and the Hormuz closure remain unresolved. Markets are watching for further infrastructure attacks, confirmed changes in flows, or shifts in the US-Iran talks.

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