As of October 2025, Bursera Capital's total ROI is 1049.78% since the fund's inception in 2019, with Bitcoin standing at 956.82% and the average fund reaching 570.73%. Returns are -19.36%, with the average fund reporting -3.72% and Bitcoin at -3.95%. Our Compound Annual Growth Rate (CAGR) of 45.67% continues to lead both Bitcoin (43.53%) and the average fund (32.14%).

Market News

Key developments shaping digital asset markets and policy this month:

• Policy shifts in U.S. oversight: President Trump’s nomination of Mike Selig to lead the Commodity Futures Trading Commission (CFTC) signals a move toward unified federal regulation, potentially aligning the agency’s role more closely with the Securities and Exchange Commission (SEC).
• Democrats tighten crypto ethics rules: Following the Changpeng Zhao pardon, lawmakers including Maxine Waters and Elizabeth Warren are advancing bills to ban crypto ownership by officials and strengthen anti–money laundering laws.
• Macro headwinds test market resilience: Bitcoin dipped to $110,000 USD after Fed Chair Jerome Powell signaled slower rate cuts, but steady ETF inflows highlight lasting institutional confidence.
• Altcoin exposure expands: Bitwise’s Solana Staking ETF (BSOL) launched to strong demand, marking growing investor appetite for regulated, yield-based crypto products beyond Bitcoin and Ethereum.
• Tether posts record profits: Reporting over US $10 billion in nine-month earnings, Tether launched a share buyback program, reinforcing its dominance in stablecoin liquidity and institutional engagement.

White House Taps Mike Selig to Lead the Commodity Futures Trading Commission

Trump administration's nominee could reshape the balance of U.S. digital asset oversight.

President Donald Trump has selected Mike Selig—head of the SEC crypto task force—as his nominee to chair the CFTC. If confirmed, Selig would become one of the most crypto-experienced regulators ever to lead the agency, marking a pivotal moment for how Washington approaches digital asset policy. His leadership is expected to accelerate coordination between the SEC and CFTC, providing long-awaited regulatory clarity that could define the next phase of institutional adoption in digital asset markets.

• Cross-agency experience: Selig previously worked at both the CFTC and SEC, giving him deep familiarity with the regulatory frameworks that govern derivatives, commodities, and token markets. His dual experience positions him to bridge gaps between the two agencies' approaches to digital asset regulation.
• Pro-innovation stance: In remarks following the announcement, Selig emphasized that his focus would be on "market integrity, innovation, and fair competition," describing the U.S. as poised to lead global digital asset development if given clear rules.
• Timing amid legislative debate: The nomination comes as Congress weighs bills such as the Digital Asset Market Clarity Act, which would expand the CFTC's authority over spot trading for major digital assets like Bitcoin and Ethereum.
• Shift in regulatory tone: The move signals that the administration may seek to rebalance crypto oversight, giving the CFTC a greater role in market supervision and potentially softening the SEC's historically aggressive enforcement posture.
• Market implications: A CFTC-led framework could streamline compliance expectations for exchanges, custodians, and fund managers—an outcome that could reduce regulatory friction for institutional investors entering the digital asset space.
• Next steps: The Senate confirmation process could take several weeks, and with the current government shutdown diverting legislative priorities, Selig's confirmation may face delays as the chamber focuses on budget negotiations and essential funding votes.

Full Pardon Granted to Changpeng Zhao of Binance

A sweeping pardon of the Binance founder ignites partisan debate and renewed calls for regulatory oversight.

President Donald Trump on October 23, 2025, issued a full, unconditional pardon to Changpeng Zhao ("CZ"), founder of Binance, erasing his federal conviction related to anti-money-laundering failures and signalling a sharp turn in U.S. crypto policy—drawing immediate condemnation from senior Democrats and intensifying calls for stricter transparency and ethics rules in the digital-asset sector.

• Background on the case: Zhao pleaded guilty in November 2023 to failing to maintain adequate anti-money-laundering systems at Binance and served approximately four months in prison.
• Scale of the settlement: Binance had previously agreed to pay roughly $4.3 billion in fines to U.S. authorities as part of the resolution.
• Industry reaction: Following the announcement of the pardon, Binance's native token BNB rallied, as markets interpreted the action as a sign of improving regulatory sentiment toward digital assets.
• Regulatory and political implications: The White House framed the pardon as corrective to what it called the prior administration's "war on crypto," suggesting a more industry-friendly federal stance ahead.
• Democratic response: Representative Maxine Waters (D-CA), ranking member of the House Financial Services Committee, denounced the pardon as "massive favours for crypto criminals," framing it as emblematic of pay-to-play governance. Other Democratic lawmakers echoed her criticism, warning it undermines market integrity and accountability.
• Crypto bills pile up: The pardon has fuelled a new Democratic push for stricter oversight, including proposals to ban elected officials from owning or creating cryptocurrencies, mandate disclosure of digital-asset holdings, and restrict crypto-based campaign donations.
• Market outlook: While the pardon eases regulatory pressure on Binance and may restore confidence among retail traders, the intensifying partisan divide and growing volume of crypto-transparency legislation suggest the sector will remain under heightened political and regulatory scrutiny well into 2026.

Bitcoin Slides Under $110K Amid Fed Hawkishness

Interest-rate signals from the Federal Reserve dampen crypto risk appetite and shift macro headwinds into focus.

The world’s largest cryptocurrency tumbled back toward the $110,000 USD level after Fed Chair Jerome Powell unexpectedly emphasized that a December rate cut is “far from a foregone conclusion,” catching markets off guard and prompting a sharp repricing of risk assets.

• Hawkish tone surprises markets: Powell’s remarks followed a 25-basis-point rate cut to 3.75%–4% but stressed that the easing cycle may not resume imminently, undermining earlier discounting of substantial rate relief.
• Cryptocurrencies react: Bitcoin fell approximately 5% in the 24 hours after the comments, with Ethereum and Solana registering larger declines of around 4% and 7%, respectively—correlating with a sharp uptick in the U.S. dollar and Treasury yields.
• Macro link remains strong: Risk assets like cryptocurrencies typically benefit when the dollar weakens and real yields fall; the opposite holds when hawkish rhetoric resurfaces, making the crypto-macro correlation tighter than usual.
• Support zone under pressure: Markets are now closely watching whether Bitcoin can hold the $110,000–$120,000 USD range. A breakdown could open the next leg lower or trigger further de-risking among leveraged participants.
• Market sentiment steadies: Analysts noted that despite short-term volatility, institutional demand remains intact, with recent ETF inflows suggesting investors view the pullback as a recalibration rather than a reversal of the broader bullish trend.

Bitwise Solana ETF Debuts to Record Demand

The first U.S. Solana staking fund expands institutional access to high-yield altcoin exposure.

Bitwise Asset Management has launched the Bitwise Solana Staking ETF (ticker: BSOL) on the New York Stock Exchange, marking the first U.S.-listed fund to offer direct exposure to Solana (SOL) combined with on-chain staking rewards. The launch represents a major milestone in the evolution of altcoin-based investment products, providing investors with regulated access to one of the fastest-growing blockchain ecosystems. With early trading volumes surpassing expectations, Bitwise reported strong demand from both retail and institutional investors seeking a simple, transparent vehicle for Solana exposure under an exchange-traded structure.

• First-mover status: BSOL is the first U.S. exchange-traded product to provide 100% direct exposure to Solana with a built-in staking component, managed through infrastructure partner Helius. The fund’s design mirrors the structure of traditional commodity and equity ETFs while integrating crypto-native yield mechanics.
• Fee structure: The ETF carries a competitive 0.20% management fee, fully waived for the first three months on the initial US $1 billion in assets under management—a strategy aimed at accelerating early adoption.
• Accelerated approval window: Bitwise moved from its October 8 S-1 filing to public launch in just 20 days, underscoring the pace at which altcoin-based products are now clearing regulatory review.
• Integrated staking rewards: The ETF stakes its SOL holdings directly on-chain to capture network rewards, targeting approximately 7% annualized yield in addition to potential price appreciation.
• Investor response: Bitwise Chief Investment Officer Matt Hougan called BSOL “one of the strongest ETF launches in digital-asset history,” citing sustained inflows that point to rising institutional confidence in Solana’s long-term utility.
• Market implications: BSOL’s debut marks a turning point for digital-asset market structure, signaling the next phase of ETF innovation beyond Bitcoin and Ethereum. For institutional allocators, the fund introduces a new avenue for yield generation and diversification—anchoring Solana’s position among the most investable networks in the crypto economy.

Tether Reports Over $10 Billion in Profit, Launches Share Buyback Program

Strong earnings highlight the stablecoin issuer’s expanding role in global financial markets.

Tether, issuer of the world’s largest stablecoin (USDT), reported net profits surpassing $10 billion USD for the first nine months of 2025, according to its latest independent attestation by accounting firm BDO. The milestone underscores Tether’s growing influence not only within the digital-asset ecosystem but also across traditional capital markets, where its reserve management, yield generation, and liquidity footprint now rival those of established financial institutions. With its balance sheet increasingly seen as a macro liquidity indicator, Tether’s operations continue to shape institutional sentiment toward digital assets and their integration with mainstream finance.

• Robust profit growth: Tether’s year-to-date profits exceeded $10 billion USD through the third quarter—driven largely by income from short-term U.S. Treasury bills, gold holdings, and bitcoin reserves. Elevated global interest rates have boosted returns on its vast reserve portfolio, amplifying its earnings base compared to prior years.
• Expanding token supply: The circulating supply of USDT rose to roughly $174 billion, up by about $17 billion in Q3 alone. The increase reflects sustained global demand for dollar-backed liquidity, particularly from exchanges, payment processors, and cross-border settlement platforms using stablecoins for faster transfers.
• Reserve diversification: Tether’s U.S. Treasury exposure reached $135 billion, positioning the company among the world’s largest private holders of U.S. government debt. It also reported $12.9 billion in gold and $9.9 billion in bitcoin, signaling a continued strategy of diversification beyond traditional cash equivalents.
• Buyback program unveiled: Alongside its earnings update, Tether launched a share buyback program and announced plans to commit up to $20 billion toward private funding opportunities, further reinforcing its balance-sheet strength and investor confidence.
• Strategic significance: With record profits, expanding reserves, and a broader investment mandate, Tether is transitioning from a crypto-native issuer into a global financial actor—serving as both a key liquidity provider for the digital-asset market and a barometer of institutional capital flows across the broader economy.