Bitcoin Accumulators Smash Record 🛒, Kazakhstan Mulls Gold-to-Bitcoin Flip 🇰🇿, Adam Back Buys The Dip 🇨🇭

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Welcome to Issue #397 of the daily Bitcoin Breakdown, where we have some excellent Opinion & Analysis pieces and Tools & Projects for you today!

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Now for today’s Top Stories:

• 🛒 Bitcoin Accumulators Set Records While Others Panic

• 🇰🇿 Kazakhstan Plans to Stack Bitcoin w/ Gold Reserves

• 🇨🇭 Adam Back Buys The Dip, Securing $35M for New Institutional BTC Treasury

TOGETHER WITH RHINO 🦏

Nov 6, 2025

TODAY’S TOP STORIES

🛒 Bitcoin Accumulators Set Records While Others Panic

Bitcoin accumulator wallets have smashed records by buying 375,000 BTC in 30 days, with 50,000 BTC added Tuesday alone as price dipped below $100,000. Despite market panic, diamond hands doubled their monthly average from 130,000 to 262,000 BTC in under 2 months. Meanwhile, the current correction from seems to be driven mainly by retail panic rather than fundamentals and remains entirely normal by historical standards, indicating that smart money continues to stack sats. Analysts are calling this is a typical bull market turbulence magnified by excessive futures trading and market reactivity to headlines. Cointelegraph

🇰🇿 Kazakhstan Plans to Stack Bitcoin w/ Gold Reserves

Kazakhstan's central bank is considering converting gold and foreign exchange reserves into Bitcoin and crypto to build a strategic digital asset reserve. Deputy Chairman Berik Sholpankulov revealed the nation may use funds from its National Fund and existing reserves to buy the sound money. The Central Asian country is also exploring state-owned mining operations and requiring private miners to pay bills in digital assets, positioning itself as a major Bitcoin hub. Cryptopolitan

🇨🇭 Adam Back Buys The Dip, Securing $35M for New Institutional BTC Treasury

Future Holdings, led by Bitcoin pioneer Adam Back, raised $35M to expand institutional Bitcoin treasury operations as BTC dipped below $100,000 this week. The Zurich-based firm secured Swiss francs from Fulgur Ventures and others, betting on long-term conviction over short-term panic. With Switzerland's zero base rates and strong financial infrastructure, FUTURE offers treasury management, research, and advisory services to global institutions seeking disciplined BTC exposure. CoinDesk

POLL #397

PREVIOUS POLL RESULTS

OPINION & ANALYSIS

• Be Water, in part 5 of its article series on Bitcoin treasury companies recently featured on Bitcoin Audible, introduces the 'Paper Bitcoin Razor,’ — a proof-of-alignment test revealing how Bitcoin treasury company executives legally enrich themselves through misaligned compensation structures while retail investors suffer massive losses, arguing that management incentives fundamentally diverge from shareholder interests despite public proclamations of Bitcoin alignment (Nov 5 | 17 min read).

• Giacomo Zucco, Director of Plan ₿ Network, in an interview with Atlas21, argues that Arkade will revolutionize the Lightning Network by solving user onboarding challenges while dismissing quantum computing threats and praising El Salvador's strategic Bitcoin adoption despite IMF butthurt (Nov 4 | 6 min read).

• Jaran Mellerud, Co-Founder and CEO of Hashlabs, argues that Russia's era of explosive bitcoin mining growth fueled by cheap Soviet-era electricity surplus has ended as the industry now consumes 3% of national electricity and faces rising tariffs, new regulations, and territorial restrictions forcing miners toward off-grid associated gas operations (Nov 4 | 19 min read).

• Glenn Cameron, Global Head at Onramp Institutional, argues that sovereign wealth funds should allocate 1-5% of portfolios to bitcoin as 'outside money' hedge against inflation, geopolitical risks, and traditional asset correlation breakdowns in today's changed macroeconomic environment (Nov 4 | 28 min read).

• Kilian Rausch, CEO of Boltz, in an interview with Janusz Nowakowski for Lightning News, explains how Boltz builds trustless atomic swaps connecting Bitcoin's mainchain, Lightning Network, Liquid, and other layers, enabling seamless value transfer as Bitcoin evolves into enterprise-ready financial infrastructure (Nov 3 | 7 min read).

• Mark Zala, CEO of GoMining, argues that institutional investors are increasingly shifting from direct Bitcoin holdings to mining infrastructure investments, seeking yield-generating assets that offer operational leverage, steady returns, and exposure to Bitcoin's long-term appreciation while supporting renewable energy integration (Nov 3 | 4 min read).

• Frank Shostak, Associated Scholar at the Mises Institute, argues that corporate profits don't drive general price inflation, explaining that consumers ultimately determine prices through their purchasing decisions while central bank money supply expansion remains the primary cause of widespread price increases (Nov 3 | 6 min read).

• John Carvalho, CEO of Synonym, argues that drivechains fail to provide trustless scaling by creating exit bottlenecks, substituting peer-level trust with miner control, fragmenting liquidity across sidechains, and introducing new incentive distortions that ultimately undermine credible exits for millions of users (Nov 2 | 4 min read).

• Jason Nelson of Decrypt warns that while quantum computers remain a decade away from breaking Bitcoin's encryption, market panic and slow governance could crash Bitcoin values long before any actual quantum threat materializes (Nov 2 | 9 min read).

• Prashanth, Founder of Bringin, explains why 'living the standard' matters by sharing his journey from struggling with expensive remittances to building infrastructure that enables bitcoiners to save, spend and manage finances seamlessly across fiat and Bitcoin systems (Nov 1 | 5 min read).

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TOOLS & PROJECTS

• New on Geyser: Flexible Helps, a Bitcoin-based humanitarian initiative, supports orphanages and people in need by providing essential supplies, healthcare, construction repairs, and clean water access while promoting Bitcoin adoption globally.

• New on Geyser: JP Gaviria introduces a Spark SDK integration for CDK mints, enabling nodeless Lightning Network payments without managing nodes or liquidity for self-custodial bitcoin transactions.

• Bitkey launches the first private collaborative multisig wallet using Chain Code Delegation, eliminating privacy tradeoffs while maintaining security and usability for self-custody users.

• Abundant Mines integrates DATUM, the decentralized block template system from Ocean Mining, offering miners 1% pool fees and greater control over Bitcoin mining operations to reduce centralized infrastructure reliance.

• Bull Bitcoin introduces Recoverbull, an open-source protocol that improves hot wallet backup by separating encrypted backup files stored in cloud services from decryption keys held on secure servers.

• Supertestnet, a Bitcoin developer, launches Aggeus Market, an open protocol enabling permissionless prediction markets on Bitcoin using DLCs, lightning, and PSBT auctions without requiring other blockchains or custodians.

• Arké Wallet is a native macOS application built with SwiftUI for managing Bitcoin transactions through the Ark protocol, offering enhanced privacy and scalability features for experimental testing purposes.

• Murch, a Bitcoin developer, formally proposes a motion to activate BIP 3 to replace the current BIP 2 process after seven months of review and 600+ GitHub comments.

• Bitcoin Core developers release comprehensive transcripts from October 2025 Frankfurt meetup covering 18 technical sessions on ASMap, quantum resistance, cluster mempool, consensus improvements, etc.

• Bitcoin++ hosts its first eastern conference featuring hackathon, workshops, and leading developers in Taipei, Taiwan on December 15-17, 2025.

• TheCharlatan, a Bitcoin developer, introduces C header API for the libbitcoinkernel library, enabling external applications to interface with Bitcoin Core's validation logic through block operations and cross-language compatibility.

• Lava launches a Bitcoin-backed line of credit with no monthly payments, open terms, and sub-7% fixed rates, enabling instant dollar access without selling BTC.

• SatGo, a Bitcoin wallet app, launches instant Bitcoin payments through Spark Network integration on iOS, with Android integration coming soon.

• Bitnod dot es by BitMEX research tracks Bitcoin network node distribution by client versions, providing real-time statistics on peer connections with data updated every two hours from actual reported peers to Bitcoin nodes.

• Blitz Wallet, a self-custodial Bitcoin lightning and liquid wallet, releases major update featuring faster startup times, streamlined contact payments, refined receive page design, and expanded translation support.

• Nut November hackathon invites Cashu builders to compete for 200,000 sats in prizes up till November 30th, celebrating privacy-preserving ecash development on Bitcoin.

• SN-graph-explorer is an interactive visualization tool for exploration of Stacker News' knowledge graph.

• BeeEvolved transforms Bitcoin mining e-waste from Bitmain S21 Pro miners into sustainable honey bee hives, featuring syrup feeders, observation windows, and beetle traps while promoting open-source hardware sustainability.

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