The market is starting to be volatile, what is the current state of the crypto market (10/15/25)?

Updated

October 15, 2025

Gambar The market is starting to be volatile, what is the current state of the crypto market (10/15/25)?

Jakarta, Pintu News – The crypto world is in turmoil again today with three big news stories shaking up the market. The United States Department of Justice (US DOJ) is seeking the seizure of more than 127,000 Bitcoin worth an estimated $14.4 billion or Rp239 trillion, related to a cross-border fraud case.

At the same time, Bitcoin and Ethereum ETFs in the US recorded outflows of more than $755 million (IDR 12.5 trillion) due to the after-effects of last weekend’s crash. Meanwhile, from South Asia, Bhutan officially moved its national identity system from Polygon to Ethereum – marking a major step in the integration of blockchain into government systems.

US Government Ready to Increase Crypto Reserves Worth IDR 239 Trillion

The US Department of Justice (DOJ) announced that it has seized 127,271 BTC, currently valued at around Rp239 trillion, from a major fraud case involving Chen Zhi, the founder of Cambodia-based company Prince Holding Group. The company allegedly ran a fake crypto investment scheme known as the “pig butchering scheme”.

According to an official DOJ announcement, the Bitcoin is now in the custody of the US government as part of legal proceedings in the District Court for the Eastern District of New York. If the court approves the seizure, the crypto asset will become one of the largest additions to the US national crypto strategic reserve established by President Donald Trump’s executive order last March.

This move also marks a sharp increase in law enforcement efforts against crypto-based crimes. Interestingly, digital assets that were previously a tool of crime can now actually strengthen the US position as one of the largest holders of Bitcoin in the world.

Also read: 3 Crypto Stocks that Have the Potential to Rebound This Week

Bitcoin and Ethereum ETFs Experience Huge Outflows After Crash

Following the crypto market crash last weekend, crypto-based investment funds in the US recorded a net outflow of $755 million in just one day. Data from SoSoValue shows that Bitcoin ETFs experienced net outflows of $326.5 million, while Ethereum ETFs recorded $428.5 million.

The largest fund under pressure came from the Fidelity Wise Origin Bitcoin Fund (FBTC) with an outflow of $93 million, followed by Grayscale Bitcoin Trust (GBTC) at $145 million. However, not all products recorded outflows – BlackRock iShares Bitcoin Trust (IBIT) actually gained $60 million in inflows, indicating that some investors took advantage of the price correction to accumulate.

Meanwhile, Ethereum ETFs were also dragged down with large outflows from BlackRock iShares Ethereum Trust (ETHA) of $310 million and Grayscale Ethereum Trust (ETHE) of $21 million. These declines suggest that while institutional interest in crypto is still high, the extreme volatility following the mass liquidation has investors opting to hold positions in the short term.

Bhutan Migrates National Identity System to Ethereum

Exciting news coming from South Asia – The Kingdom of Bhutan has officially moved their digital national identity system from the Polygon network to Ethereum (ETH). This move allows nearly 800,000 Bhutanese citizens to verify their identity and access government services through the public blockchain network.

1/ Today, Bhutan celebrates a historic milestone, becoming the first nation to anchor its national digital identity system on Ethereum. 🇧🇹@VitalikButerin and I were honored to join the launch ceremony on behalf of the Ethereum community, graced by His Royal Highness. pic.twitter.com/KA4tOYbsJ4
— Aya Miyaguchi (@AyaMiyagotchi) October 13, 2025

According to Aya Miyaguchi, President of the Ethereum Foundation, the entire integration process with the Ethereum network has been completed, while the full migration of citizen data is targeted for completion in the first quarter of 2026. He called this move a “global breakthrough” in the application of blockchain to digital government, with privacy features based on zero-knowledge proofs that protect citizens’ data.

Bhutan’s decision strengthens Ethereum’s position as a key infrastructure for government Web3 solutions and digital identity, while paving the way for other countries to adopt similar systems.

Conclusion

These three major events show how the global crypto landscape is constantly moving between adoption, regulation, and market turmoil. From a potential Rp239 trillion addition to the US crypto reserves to Bhutan’s move on Ethereum, the cryptocurrency industry is increasingly strengthening its position in the global sphere-both in the financial system and digital government.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

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