Hope you all had a good Halloweekend!
This Week at Arch: A new chapter in community Bitcoin ownership
Bitcoin reserves are increasingly part of the conversation among governments and institutions. In Chicago's Altgeld Gardens neighborhood, that same idea is taking shape at the community level.
We're excited to share that Arch is a founding supporter of the Altgeld Bitcoin Reserve (ABR), recognized as the nation's first community-run Bitcoin reserve. The initiative brings together collective Bitcoin ownership, transparent governance, and financial education, with the goal of building an asset that can benefit the community for generations.
Arch has committed to matching the reserve's existing Bitcoin holdings and supporting its educational programs. We believe Bitcoin's long term potential should be something more people have the opportunity to understand and participate in, and we're pleased to support the Altgeld Gardens community as it puts that principle into practice.
This Week in Crypto
We (and by we I mean Bitcoin obviously) started the week near $81,000 and ended it around $76,500, a six-week low.
BTC is now sitting on its 200-day moving average after a roughly 4% weekly loss, the fourth in a row.
Ether fell about 5.6% to the $2,250 range.
And Spot Bitcoin ETFs saw $643M leave on Friday with another $399M on Monday.
Not great news all in all, but we’ve seen worse!
Coinbase reported Thursday:
Revenue of $1.22B, down 35% YoY, and a $719M profit - almost entirely from $715M in unrealized crypto gains.
Spot trading volume fell 10% QoQ, while prediction markets passed a $200M annualized run rate.
What to watch:
Election Day is today (make sure to vote if you haven’t yet!)
The October jobs report lands Friday
And the Bank of England and the RBA are both expected to hike
This Week in TradFi
The Fed kept rates steady at 3.75%–4.00% on Wednesday.
But the vote wasn’t unanimous, with Cook and Hammack dissenting, wanting another hike.
Markets now price roughly an 85% chance of a hike in December.
Alphabet had its worst day in company history, with about $500B gone:
Alphabet fell 12.6% to $283.82 on Thursday, topping its previous record drop of 11.63% from March 2020.
Free cash flow came in at negative $9.07B against roughly negative $2.7B expected, on $51.4B of quarterly capex.
Search revenue grew 12% to about $63B, short of estimates.
And long-term debt is now $125.1B, up from $46.5B at the end of last year.
Amazon missed on Q3 revenue ($201.9B), despite AWS growth of 39%:
And its trailing free cash flow is about negative $42B on roughly $220B of 2026 capex.
The stock fell around 7% in Friday trading.
Similarly, Intel went down 28.6% to $65.76, its worst day since the 1970s (yikes!):
The company guided Q4 revenue to $15–16B against roughly $17B expected, expects the PC market to shrink about 12% this year and 10% next, and its CFO said 2027 won’t be a free-cash-flow-positive year.
All in all, the Nasdaq fell 2.9% on Friday, its worst day since early June, and the S&P 500 dropped 1.8%.
This Week in Tech
On Monday, Anthropic filed Amendment No. 1 to its public S-1, adding Q3 results:
The big numbers: revenue of $16.96B, up 1,127% YoY, against a $23.3B net loss and a $567M operating loss.
The filing also lists about $895B in purchase commitments and leases, almost all for compute, with about $70B due within the next 12 months.
In other words, the revenue chart looks like a rocket… and the commitments table looks like the bill for the rocket.
On Monday, Marvell agreed to buy optical networking company Lumentum in an all-stock deal valuing Lumentum’s equity at about $102.5B:
The thesis is that as AI clusters grow, copper runs out of road and light has to carry the data, and the companies pitch a roughly $550B addressable market and $1B+ in savings.
Unfortunately, the market was unimpressed by that story.
Marvell fell more than 10% and Lumentum more than 15% on the day.
Reuters reported Wednesday that the Justice Department has been asking questions about Nvidia’s purchase of Hugging Face.
Officials reportedly want to know whether owning the web’s default shelf for open-source AI models would give Nvidia a “fundamental distribution point” it could use against rivals.
Nvidia says Hugging Face will stay open to all chips and clouds, and the deal isn’t expected to close until the first half of 2027.
Arch is building a next-gen wealth management platform for individuals holding Alternative Assets. Our flagship product is the crypto-backed loan, which allows you to securely and affordably borrow against your crypto.
Disclaimer: None of the above is financial advice, seriously.
