Uptober apparently canceled, Rektober instead? 🤔

GM Builders! 🚧

Welcome back for another edition of the BW3 newsletter—a fun Wednesday/hump day read during a bumpy week 🐫 

Here’s what we liquidated for you today:

• GOODBYE UPTOBER, HELLO REKTOBER 😭 

• GREWAL STEPS BACK? 🤔 

• MEME CITY 📰 

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GOODBYE UPTOBER, HELLO REKTOBER 😭 

Well, folks, so much for "Uptober." The crypto market has already flipped the script, and we’re looking at a ‘Rektober’ thanks to $500 million in liquidations.

Here's the deal: the market dipped 3.29% over the past 24 hours, shaving billions off the total crypto market cap.

Bitcoin, which kicked off the month at a promising $65K, took a nosedive to hover around $61,500. This has sparked a mass liquidation frenzy with over 161,000 traders getting rekt, and Bitcoin alone seeing a staggering $143M in liquidation.

The main reason? A cocktail of uncertainty.

The catalyst? Geopolitical instability, particularly in the Middle East, as tensions between Iran and Israel escalated.

Traders were gunning for a typical ‘Uptober,’ but now find themselves caught in a brutal wave of liquidations.

As Chris Kline, co-founder of BitcoinIRA, pointed out, Bitcoin’s status as a “speculative asset” means it's feeling the heat from rising oil prices and a stronger dollar, both boosted by global unrest.

And as for Bitcoin bulls, well, they’re facing the reality of leveraged longs getting destroyed by the market's sharp moves.

BTC dropped 3.95%, with experts saying a dip below $60K could lead to a drop closer to the $50K mark. That’s a lot of volatility to stomach, especially when we’re supposed to be in the month of positive vibes and green candles.

So, is this just a blip or will Rektober reign supreme? 

All eyes are now on key support levels and whether Bitcoin can fight off further declines. Stay tuned, because this month might just keep us on our toes.

GREWAL LEAVES SEC, GOOD NEWS FOR CRYPTO? 🙌 

After leading the SEC’s enforcement division through over 100 actions against crypto firms, Gurbir S. Grewal is stepping down. Grewal's exit has sparked a range of reactions, from relief among some in the crypto community to speculation about the timing of his departure.

During his tenure, Grewal spearheaded aggressive actions against major players like Coinbase and Binance, following the collapse of FTX in 2022. (And not to be confused with the semi-famous Chief Legal Officer of Coinbase, Paul Grewal) 

The SEC justified these moves as crucial to maintaining order in a largely unregulated industry, while critics argued it stifled innovation and hurt U.S. competitiveness in the crypto space.

SEC Chair Gary Gensler praised Grewal’s work, stating that his efforts helped protect investors from scams and unregistered securities, especially in decentralized finance and stablecoins. But Grewal’s critics, including lawmakers like Tom Emmer, accused him of encouraging chaos rather than fostering regulatory clarity.

Crypto advocates were quick to react, with some, like Jake Chervinsky, suggesting Grewal's sudden exit—on just nine days' notice—was the inevitable result of mounting legal defeats and controversy. Others, however, like Bill Hughes from Consensys, saw it as a natural career move after serving a few intense years at the SEC.

While Grewal’s departure has been welcomed by many in the crypto world, the bigger question remains: Will his exit signal a shift in the SEC’s stance toward digital assets, or will it simply lead to more of the same under new leadership? As Sanjay Wadha steps in as acting director, the crypto community will be watching closely 👀 

MEME CITY 🏙️ 

Until next time, Builders! 🏗️ 

Keep slugging and watch out for the hippos. 🦛