Soybean Bubble Returns—In Bitcoin?

Peter Brandt warned that Bitcoin’s chart resembles the 1970s soybean crash.

Danielle du Toit
October 22, 2025

Here's what we've got for you today:

Bitcoin Chart is Echoing the 1970s Soybean Bubble: Peter Brandt
Kadena Blames Market Conditions for Sudden Shutdown
Ethereum Foundation Moves $654 Million in ETH Amid Online Scrutiny of Group's Transfers
Coinbase CEO Reveals ‘Private Transactions’ are Coming to Base

Peter Brandt warned that Bitcoin’s chart resembles the 1970s soybean crash.

Veteran trader Peter Brandt warned that Bitcoin’s price chart is mirroring the 1970s soybean market, which saw a 50% crash after topping out due to oversupply.
Brandt says Bitcoin is forming a “broadening top” pattern, which is typically seen before major declines. He also warned that Michael Saylor’s Strategy could be hit hard if prices fall further.
Despite some analysts predicting more upside, Brandt believes Bitcoin’s “final thrust” may never come, with prices potentially dropping to around $60,000.

Layer-1 blockchain Kadena is shutting down due to market conditions, which sent its KDA token plunging.

Kadena announced that it is shutting down operations and ending all network maintenance due to unfavorable market conditions.
The news caused its native token KDA to crash by more than 60% within 90 minutes. It also experienced a steep decline from its 2021 peak valuation of nearly $4 billion to just $30 million.
Kadena was founded in 2016 by ex-JPMorgan and SEC executives Stuart Popejoy and Will Martino, but ambitious goal of merging scalability and security ultimately proved unsustainable.

The Ethereum Foundation moved $654 million in ETH despite growing scrutiny from former developer Péter Szilágyi.

The Ethereum Foundation transferred 160,000 ETH (worth around $654 million) to a wallet previously linked to token sales, according to Arkham Intelligence, but the Foundation says it was part of a scheduled wallet migration.
The transfer was made despite renewed scrutiny over the Foundation’s spending, caused by former lead developer Péter Szilágyi, who recently resurfaced a letter criticizing its internal governance and compensation structure.
Szilágyi alleged that success in the Ethereum ecosystem depends on ties to the Foundation’s inner circle, including co-founder Vitalik Buterin, and revealed he earned just $625,000 over six years despite Ethereum’s massive market growth.

Coinbase CEO Brian Armstrong revealed that Base is developing private stablecoin transactions using Iron Fish tech.

Coinbase CEO Brian Armstrong revealed that the exchange is working to enable private stablecoin transactions on its Ethereum layer-2 network, Base, using technology from its recent Iron Fish acquisition.
Armstrong said “Base is building private transactions,” which led to questions from the community about whether Know Your Client checks will be required.
The shed some light on the ongoing tension between privacy and regulation in crypto, as developers behind privacy tools like Tornado Cash and Samourai Wallet still face legal prosecution.

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