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Scott Melker · Oct 24, 2026 · 37 min

Bitcoin Could Swing 30% Either Way In The Next Two Months | Gracy Chen

Bitget CEO Gracy Chen walks through the Sept 24 hack (about $388M stolen via a zero-day in a third-party security product, covered by the company's protection fund so no user lost funds). She then gives a market view: crypto volumes are down post-10/10, Bitcoin is in a 'monkey market' that could move 30% either way, and she is optimistic on tokenization, AI trading tools and crypto/TradFi integration.

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Where they stand

Crypto

Bullish

Near-term price action is unpredictable and volumes are subdued, but Chen is constructive on crypto maturing into infrastructure through tokenization and TradFi integration.

Medium conviction · years

Markets

Neutral

Chen sees an unpredictable, hyped stock market where big IPOs could add heavy supply, and Bitcoin could swing 30% either way.

Low conviction · months

AI

Bullish

AI trading tools are a promising but double-edged product area, and AI companies like Anthropic and OpenAI are expected to IPO.

Low conviction · years

Key takeaways

  1. Bitget lost about $388M in fraudulent withdrawals after hackers got high-level credentials through a zero-day in a third-party security product; private keys and cold wallets were not compromised. 5:04
  2. Bitget covered all losses from company capital via its protection fund and replenished it to above $300M within a week; proof of reserve showed 131%. 11:56
  3. Hackers now target credentials, processes and trusted tools rather than private keys, and only about one or two million of the stolen funds could be frozen. 14:45
  4. Crypto trading volume is still well below pre-10/10 levels, with top exchanges seeing about a 30% drop and smaller exchanges faring worse. 23:46
  5. Non-crypto assets (tokenized commodities, stock perps) peaked near 40% of Bitget's volume, supporting her 'universal exchange' thesis. 24:51
  6. Chen calls the current Bitcoin market a 'monkey market' that could move 30% up or down within one or two months, and flags large IPOs (SpaceX, Anthropic, OpenAI) as a heavy stock supply. 25:59
  7. She is most optimistic on real-world asset tokenization, AI in trading (which magnifies both good and bad strategies), and crypto/TradFi integration. 27:46
  8. Bitget plans a US launch next year with a compliant path, regardless of the Clarity Act. 33:22

Calls and positions

  • Bitcoin is in a choppy 'monkey market' and could fall or rise 30% within one or two months.
    “don't be too surprised if if Bitcoin went down another 30%, but also don't be too upset if if Bitcoin, you know, went up 30%.”
    NeutralPrediction: btc +/-30% (within one or two months)Gracy Chen, Oct 24, 2026Watch at 25:59#Bitcoin
  • Even 1% of the roughly $120 trillion global stock market moving on chain would be a very big market.
    “Think about just 1% of them going on chain, that's uh already a very big market.”
    Very bullishPrediction: 1% of global stocks on chainGracy Chen, Oct 24, 2026Watch at 35:37#Tokenization
  • Bitget will pursue a compliant US launch next year regardless of the Clarity Act.
    “hopefully we can launch our product properly in the US next year”
    BullishPrediction: US product launch (next year)Gracy Chen, Oct 24, 2026Watch at 33:22#Crypto regulation

Views expressed

  • Crypto trading volume remains about 30% lower across top exchanges since 10/10 and has not recovered.
    “right after 10 10, we see a volume decrease of maybe 30% on average among all the top exchanges.”
    BearishGracy Chen, Oct 24, 2026Watch at 23:46#Bitcoin
  • Upcoming mega IPOs such as SpaceX, Anthropic and OpenAI will dump a huge amount of stock supply on the market.
    “that's a huge amount of stocks that's dumped to the market, in my opinion.”
    BearishGracy Chen, Oct 24, 2026Watch at 26:38#SpaceX#Anthropic#OpenAI
  • Tokenization of real-world assets, including NYSE and Nasdaq moves, is a major growth area for crypto.
    Very bullishGracy Chen, Oct 24, 2026Watch at 27:46#Tokenization#Nasdaq
  • AI in trading will magnify both good and bad strategies, so it helps winners and speeds losses for losers.
    “if you have a bad strategy, AI will also magnify that and help you lose money very quickly.”
    BullishGracy Chen, Oct 24, 2026Watch at 28:52
  • Stock perps and tokenized commodities have become a large share of Bitget volume, reflecting a trend toward universal exchanges.
    “non-crypto assets counted for almost 40% of our total trading volume.”
    BullishGracy Chen, Oct 24, 2026Watch at 24:51
  • Hackers now go after credentials, processes and trusted tools rather than private keys, and the industry still has a long way to go on coordination and freezing stolen funds.
    “they are more targeting credentials, process, and trusted tools, rather than maybe originally mainly about private keys.”
    BearishGracy Chen, Oct 24, 2026Watch at 14:45

Companies, projects and topics mentioned

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