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Bhutan is now the first country to use the Ethereum network to operate a national digital identity system.

Ethereum Foundation head Aya Miyaguchi confirmed the news on her X account, stating that she attended the launch ceremony for Bhutan’s National Digital Identity (NDI) system.

Why Bhutan Is Adopting Ethereum for Its NDI

The Ethereum-based identity system is now fully operational. All authentication information will be migrated by the first quarter of 2026.

Bhutan’s King Jigme Khesar Namgyel Wangchuck, Prime Minister Lyonchen Tshering Tobgay, and Ethereum co-founder Vitalik Buterin attended the launch ceremony, among others.

Prime Minister Tobgay said the nation has set a new milestone in becoming a leader in digital governance by launching NDI on Ethereum. He explained that the goal was to leverage Ethereum’s globally distributed, decentralized infrastructure. This would enhance Bhutan’s key systems’ security, transparency, and availability.

He added that the milestone underscores the country’s vision to create an interoperable, user-owned identity system. This system will connect Bhutan to the global ecosystem and support the King’s vision for a safe, inclusive, and digitally empowered society.

Global Leader in Digital Assets

Miyaguchi emphasized that the integration of Ethereum is a world first. She stated that “this milestone marks not only a national achievement but a global step toward a more open and secure digital future for the long term.”

After its 2023 election, Bhutan’s NDI became the world’s first and only national system to provide self-sovereign identity (SSI) to its entire population. The country had been operating its identity system on the Polygon network since August last year, after using Hyperledger Indy. The shift to Ethereum was a decision to enhance transparency, immutability, and privacy.

The Bhutanese government aims to migrate its entire NDI platform to Ethereum by early 2026. Once the platform is complete, citizens can use cryptographic proof for authentication instead of traditional ID checks. This will allow them to prove specific things about themselves without revealing their personal information.

Bhutan has recently been accelerating the adoption of digital assets. The country directly mines Bitcoin using its hydropower plants and currently holds 11,286 Bitcoin, worth approximately $1.31 billion. This makes Bhutan the fifth-largest national holder of Bitcoin after the US, China, the UK, and Ukraine.

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OpenSea users must link Ethereum Virtual Machine (EVM) wallets by October 15 or risk missing out on NFT and SEA token rewards as the Treasure Chests program ends.

This critical deadline is part of OpenSea’s strategy to re-engage its community and build excitement for the upcoming SEA token launch. Many in the NFT ecosystem see this as a pivotal opportunity for OpenSea’s comeback.

Why Users Must Act Before the Deadline

To receive the largest rewards, OpenSea users must connect an EVM-compatible wallet by October 15. Failure to do so will result in missing nearly all major new incentives.

Only limited rewards remain for users logged in via Solana or Web2 accounts. Most token and NFT drops, including the $SEA token, are tied to EVM chains.

OpenSea has increased its reminders as the deadline approaches. Official messaging leaves no room for doubt: users without an EVM wallet connection will not access EVM rewards. 

Meanwhile, those using only Web2 or Solana logins see in-app alerts urging them to add an EVM address before time runs out. These notifications clarify that airdrop allocations heavily favor EVM chains.

Treasure Chests Program Ends, Raising the Stakes

October 15 also marks the end of the Treasure Chests program, adding urgency for users. Each chest, especially in the Solar tier, affects the number of SEA tokens awarded at the token generation event (TGE).

The chest level at the cutoff sets airdrop rewards; Solar chests may offer the greatest gains, but still pose risk if their contents disappoint.

Community excitement is high, as some NFT veterans explain the appeal and risk of the highest chests.

As the chests program ends and SEA launches, users could break even or see gains or losses, depending on OpenSea’s relaunch outcome.

Impact on OpenSea and the NFT Ecosystem

The SEA airdrop and rush to link EVM wallets form OpenSea’s biggest push since its earlier days as a leading NFT marketplace. The campaign aims to boost participation and help OpenSea keep pace with rivals like Magic Eden, introducing their own rewards and tokens.

With the token event drawing near, the NFT community is weighing the risks and rewards of holding Solar chests or opting for lower tiers.

OpenSea’s approach emphasizes rewarding active users, signaling new standards for marketplace incentives. However, users who delay wallet linking may miss these opportunities, potentially for months or even forever.

October 15 is the decisive moment. After the deadline, OpenSea’s success with the $SEA token will depend on user participation, how rewards are distributed, and whether the platform can reclaim its place as a market leader.

The spotlight today is firmly on Federal Reserve Chair Jerome Powell, who is scheduled to speak at 12:20 PM ET, in what could be a pivotal moment for both traditional and crypto markets. Investors are bracing for any mention of monetary easing—a term that could reignite bullish sentiment across risk assets. With the US dollar index (DXY) cooling near 105.1 and Treasury yields dipping, the setup is ideal for a liquidity-driven rally if Powell strikes a dovish tone.

The last time Powell hinted at easing, Bitcoin surged over 6%, while Ethereum posted a 4% weekly gain. Traders are now watching closely for clues on when the Fed may start cutting rates, which could unleash a fresh wave of capital into crypto.

Bitcoin Price Analysis

Bitcoin price currently trades around $112,700, consolidating after rebounding from last week’s $126,199 high. The whales and the institutions have been constantly accumulating, signalling the rising interest in the token. 

On October 13, both U.S. spot ETFs, Bitcoin, and Ethereum recorded heavy outflows. According to data from SoSoValue, Bitcoin ETFs withdrew $326.52 million, while Ethereum ETFs transferred $428.52 million. 

Bitcoin ETF Breakdown

With only six out of twelve ETFs posting action, Bitcoin ETFs recorded a net outflow of $326.52 million. BlackRock IBIT was the only ETF to post $60.36 million in inflows for the session. Following ETFs posted outflow: 

• Grayscale GBTC: $145.39 million
• Bitwise BITB: $115.64 million
• Fidelity FBTC: $93.28 million 
• Ark & 21Shares ARKB: $21.12 million 
• VanEck HODL: $11.44 million 

Despite moving off a heavy amount, Bitcoin ETFs recorded $6.63 billion in trading value with total net assets of $157.18 billion. This marks 6.81% of the Bitcoin market cap. 

Ethereum ETF Breakdown 

Ethereum ETFs posted a sell-off of $428.52 million, with no inflows for the day. Seven out of nine ETFs posted action for the day. 

• BlackRock ETHA: $310.13 million 
• Grayscale ETH: $49.67 million 
• Grayscale ETHE: $20.99 million 
• Fidelity FETH: $19.12 million 
• Bitwise ETHW: $12.80 million 
• VanEck ETHV: $9.34 million 
• Franklin EZET: $6.46 million

Total trading volume in Ethereum ETFs reached $2.82 billion with net assets of $28.75 billion. This represents 5.56% of the Ethereum market cap. 

Market Context 

Bitcoin is trading at $113,499.05, after a 1.3% drop in 24 hours. Its market cap has reached $2.260 trillion, which also dipped this week. The daily trading volume has reached $69.02 billion, showing a slow market. 

Meanwhile, Ethereum is priced at $4,142.32, with a market cap of $500.809 billion. Its trading volume has dropped to $48.3 billion, marking a 21.25% dip compared to the previous day. 

Why BTC and ETH prices plunged: 

After President Donald Trump threatened new tariffs on imports from China, investors feared a trade war between the two countries. This triggered investors to sell off risky assets like tech stocks and crypto, which resulted in a crypto market crash. 

The Hyperliquid whale that banked $192 million shorting the recent market crash has doubled down on their new short position, having now loaded up almost half a billion over the past two days.

According to data from Hyperliquid block explorer Hypurrscan, the whale now has a short position worth around $496 million, at 10x leverage and a Bitcoin (BTC) liquidation price of $124,270.