Covers Oct 26 – Nov 2. Data snapshot 09:37–09:50 ICT (UTC+7) on Nov 2. Each item is tagged Confirmed, Credible or Noise, with a Low, Med or High price impact. Not financial advice.

Bottom line

What got worse for an exit is liquidity. Buy orders within 2% of the price fell to about $205k from $238k, and real volume looks like under $1M a day.

Teranode shipped beta-5, which includes a consensus fix: older builds could accept blocks that SV Node rejects. The team also rewrote its docs to call 1M TPS a "design target, not a guarantee." The chain carried a huge burst of transactions, but my samples show filler and data tagging, not payments. There's still no film distributor, trailer or date, and the next sales window is the American Film Market, Nov 10–15.

1. Teranode

• v0.16.1-beta-5 is out, and there's still no stable release. It was published Nov 2 at 06:30 ICT and makes Teranode reject blocks with a non-final coinbase, the way SV Node does. The notes say "a node on an earlier build accepts blocks this one rejects" and tell operators to upgrade all their nodes together. That means betas through beta-4 had a consensus gap with SV Node. Beta-5 also fixes a mining bug: a submitminingsolution call without a coinbase used to fail the proof-of-work check every time. v0.16.0 (Oct 5) is still the latest stable release. Release notes — Confirmed · Low. It shows the software isn't production-hardened yet.
• The team toned down the 1M TPS claim. PR #2032, merged Oct 28, replaced "guarantees," "consistently handles" and "tested at" 1M TPS with "design target" wording across the docs. The BSVA Teranode page still says "Minimum: 1,000,000 Tps," so the engineers are being more careful than the marketing. — Confirmed · Low
• Development is steady, and open issues are rising. There were 26 commits on the main branch from Oct 26 to Nov 1 UTC, nearly all fixes, plus 26 merged PRs. Open issues rose to 180 from 171, and open PRs to 108 from 105. Of 16 new issues, three stand out:
  • Issue #2051: building a new block after a reorg takes 10–16 minutes at scale.
  • Issue #2070: in legacy mode, the node's lightweight threads grow into the millions.
  • Issue #2050: after catching up several blocks, the node puts already-mined transactions into new blocks. These are scale and reorg-safety problems that need fixing before a cutover. — Confirmed · Low
• Teranode's share of mainnet blocks fell. Teranode-tagged blocks were 21 of 989 (2.1%), down from 3.2%, and there's still no cutover date. WhatsOnChain — Confirmed · Low
• The first outside service is running on Teranode. Satoshi.io says its new ElectrumSV wallet servers read from Teranode. It says a 667k-transaction block reached them in 3 seconds, where its old servers took 4 minutes. The source is bitcoinsv.it, a pro-BSV site citing Satoshi.io. — Credible · Low

2. Mining economics

• Miners still depend almost entirely on the subsidy. The 989 blocks earned 3,091 BSV in subsidy plus 24.8 BSV in fees, about $7,580 a day at $17.03. Fees rose to about $60 a day from $27 because of the transaction bursts, but that's still only 0.8% of revenue. — Confirmed (my math) · Low
• Mining BSV pays about the same as mining BTC. Hashrate is about 216 PH/s, down from about 226. BSV pays about $35 per PH per day, against about $34 for BTC (mempool.space). — Estimate · Low
• The top three pools hold 54%, down from 56%. Shares were Kryptex 24.4%, CUVVE 15.3%, SA100 14.1%, qdlnk 12.3%, GorillaPool 10.7%, TAAL 7.5% (plus 2.1% Teranode-tagged), KardanPool 5.0%, molepool 4.0% and Mining-Dutch 3.4%. Mining-Dutch is back after mining no blocks since Oct 12. — Confirmed · Med, because mining stays concentrated.

3. Business adoption

• Only small apps, reported by pro-BSV sources (bitcoinsv.it):
  • MrBen's offline radio payment project, Tabellarius, put its first encrypted message on-chain, but the software isn't released yet.
  • FireSat wallet v4 launched on iOS and Android.
  • Twetch's Frog Fighter game logged 1.1M one-cent transactions on Oct 21–22 with 344 players. That explains part of last week's activity. None of this is enterprise adoption. — Credible · Low
• The BSV Association sponsored MERGE Madrid (Oct 27–29) but announced nothing. It was a gold sponsor (MERGE), and I found no announcement or partnership from the event. — Confirmed · Low

4. Price and liquidity

• The price was flat at $17.03, against $17.10 last week (−0.4%). The 7-day range was $16.58 to $18.27, while BTC fell 1.4% to $78,421. Market cap is about $343M, ranked 124th. CoinMarketCap found no BSV-specific catalyst (CMC). — Confirmed
• Most reported volume looks fake. Exchange listings add up to $4.8M a day, but about 81% of that is suspect:
  • Poloniex reports $2.34M of volume with $0 of bids within 2%.
  • HTX reports $1.57M with $1k of bids. Realistic volume is under $1M a day, down from about $3.2M last week. CoinGecko tickers — Confirmed data, my interpretation · Med
• Buy orders within 2% of the price, from each exchange's own data:
  • Bitget $36.7k (from $42.7k)
  • MEXC $32.2k (from $22.4k)
  • KuCoin $21.2k (from $17.9k)
  • Gate $16.2k (from $31.3k)
  • Bithumb $11.6k (from $6.9k)
  • Upbit $8.7k (from $12.0k)
  • HTX $1.2k (from $2.3k) CoinGecko shows about $77k more on smaller exchanges, which I couldn't verify. The total is about $205k (about 12,000 BSV), down 14% from about $238k. Selling more than about $150–200k at once would likely move the price more than 2%. — Confirmed snapshot · High for an exit
• Futures interest cooled. Open interest in the BSV perpetual future on Hyperliquid fell to 41.0k BSV (about $698k) from 47.9k. Its 24-hour volume fell to $38k from $225k. The trading app fomo added the same contract to its website on Oct 24. — Confirmed · Low

5. Exchange risk

• Upbit's caution flags are cleared. All of Upbit's BSV caution and warning flags are now off (Upbit). — Confirmed · Low, and it removes a risk.
• The Binance hack had no direct BSV exposure. About $6.3B left Binance hot wallets on Oct 29, and the FBI attributes the theft to North Korea. Binance says about 90% of the stolen assets are covered, and withdrawals resumed Nov 1 (Binance, CNBC). Binance delisted BSV in 2019, so the only effect on BSV came through the general market. An X post claiming lost "BSV held in the Binance wallet" can't be right, because Binance doesn't hold BSV for users. — Confirmed for the hack, Noise for the BSV-loss post · Low for BSV
• I found no new delistings or suspensions. The DigiFinex conversion window runs to Jan 21, 2027. — Low

6. Legal

• No change. In the CAT case against Bittylicious, Kraken, ShapeShift and Binance, judgment is still reserved, and no hearings are listed (CAT). Wright's suspended committal still runs to Dec 20. — Confirmed · Low
• Old Wright headlines are being recycled. Decentral News Hub reposted two 2024 contempt-hearing stories with October 2026 dates (DNH). Nothing new happened. — Noise · Low

7. On-chain health

• Transaction volume jumped about 67 times. The last 144 blocks (Nov 1 07:31 to Nov 2 09:29 ICT) held 23.6M transactions, about 250 per second, against 352k last week. The median block had 1,117 transactions, up from 156. The largest, block #973563 from SA100, held 5.37M transactions in 1.39 GB. Blocks carried 23.1 GB this week, or 3.3 GB a day, against a 90-day average of 1.1 GB a day. — Confirmed · Low
• The burst looks like automated filler and data tagging, not payments. I sampled transactions from the two biggest blocks:
  • In block #973563, all 4 sampled transactions were about 191 bytes, each sending a single satoshi to the same address. That's automated dust, not payments.
  • In block #973667 (CUVVE, 3.5M transactions), 3 of 4 carried an "AIRCHIVE" data tag. The sample is small, but nothing in it suggests real payment demand. It does show the network handling blocks over 1 GB without trouble. — Credible (small sample) · Low
• Large holders: I found no public evidence of large deposits to exchanges.

8. Film ("Bitcoin", formerly "Killing Satoshi")

• No change. There's still no US distributor, release date or trailer. Correction: the American Film Market runs Nov 10–15 in Los Angeles (Screen), not in early November as I said last week. — Confirmed · Low
• Social media buzz is still tiny. X shows 6 posts all week about the film, down from 9. A "$70M budget" claim and a "2027 release" claim have no source. — Noise · Low

Hype to ignore

• "Tony predicted the Binance hack, so BSV goes to $1,000." Pro-BSV accounts are recycling @BSVtony's call for "$1,000 in 18 months" (X). CZ called one viral "prediction" screenshot fake (X). Even if the prediction was real, it wouldn't change BSV's fundamentals. — Noise
• "23M transactions a day." If promoters cite this week's counts as adoption, remember that the biggest block was mostly one-satoshi dust sent to a single address.

What to watch

• The American Film Market (Nov 10–15), for a distributor deal or a trailer.
• A stable v0.16.1 release, and whether miners upgrade together.
• The CAT judgment.
• Whether buy orders within 2% slip below $200k. https://x.com/c36812927/status/2116520605315137891 https://x.com/cz_binance/status/2116752401931891058