2025.10.22 (Industry Update)

Nasdaq Hits Record High as Gold Plunges; Bitcoin Slides Back to $108K After Volatile Swings

Macro Environment: The U.S. government shutdown has entered its 21st day. Supported by strong corporate earnings, the Dow Jones Industrial Average hit an intraday record high, while the Nasdaq closed lower and the S&P 500 barely stayed flat. Expectations that next week’s trade talks may ease tensions weakened safe-haven demand, leading to profit-taking and sell-offs in gold and silver.

Crypto Market: A rare divergence occurred with “digital gold” rising while physical gold fell. Bitcoin surged over 6% from the daily low to hit $114K, but quickly retreated to $108K. Market sentiment remains fragile, and volatility is likely to remain the dominant theme in the short term.


Project Updates

Hot Tokens: KTA, RIVER, FF, COAI, XPIN
KTA: Coinbase announced it will soon list Keeta (KTA).
RIVER: Launched its Supercharged Recurring Buys strategy with zero fees.
FF: Began Perryverse NFT whitelist minting on October 22.
XPIN: Announced a partnership with MIMBO to integrate its incentive mechanism into XPIN’s DePIN network.

Crypto Fear & Greed Index: 23 (down from 28 twenty-four hours ago) — Level: Extreme Fear


Today’s Outlook

ETHShanghai 2025 Main Summit officially opens, featuring over 40 industry leaders discussing core Ethereum development topics.
Tesla releases its Q3 earnings report.

Macroeconomics
U.S. President Donald Trump: “Fed Chair Jerome Powell is about to leave. There’s a hardliner in the Fed—interest rates are too high.”
Reuters Survey: The Federal Reserve is expected to cut rates twice more this year, though the 2026 rate path remains highly uncertain.
Trump: “Ukraine still has a chance to reach a ceasefire with Russia; an update on the Russia-Ukraine situation will be announced within two days.”

Policy Direction
According to crypto journalist Eleanor Terrett, the Federal Reserve proposed launching a “streamlined master account” to provide direct payment access for fintech firms and stablecoin issuers.
Hong Kong Stock Exchange and two other major Asia-Pacific exchanges are reportedly resisting the trend of listed companies accumulating crypto assets as core business holdings.
Bloomberg ETF Analyst Eric Balchunas noted there are now 155 crypto ETF filings tracking 35 different crypto assets.
Senator Elizabeth Warren criticized the stablecoin bill, urging the Treasury Department to guard against Trump-related risks.
Senator Cynthia Lummis voiced support for open banking rules, highlighting the importance of digital assets.
Bank of Japan Deputy Governor: “Stablecoins could become key participants in the payment system, partially replacing bank deposits.”

Industry Highlights
ProShares officially filed to list its ProShares CoinDesk Crypto 20 ETF on the NYSE.
DraftKings announced the acquisition of CFTC-regulated exchange Railbird Technologies, expanding into prediction markets and event contracts.
Gemini U.K. Head Slutzkin said that crypto ownership among U.K. retail investors rose from 18% last year to 24%, making the U.K. a key market for the company.
Solana announced it will end support for the Saga phone, just two years after its launch.
U.K. government officials met with OKX CEO Star to jointly promote a transparent, innovative, and well-regulated digital asset ecosystem.
YZi Labs led Sign’s $25.5 million strategic funding round.
Galaxy Digital reported Q3 net income exceeding $500 million, selling over 80,000 BTC on behalf of clients.


This Week’s Outlook
October 22: ETHShanghai 2025 Main Summit opens; 40+ industry leaders discuss Ethereum development; Tesla releases Q3 earnings.
October 23: Wanxiang 11th Global Blockchain Summit; Solana ecosystem liquidity protocol Meteora conducts TGE.
October 24: U.S. Bureau of Labor Statistics releases September CPI; October Markit Manufacturing PMI data announced.
October 25: Plasma (XPL) unlocks ~88.89 million tokens, valued at approximately $36.9 million.

Industry Update
October 23, 2025 (Industry Update)

Global Headlines Weigh on Market Sentiment; Bitcoin Finds Support at 106K

Macro Environment: Ongoing trade and geopolitical developments continued to dampen market sentiment. Reports indicate that the U.S. government plans to restrict software-driven product exports to China, while Treasury Secretary Besant stated that the U.S. will significantly increase sanctions on Russia. Earnings from Netflix and Texas Instruments came in weak, leaving U.S. equities lacking upward momentum. Gold prices rebounded slightly during U.S. trading hours but ended the day lower.

Crypto Market: The crypto market saw mild consolidation. Bitcoin fell below 108K again after the U.S. trade headlines but found support at 106K. Total crypto market capitalization dropped 4.2%, with altcoins maintaining a 40% share. Market sentiment remains fearful, as traders await new catalysts.

Project Developments
Hot Tokens: BNB, CPOOL, HYPE
BNB: Robinhood lists BNB.
AAVE: Aave DAO proposed a plan for an “annual $50 million AAVE buyback.”
HYPE: Hyperliquid Strategies filed an S-1 form, seeking to raise up to $1 billion — potentially for HYPE token purchases.
CPOOL: Upbit and Bithumb announced listings of CPOOL.

Crypto Fear & Greed Index: 27 (previously 25, 24h ago) — Fear level

Today’s Outlook
Wanxiang’s 11th Global Blockchain Summit kicks off.
Solana ecosystem liquidity protocol Meteora conducts its TGE.

Macroeconomy
- U.S. national debt surpasses $38 trillion for the first time.
- The U.S. plans to restrict software-related exports to China.
- Government shutdown continues as the Senate rejects a temporary funding bill for the 12th time.
- The Federal Reserve plans to significantly ease capital increase requirements for large banks.

Policy Developments
- Liechtenstein launches a sovereign blockchain infrastructure.
- Crypto industry leaders convene on Capitol Hill to discuss market structure legislation.
- 155 crypto ETF applications pending approval in the U.S., led by Bitcoin and Solana.
- The Central Bank of Nigeria establishes a stablecoin task force as the eNaira project faces existential risks.
- Crypto firm Cryptomus fined $126 million by Canadian regulators.
- Russia’s Finance Ministry and Central Bank agree to legalize crypto payments for foreign trade.

Industry Highlights
- Hong Kong’s SFC officially approves the first Solana (SOL) spot ETF.
- Tokenized stock trading volume on Solana surged 190x from Q2 to Q3.
- The NHL signs a licensing deal with Polymarket.
- Aerodrome to launch its token issuance platform, Aero Launch.
- Tesla did not sell any Bitcoin during Q3 2025.
- Nasdaq partners with DTC, initially offering digital securities trading on select blockchains while retaining traditional settlement timelines.
- a16z: Stablecoin annual transaction volume hits $46 trillion, 20x that of PayPal.
- FalconX to acquire ETF management firm 21Shares.
- Arthur Hayes on Japan’s new economic policy: “It will propel Bitcoin to $1 million.”

This Week’s Outlook
October 23: Wanxiang’s 11th Global Blockchain Summit; Meteora TGE (Solana ecosystem).
October 24: U.S. Labor Department releases September CPI; U.S. October Markit Manufacturing PMI.
October 25: Plasma (XPL) unlocks ~88.89 million tokens valued at ~$36.9 million.

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2025.10.24 (Industry Update)
U.S.-China Trade Talks Lift Market Sentiment; Trump Pardons CZ

Macro Environment:
News that the U.S. and China will hold consultations on trade issues boosted market sentiment, with all three major U.S. stock indices closing higher. The U.S. dollar remained steady, while the 10-year Treasury yield rose to 4%. Renewed risk appetite outweighed uncertainty ahead of Friday’s CPI release. Gold rebounded after two days of decline, and oil prices surged sharply due to new sanctions on Russia — indicating that commodities remain heavily influenced by geopolitical tensions.

Crypto Market:
U.S. President Donald Trump’s pardon of Binance founder CZ triggered a wave of optimism across crypto markets. The total crypto market cap rose 1.23%, with Bitcoin hitting a high of $111,000, pushing its dominance up to 59.2%. Altcoins showed a mild recovery in activity, with their trading volume share rising to 64.3%, though overall market volume still fell by 18.3%. Overall, market liquidity remained weak; investor sentiment improved slightly but stayed within the fear zone.

Project Developments:
Trending Tokens: ASTER, WLFI, YB
ASTER: Launched Rocket Launch, a liquidity support platform for early-stage projects.
CZ-related tokens such as BNB, ASTER, and WLFI surged after the pardon; rumors suggest CZ may serve as an advisor to WLFI.
YB: YieldBasis management fee will drive token value accrual; veYB holders will receive added benefits.
HYPE: Listed for spot trading on Robinhood.

Major Asset Performance

Crypto Fear & Greed Index: 30 (previous 27) — Fear level

Today’s Outlook
U.S. Bureau of Labor Statistics releases September CPI Report
U.S. October Markit Manufacturing PMI to be announced

Macro Developments
- The White House stated that a Trump-Putin summit is “not entirely off the table,” while Putin said the Budapest meeting is “postponed, not canceled.”
- U.S. and China to hold trade consultations in Malaysia from Oct 24–27.
- The U.S. imposed sanctions on two major Russian oil companies; the EU approved a new sanctions package against Russia.
- JPMorgan and Bank of America predict the Fed may end its balance sheet reduction earlier than expected this month.

Policy Updates
- Trump pardons Binance founder CZ.
- Coinbase CEO: The Bitcoin Market Structure Bill enjoys “strong bipartisan support” and may soon pass; David Sacks added that clear regulatory frameworks for crypto could arrive this year.
- Japan plans to ban banks and insurance firms from selling cryptocurrencies, while securities firms may receive limited approval.
- UK FCA filed a lawsuit against HTX as part of its crypto enforcement campaign.
- EU to ban trading of Russian-linked stablecoin A7A5 starting Nov 25.
- Blockchain, Revolut, and Relai obtained MiCA licenses; Plasma has submitted its application.

Industry Highlights
- Jupiter plans to fully launch a new prediction market by 2026.
- Kraken raised $500 million in September, valuing the firm at $15 billion, with plans to go public in Q1 2026.
- Polymarket is seeking funding at a valuation of up to $15 billion.
- Fidelity Digital Assets now supports SOL custody and trading.
- Tokyo-listed Quantum Solutions purchased 2,365 ETH in 7 days, becoming Japan’s largest corporate ETH holder.

This Week’s Outlook
Oct 24: U.S. September CPI Report; U.S. October Markit Manufacturing PMI
Oct 25: Plasma (XPL) token unlock — approximately 88.89 million tokens worth $36.9 million

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2025.10.27 (Industry Update)
Inflation and Trade Optimism Boost Risk Assets — Bitcoin Rebounds to 115.5K

Macro Environment:
U.S. September CPI growth came in lower than expected, easing concerns over future inflation and strengthening market bets on more aggressive Fed rate cuts. U.S. equities rallied throughout the week, with the Dow Jones closing above 47,000 for the first time. Over the weekend, positive signals from China–U.S. trade talks further lifted sentiment, driving a broad rally in risk assets in early Monday trading.

Crypto Market:
Supported by encouraging macro data and trade optimism, the crypto market rebounded notably. Bitcoin surged to $115.5K, marking four consecutive days of gains. Altcoin trading activity rose sharply, with altcoin trading volume share climbing to 68.6% and market cap share to 41.0%, reflecting a recovery in risk appetite across the crypto sector.

Project Highlights:
Hot Tokens: ZEC, VIRTUAL, AKT
ZEC: Zcash will undergo its halving on November 18, sparking rallies across privacy coins such as DASH and ZEN.
VIRTUAL: An AI agent launchpad on Base, benefiting from the “x402” meme frenzy led by the first token PING.
AKT: Co-hosted the Akash Hackathon with NVIDIA over the weekend.
ENA: USDe supply exceeded 5.8 billion, setting a new all-time high.
GIGGLE: Listed on Binance spot market, with prices surging 216% intraday to $290.


Upcoming Highlights
Hong Kong: The first Solana ETF, ChinaAMC Solana ETF, debuts on the Hong Kong Stock Exchange.
MegaETH: The MEGA token public sale begins on Sonar, an Echo ecosystem platform.

Macro Developments
U.S.–China Trade:
U.S. Treasury Secretary Bessent confirmed the U.S. will not impose the previously discussed 100% tariffs on Chinese goods.
China’s Vice Minister Li Chenggang noted that both sides held constructive discussions and reached initial consensus on key trade issues.
U.S.–Vietnam:
The two countries’ joint statement confirmed the U.S. will maintain a 20% tariff on Vietnamese imports.
U.S. White House: May skip publication of next month’s inflation data.
U.S. CPI Data: September headline CPI at 3.0% YoY (vs. 3.1% expected); core CPI also 3.0% YoY (vs. 3.1% expected).

Policy & Regulation
Singapore: The Monetary Authority of Singapore (MAS) launched an investigation into DW Capital Holdings, a local family office linked to the “Prince Group.”
U.S. Regulatory Appointments:
Donald Trump appointed Michael Selig as the new CFTC Chair. Selig previously served as the SEC Crypto Task Force’s chief advisor, signaling a more crypto-friendly regulatory stance.
Binance Lobbying:
Binance reportedly hired a close associate of Trump Jr. as a lobbyist, paying $450,000 over the past month to engage with the White House.
CZ Update:
CZ announced that Kyrgyzstan has established a national cryptocurrency reserve, including BNB holdings.


Industry Highlights
Kraken: Q3 revenue up 114% YoY, with total trading volume up 106% YoY.
Bloomberg: Since the introduction of U.S. crypto regulations, stablecoin payments surged 70%.
x402 Protocol: Weekly transaction count up 492.63% WoW.
Tether: Plans to launch USAT, a U.S.-compliant stablecoin, in December. CEO projects $15B annual profit with a 99% profit margin.
Crypto com: Applied for a national trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC).
JPMorgan: Will allow Bitcoin and Ethereum to be used as collateral for institutional clients.
Polymarket: CMO confirmed plans to launch a native POLY token and airdrop.

This Week’s Outlook
Oct 27: Launch of ChinaAMC Solana ETF on HKEX; MEGA token public sale on Sonar (Echo ecosystem).
Oct 28: Grass (GRASS) unlocks 181M tokens (worth ~$79.3M) at 9:30 PM.
Oct 29: U.S. President Trump visits South Korea.
Oct 30:
U.S. Fed announces interest rate decision; Chair Jerome Powell holds press conference.
SEC review deadline for Nasdaq Ethereum Staking Trust.
Japan & ECB announce rate decisions; Kazuo Ueda and Christine Lagarde to hold policy briefings.
Release of U.S. Core PCE (Sep) and Q3 GDP data.
Microsoft, Google, and Meta to report Q3 earnings.
Oct 31:
APEC Leaders’ Informal Meeting (Oct 31–Nov 1) in South Korea.
Mt. Gox repayment deadline, with 34,689 BTC potentially entering circulation.
Strategy releases Q3 2025 financial report.
U.S. Senate Democrats request disclosure from Trump advisors regarding crypto holdings.
Amazon, Apple, and Coinbase to publish Q3 earnings.
Nov 1:
Sui (SUI) unlocks 43.96M tokens (~$113M) at 8:00 AM.
YGG Play launches Launchpad, debuting LOL Land (LOL) token trading on DEX.
EigenCloud (EIGEN) unlocks 36.82M tokens (~$41.6M) at 12:00 PM.

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October 29, 2025 (Industry Update)
U.S. Stocks Close at New Highs Again; Crypto Market Consolidates Without Clear Direction

Macro Environment:
Boosted by AI collaboration news, the S&P 500 hit another record close driven by tech stocks, while most other sectors declined — highlighting the rising market concentration. Easing trade tensions weighed on gold, which fell for the third consecutive day. Investors are now awaiting the FOMC rate decision, the upcoming “Mag7” earnings reports, and the meeting between the U.S. and Chinese leaders.

Crypto Market:
Major crypto assets traded sideways, with the market still lacking clear direction. Bitcoin briefly tested $116K at the U.S. market open, but fell 3.3% from its intraday high as selling pressure returned after equities weakened in the afternoon. Total crypto market capitalization declined 0.67%, and altcoin market share continued to retreat.

Project Updates:
Hot Tokens: SOL, VIRTUAL, XPL
SOL/LTC/HBAR: The newly listed SOL Staking ETF, LTC ETF, and HBAR ETF recorded a combined $65 million in first-day trading volume.
VIRTUAL: Virtuals Protocol launched a ve(3,3) DEX managed by an AI agent CEO.
XPL: Plasma partnered with Yellow Card to roll out Plasma USD₮ across 20 African countries.
AERO: Animoca Brands purchased AERO tokens on the open market and locked them for long-term holding.

Crypto Fear & Greed Index: 51 (previously 50), indicating Neutral sentiment.

Today’s Outlook
U.S. President Donald Trump visits South Korea
Grayscale Solana Trust ETF to begin trading
Macroeconomics
The U.S. government shutdown continues; the Senate rejected a temporary funding bill for the 13th time.
ADP survey: The job market added an average of 14,250 jobs in the four weeks ending Oct. 11.
October Consumer Confidence Index: 94.6 (expected 93.4; previous 95.6).

Policy Developments
Australia’s financial regulator released updated guidance to expand crypto oversight.
Trump Media to enter prediction market business.
Hong Kong Monetary Authority (HKMA): Plans to expand digital HKD to retail use, with preparations expected to complete in 1H 2026.

Industry Highlights
Oracle: To launch a Digital Asset Data Hub next year.
Visa: Expanding support for stablecoins across four different blockchains.
Ethereum Fusaka Hard Fork activated on the final testnet, mainnet launch expected in December.
OceanPal and NEAR Foundation to conduct a $120M PIPE investment.
Polymarket to return to the U.S. by late November, followed by a POLY token launch and airdrop.
Norwegian crypto filings surged 30%, with 73,000 individuals declaring over $4B in assets.
SOL, LTC, HBAR ETFs recorded $65M in first-day trading.
Western Union to issue a stablecoin on Solana by 2026.
CZ ranked 13th on Hurun’s 2025 Rich List with ¥190B fortune, up 41% YoY.
PayPal and OpenAI reached a milestone partnership to embed PayPal wallets in ChatGPT.

This Week’s Outlook
Oct 29: President Trump visits South Korea; Grayscale Solana Trust ETF lists.
Oct 30: FOMC rate decision; Powell’s press conference; SEC’s deadline for Nasdaq ETH Trust proposal; BoJ & ECB rate decisions; U.S. Core PCE & Q3 GDP; earnings from Microsoft, Google, Meta.
Oct 31: APEC summit in South Korea (Oct 31–Nov 1); Strategy Q3 results; Senate Democrats seek crypto disclosures from Trump advisors; earnings from Amazon, Apple, Coinbase.
Nov 1: Sui (SUI) unlocks 43.96M tokens ($113M); YGG Play launches LOL Land token on DEX; EigenCloud (EIGEN) unlocks 36.82M tokens ($41.6M).

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2025.10.30 (Industry Update)
Powell Turns Hawkish Unexpectedly; Crypto Market Lacks Momentum


Macro Environment: The Federal Reserve cut rates by 25 bps as expected and announced that QT will end in December. However, the vote distribution revealed significant internal disagreement, and Powell’s hawkish remarks indicated that a December rate cut is “far from guaranteed.” The market-implied probability of a December rate cut plunged from 95% to 65%. U.S. stocks opened higher but dropped sharply after Powell’s hawkish comments. Nvidia’s market cap surpassed $5 trillion, supporting the Nasdaq to close higher, while the S&P 500 and Dow both ended lower. The U.S. Dollar Index rose above 99, and the Treasury yield curve shifted upward. Markets are closely watching the upcoming meeting between Chinese and U.S. leaders, which could present an opportunity to reshape bilateral relations.

Crypto Market: Crypto asset prices struggled to rise, with market sentiment falling back into fear. Bitcoin briefly rebounded to $113.6K before the U.S. market open but weakened afterward due to fading December rate-cut expectations, stabilizing around $110K. The total crypto market capitalization fell by 2.75%, while altcoins’ market share rose to 40.9%, showing relative resilience amid the broader decline.

Project Developments
Hot Tokens: TRUMP, WLFI, CLANKER
TRUMP: Tokens related to TRUMP — including TRUMP, MELANIA, and WLFI — rallied collectively. The TRUMP meme issuer, Fight Fight Fight LLC, plans to acquire Republic’s U.S. business to promote token usage in startup fundraising.
WLFI: Appointed former Robinhood executive Mack McCain as General Counsel; plans to distribute 8.4 million WLFI tokens to participants in the USD1 Points Program.
CLANKER: Coinbase launched CLANKER perpetual futures trading; Farcaster acquired Clanker.
SYRUP: Maple Finance’s AUM rose to $5 billion, and October protocol revenue hit an all-time high of $2.159 million.

Crypto Fear & Greed Index: 34 (down from 51 24 hours ago) — Fear

Today’s Outlook
Chinese President Xi Jinping to meet U.S. President Donald Trump in Busan, South Korea, on October 30 (local time).
U.S. SEC deadline for reviewing Nasdaq’s Ethereum Trust staking proposal.
Interest rate decisions from the Bank of Japan and European Central Bank; press conferences by Kazuo Ueda and Christine Lagarde.
U.S. September Core PCE Price Index and Q3 Real GDP data.

Macroeconomics
Federal Reserve: Cut rates by 25 bps and announced the end of QT in December. Powell said a December rate cut is “far from certain.”
Hong Kong Monetary Authority: Lowered its base rate by 25 bps to 4.25%.
China-U.S. Relations: Trump expressed optimism about the leaders’ meeting; China’s Ministry of Foreign Affairs stated it is willing to work with the U.S. toward positive results.

Policy Direction
U.S. SEC Chair praised Bitwise and Canary Capital for “pioneering new paths” in ETF listings.
U.S. Democratic Senators demanded that Trump explain the potential pardon of Binance founder CZ.
U.K. FCA now requires brokers to notify the regulator before offering crypto ETNs to retail clients.

Industry Highlights
Mastercard plans to acquire crypto infrastructure startup Zerohash for up to $2 billion.
Former FTX US President Brett Harrison to launch a “perpetual contracts” trading platform for stocks and forex.
Ondo Global Markets expanded its tokenized stock platform to BNB Chain.
Western Union unveiled its stablecoin USDPT and plans to launch a digital asset network.
21Shares submitted an S-1 filing to the SEC for a Hyperliquid ETF.
Bitwise’s spot Solana ETF attracted $69.5 million in inflows on its first day, while new HBAR and Litecoin funds saw no inflows.
DBS Bank and Goldman Sachs completed their first OTC crypto options trade.
WLFI confirmed plans to distribute 8.4 million WLFI tokens to USD1 Points Program participants.

This Week’s Outlook
October 30:
SEC review deadline for Nasdaq’s Ethereum Trust staking proposal.
BOJ and ECB rate decisions; Ueda and Lagarde press conferences.
U.S. September Core PCE and Q3 GDP data.

Microsoft, Google, and Meta report Q3 earnings.
October 31:
APEC Informal Leaders’ Meeting (Oct 31–Nov 1) in South Korea.
Strategy releases Q3 2025 financial results.
U.S. Senate Democrats demand Trump advisors disclose crypto investments.
Amazon, Apple, and Coinbase report Q3 earnings.
November 1:
Sui (SUI) to unlock 43.96 million tokens (~$113 million).
YGG Play to launch Launchpad platform; first project LOL Land token LOL goes live on DEX.
EigenCloud (EIGEN) to unlock 36.82 million tokens (~$41.6 million).

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October 31, 2025 (Industry Update)
Market Digests Uncertainty Over Fed Rate-Cut Outlook; Bitcoin Rebounds After Hitting 106K

Macro Environment:
The U.S. and Chinese leaders reached a consensus to extend the trade truce period, though no official briefings or detailed agreements were released. Markets are still digesting uncertainty around the Federal Reserve’s rate-cut outlook. Tech earnings were mixed, and all three major U.S. stock indices closed lower. The U.S. dollar and Treasury yields rose, while gold rebounded above USD 4,000.

Crypto Market:
The total crypto market cap fell by 3.12%. Bitcoin saw four consecutive days of heavy selling, hitting a low of 106K before rebounding after U.S. market hours. Bitcoin dominance climbed back above 60%, while most altcoins came under pressure. Overall market sentiment remains in a state of fear, and confidence recovery is still pending.

Project Updates:
Trending Tokens: AERO, CCD, PAXG
AERO: September revenue exceeded new issuance, and the project implemented a burn mechanism to strengthen token value.
CCD: Partnered with Banxa and Transak to provide seamless fiat-to-crypto conversion and identity verification services.
PAXG: Gold rebounded above USD 4,000 after four consecutive days of decline.

Crypto Fear & Greed Index: 29 (down from 34 in the past 24 hours), indicating Fear

Today’s Outlook
APEC Informal Leaders’ Meeting to be held in South Korea from Oct 31–Nov 1.
U.S. Senate Democrats demand Trump’s advisors disclose details on cryptocurrency investments.
Macro Developments
U.S.–China Summit: Both sides agreed to expedite follow-up discussions and finalize next steps.
ECB: Holds deposit rate steady at 2% for the third consecutive meeting.
Federal Reserve: Will begin “rolling over” all maturing Treasury securities starting December.
Treasury Secretary Bessent: Stated that the next Fed Chair candidate may be confirmed before Christmas.

Policy Trends
Brazil’s Central Bank to discuss including Bitcoin in its foreign reserves in November.
Hong Kong SFC Chair: Plans to issue guidelines for digital asset treasury management.

Industry Highlights
dYdX plans to enter the U.S. market by year-end and add spot trading for assets such as SOL.
Strategy reported Q3 net income of $2.8 billion, with slower Bitcoin accumulation growth.
Coinbase announced Q3 2025 trading revenue of $1 billion, up 37% QoQ and nearly double YoY.
Canary XRP Spot ETF updated its filing, removing the “delayed amendment clause,” potentially listing on Nov 13.
JPMorgan completed tokenization of a private equity fund on its proprietary blockchain.
ETH Treasury Company, backed by Avenir (Li Lin Family Office) and Distributed Capital, raised funds via CoinList.
Ethereum’s stablecoin supply reached an all-time high of $184.1 billion.

This Week’s Outlook
Oct 31: APEC Informal Leaders’ Meeting (Oct 31–Nov 1, South Korea); U.S. Senate Democrats question Trump advisors on crypto investments.
Nov 1:
Sui (SUI): To unlock 43.96 million tokens (~USD 113 million).
YGG Play: Launching Launchpad platform; first project LOL Land (LOL) begins DEX trading.
EigenCloud (EIGEN): To unlock 36.82 million tokens (~USD 41.6 million).

Nov 3, 2025 (Industry Update)
U.S. Stocks End October with Continuous Gains; Bitcoin Rebounds to $111K

Macro Environment:
Strong earnings from tech stocks pushed U.S. equities higher, with all three major indexes closing up on Friday and marking at least six consecutive months of gains to end October. Following the FOMC meeting, three Fed officials voiced opposition to a rate cut in October. Meanwhile, the near-record duration of the U.S. government shutdown has delayed key economic data releases, further increasing uncertainty over the Fed’s rate-cut outlook. The interest rate market now prices in a 63% probability of a rate cut in December.

Crypto Market:
Major cryptocurrencies have rebounded for three consecutive days since Friday, with Bitcoin peaking at $111.2K, maintaining a 60% market dominance. While altcoin market share declined slightly, trading volume share rebounded. Despite weekend sentiment recovery, the overall market remains in the fear zone.

Project Updates
Trending Tokens: ASTER, ZEC, STRK
ASTER (+27.0%) – Aster adjusted its tokenomics, with 50% of repurchased tokens to be burned. CZ posted on X that he “bought some ASTER with his own money.”
ZEC – Zcash will undergo its halving event in November; ZEC surged 444.3% monthly, boosting privacy tokens such as XMR, DASH, TRAC, and LTC.
ZK (+111.1%) / STRK (+15.8%) – Vitalik Buterin praised ZKsync’s contribution to the Ethereum ecosystem, sparking a rally across ZK-related tokens including ZK, STRK, SCR, and ZKL.
SKY – A new round of governance voting passed; daily SKY buyback cap raised to 300,000 USDS, effective Nov 3.
KITE – KITE airdrop claim opened; 48% of KITE tokens allocated to the community and ecosystem.

Crypto Fear & Greed Index: 42 (up from 37 in 24h), sentiment level: Fear

Today’s Key Events
Hong Kong FinTech Week opens
U.S. October ISM Manufacturing PMI release
KITE airdrop claim opens
Memecoin (MEME) unlocks ~3.45B tokens (~$5.4M)
Macro Developments
U.S. Treasury Secretary Bessent: Fed should cut rates if inflation declines.
Fed Governor Waller: The appropriate policy path is to continue rate cuts.
U.S. M2 money supply surged to a record $22.212 trillion.
Policy & Regulation
EU to expand oversight of stock and crypto exchanges.
U.S. SEC extends compliance deadline for National Market System Regulations to 2026, giving exchanges more implementation time.
New Hampshire Senate stalls bill easing crypto mining regulations amid rising internal divisions.
Bank Negara Malaysia releases a 3-year roadmap, including asset tokenization pilot projects.
U.S. House Agriculture Committee Chair met with acting CFTC Chair to discuss expanding crypto regulatory authority.
Eleanor Terrett reports the U.S. Senate Agriculture Committee will soon release a long-awaited bipartisan crypto bill draft.

Industry Highlights
Michael Saylor (Strategy) again shared updates related to Bitcoin Tracker.
Bitmine increased holdings by 112,960 ETH (~$443M) this week.
Steak ’n Shake, a U.S. fast-food chain, announced plans to establish a strategic Bitcoin reserve.
Tether’s YTD net profit exceeded $10B.
Mastercard plans to acquire stablecoin infrastructure firm Zero Hash in a deal valued up to $2B.
Venezuelan payment processor Conexus developing a system to integrate Bitcoin and stablecoins into the national banking network.

This Week’s Outlook
Nov 3:
Hong Kong FinTech Week opens
U.S. October ISM Manufacturing PMI release
KITE airdrop claim opens
Memecoin (MEME) unlock (~3.45B tokens, ~$5.4M)
Nov 4:
Canada may unveil stablecoin regulation in federal budget
2027 FOMC voter & San Francisco Fed President Mary Daly speech
U.S. September JOLTS job openings release
Nov 5:
U.S. ADP Employment Report
Trump may attend Supreme Court hearing on key tariff ruling
U.S. October ISM Non-Manufacturing PMI
Ethena (ENA) unlock (~172M tokens, ~$67.1M)
Nov 6:
Bank of England rate decision
U.S. Initial Jobless Claims (week ending Nov 1)
Wyoming Stablecoin Commission public consultation ends on token management rules
Tesla annual shareholders meeting
Heroes of Mavia (MAVIA) unlock (~11.

89M tokens, ~$1.2M)
Nov 7:
U.S. Nonfarm Payrolls (may be delayed due to shutdown)
NY Fed President Williams, Cleveland Fed President Mester, Philadelphia Fed President Harker, and St. Louis Fed President Musalem to deliver speeches
Hong Kong SFC closes bids for virtual asset monitoring system
RedStone (RED) unlock (~5.54M tokens, ~$1.8M)
Nov 8:
SEC extends review of Grayscale Polkadot Trust (DOT) listing proposal
UAE concludes public consultation on crypto tax data-sharing agreement
Space and Time (SXT) unlock (~24.64M tokens, ~$1.3M)
Nov 9:
Clanker second upgrade
BounceBit (BB) unlock (~29.93M tokens, ~$3.3M)

November 4, 2025 (Industry Section)
Tech Stocks Outperform While Crypto Struggles — Heightened Fear Deepens Market Divergence

Macro Environment:
The U.S. ISM manufacturing data showed continued contraction, reflecting weak demand and employment. However, AI compute-related agreements boosted tech stocks, leading to a polarized performance in U.S. equities—tech strong, other sectors weak. Major indexes closed mixed: Nasdaq and S&P 500 rose, while the Dow Jones fell.

Crypto Market:
Heightened market fear has intensified capital divergence across risk assets. Bitcoin remained sluggish and plunged sharply after the ISM manufacturing data release, highlighting its fragility. Bitcoin’s market dominance rose to 1.43%, as altcoins weakened further amid the flight of capital.

Project Updates:
Hot Tokens: DASH, ZEN, ZEC
Privacy-focused tokens such as DASH, ZEN, and ZEC rose against the downtrend.
BAL: DeFi protocol Balancer suffered a major hack with losses exceeding $116 million, driving BAL down over 10%.
LINK: FTSE Russell partnered with Chainlink to bring index data on-chain.

Crypto Fear & Greed Index: 21 (down from 42 in the past 24 hours), indicating Extreme Fear.

Today’s Outlook
Canada may unveil new stablecoin regulations in its federal budget.
The U.S. to release September JOLTS job openings data.

Macroeconomy
U.S. manufacturing activity contracted for the eighth consecutive month amid declining output and weak demand.
Mary Daly: The 50 bps rate cut this year leaves the Fed in a favorable position; policymakers should remain open to December decisions.
Fed Governor Cook: December rate cuts are possible, depending on upcoming data.
Amazon announced a $38 billion agreement with OpenAI to provide compute support.

Policy Developments
Hong Kong SFC issued two new guidelines to enhance operational flexibility for licensed virtual asset trading platforms. Operators can now share order books with affiliated overseas exchanges to attract global liquidity, and are permitted to offer virtual assets without a 12-month track record to professional investors, as well as HKMA-licensed stablecoins.
Nigeria’s Flutterwave partnered with Polygon to launch a stablecoin-based cross-border payment network across 34 African countries.
Donald Trump stated he is monitoring whether the U.S. can become a global leader in cryptocurrency.

Industry Highlights
Strategy plans to issue euro-denominated perpetual preferred shares to fund further Bitcoin purchases; it added 397 BTC last week at an average of $114,771 each.
BitMine purchased 82,353 ETH last week, bringing total holdings to 3.395 million ETH.
Bitplanet (South Korea) added 23 BTC, now holding 151.67 BTC in total.
Balancer hack losses exceeded $116 million.
Hollywood launched a crypto-powered prediction market for film and entertainment sectors.
DEX trading volume hit an all-time high in October.
Animoca Brands filed for a U.S. listing, with an estimated valuation of $1 billion.

This Week’s Outlook
Nov 4: Canada may release stablecoin regulatory updates in its federal budget; U.S. September JOLTS job openings.
Nov 5: U.S. ADP employment report; Trump may attend the U.S. Supreme Court “tariff ruling” hearing; U.S. October ISM Non-Manufacturing Index; Ethena (ENA) unlocks 172 million tokens (~$67.1M).
Nov 6: Bank of England rate decision; U.S. initial jobless claims (week ending Nov 1); Wyoming Stablecoin Commission public comment deadline; Tesla annual shareholder meeting; Heroes of Mavia (MAVIA) unlocks 11.89 million tokens (~$1.2M).
Nov 7: U.S. October nonfarm payroll data may be delayed due to government shutdown; multiple Fed officials (Williams, Harker, Barkin, Musalem) deliver speeches; HK SFC has VA monitoring system tender deadline; RedStone (RED) unlocks 5.54 million tokens (~$1.8M).
Nov 8: SEC extends review of Nasdaq’s Grayscale Polkadot Trust (DOT) listing; UAE seeks public input on crypto tax data-sharing pact; Space and Time (SXT) unlocks 24.64 million tokens (~$13M).
Nov 9: Clanker second upgrade; BounceBit (BB) unlocks 29.93 million tokens (~$3.3M).