• 📊 Market Overview
• U.S. equities reversed early gains on Monday, with the Nasdaq falling 1.07% and the S&P 500 declining 0.51%. Tech stocks remained under pressure from concerns over AI capital expenditure and the pace of earnings growth. Despite positive signals from U.S.–Iran negotiations and a sharp decline in oil prices, risk appetite showed little improvement. Meanwhile, ahead of the U.S. midterm elections, implied volatility for BTC options expiring November 4 rose to approximately 43.5%, compared with around 36% for later expiries, suggesting traders were hedging against potential election-driven volatility. Fund flows also remained cautious: spot BTC ETFs recorded $643 million in net outflows on October 30, indicating subdued institutional demand. Crypto markets continued to fluctuate, with BTC retreating from around $78,000 toward $77,000 and ETH falling toward $2,250. Near-term attention centers on whether BTC can hold support at $76,000–$76,600 and reclaim the $79,500–$80,500 resistance zone. Midterm election results, tech earnings, and U.S. employment data will help shape market direction this week.
• BTC: $76,808.90 (−1.97%); ETH: $2,253.08 (−0.98%); Nasdaq: 25,164.32 (−1.07%); S&P 500: 7,541.83 (−0.51%); Fear & Greed Index: 26 (previous: 37).Data as of November 3, 2026, 00:00 UTC.
• 🧠 Market Insights
• Outflow pressure at Binance is gradually easing as the exchange introduces market-maker incentives and user promotions to rebuild liquidity. Following the resumption of withdrawals, DefiLlama data showed Binance’s 24-hour net outflows declining from a peak of approximately $7 billion to $3.5 billion, while the deposit-to-withdrawal ratio recovered to 78%. Binance has replenished 95% of the affected assets and made zero-knowledge proofs of reserves for 10 major assets available for independent verification. However, Talos data showed that Binance’s BTC order-book depth fell by approximately 30% at one point after the attack, reflecting continued caution among market makers and other participants. To revive trading activity, Binance has offered higher rebates to selected small and midsize market makers and launched initiatives including a $20 million USDC user rewards campaign. Although the initial withdrawal pressure has eased, a sustained recovery in liquidity and confidence will depend on subsequent inflows, order-book depth, and trading volumes.
• Stolen Binance funds continue moving across chains, while successive security incidents keep markets cautious. North Korea has officially denied the FBI’s accusation that it carried out the roughly $6.3 billion Binance hack, although the FBI and several blockchain analytics firms previously attributed the attack to North Korea-linked hackers. Approximately $2.85 billion in associated assets has been frozen or seized, while some of the remaining funds continue moving across multiple public blockchains and cross-chain protocols. Meanwhile, Brazilian exchange Mercado Bitcoin suffered another attack involving approximately $46 million, suspended deposits and withdrawals, and said it would cover the losses. Freezing part of the stolen funds may help limit near-term selling pressure, but substantial assets remain unrecovered, leaving uncertainty over further conversions or sales. The string of incidents also keeps exchange asset security and risk controls under scrutiny.
• 🔥 Alpha Token Performance
• NEAR: A governance proposal to reduce NEAR’s maximum annual issuance rate has passed. Expectations of slower supply growth provided a short-term catalyst, with the token gaining nearly 5% over 24 hours.
• MPLX: Vantage, a modular trading terminal on Solana, continued development and added 100 closed-beta users. Metaplex is also advancing its MPL-3643 standard for RWAs and tokenized securities. MPLX rose more than 25% over 24 hours, with trading volume of approximately $56.57 million.
• RUNE: THORChain’s suspension of trading across multiple chains following an Ethereum block reorganization, alongside governance concerns over its use by the Binance hackers to move funds, raised fears about protocol liquidity and operational risk. RUNE fell more than 17% over 24 hours.
• LSK: Lisk Chain has officially shut down as the project pivots to an enterprise finance platform. Despite plans to burn 5.2 million LSK, the market reassessed the token’s future utility and demand, sending its price down nearly 18% over 24 hours.

• Middle East: Qatari mediators traveled to Tehran on Monday evening for talks with Iran’s foreign minister. Qatar has drafted a three-day, phased confidence-building plan. Iran’s president said the country’s supreme leader had delegated some negotiating authority to the government. Trump said Iran wanted a deal and denied considering renewed strikes after the midterm elections. However, U.S. media reported that American forces struck Iran’s Qeshm Island yesterday.
• U.S. October ISM Manufacturing Index: 55.5, versus expectations of 54.6.
• Final Eurozone October Manufacturing PMI: 52.7.

• The U.S. SEC added new crypto-asset FAQs clarifying the criteria for identifying a central party among participants in token governance.
• South Korea’s Financial Services Commission convened an emergency meeting with exchanges following the Binance hack and called for a higher proportion of assets to be held in cold wallets.
• South Korea plans to impose an 11% capital gains tax on profits from U.S. equity perpetual contracts traded on overseas exchanges, starting in 2027.
• The Hong Kong Monetary Authority is advancing around-the-clock tokenized settlement and plans to include stablecoins in trials involving Exchange Fund Bills.
• Standard Chartered launched tokenized deposit services for corporate clients in Hong Kong.
• Ethereum Layer 2 network Lisk Chain shut down on November 2, with the revamped Lisk pivoting to an enterprise finance platform.
• The NYSE brought in Wall Street financial technology provider Broadridge to deliver on-chain shareholder voting for tokenized stocks.
• Brazilian exchange Mercado Bitcoin lost more than $40 million in a hack and suspended deposits and withdrawals.

• November 3: U.S. midterm elections; Apple earnings; South Korea’s October CPI; KITE unlock equivalent to 17.42% of circulating supply, worth approximately $75.6 million.
• November 4: U.S. October ISM Services Index; U.S. October ADP Employment Change; eurozone October CPI; Circle and AMD earnings; MMT unlock equivalent to 294.38% of circulating supply, worth approximately $32.3 million.
• November 5: U.S. initial jobless claims for the week ending October 31; Bank of England policy rate decision; Bank of Japan’s September monetary policy meeting minutes; Qualcomm and Coherent earnings; ENA unlock equivalent to 0.7% of circulating supply, worth approximately $17.7 million.
• November 6: U.S. October nonfarm payrolls and unemployment rate; Lumentum earnings.
• November 8: STABLE unlock equivalent to 4.93% of circulating supply, worth approximately $23.01 million; AVAX unlock equivalent to 0.3% of circulating supply, worth approximately $14.7 million.

• 📊 Market Overview
• U.S. equities pulled back sharply last week amid concerns over AI capital expenditure and corporate earnings. On Friday, the Nasdaq fell 2.86%, the S&P 500 declined 1.82%, and the semiconductor index dropped 7.2%, as investors grew increasingly concerned that tech giants’ continued AI spending was failing to deliver sufficient near-term returns. Meanwhile, the Federal Reserve held interest rates at 3.75%–4.00%, with two officials favoring a hike, further weighing on risk appetite. Crypto markets also faced pressure from the roughly $6.3 billion Binance hack. BTC briefly fell toward $76,300 before recovering some losses, trading between $77,000 and $78,000 over the weekend without sustained panic selling. By the morning of November 2, BTC was retesting $78,000, while ETH traded around $2,260. Fund flows remained cautious, however: spot BTC ETFs recorded $643 million in net outflows on October 30, while spot ETH ETFs saw approximately $156 million leave, suggesting institutional capital had yet to return meaningfully. Near-term attention remains on support around $76,000 and resistance at $80,000. A sustained move above $80,000, accompanied by improving ETF flows, could support further recovery; continued selling in tech stocks could instead push BTC back toward lower support levels. U.S. midterm elections, nonfarm payrolls, and tech earnings could amplify volatility this week.
• BTC: $78,350.00 (+1.05%); ETH: $2,275.28 (+0.88%); Nasdaq: 25,437.00 (−2.86%); S&P 500: 7,580.07 (−1.82%); Fear & Greed Index: 37 (previous: 30).

• 🧠 Market Insights
• Withdrawal pressure at Binance has eased, but rebuilding trust is only beginning. In the first 9.5 hours after phased withdrawals resumed on November 1, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits, resulting in approximately $3.64 billion in net outflows—2.1% of its previously disclosed $171 billion in assets under management. Binance said withdrawal volumes had gradually declined after an initial surge. The exchange has also replenished approximately 95% of the affected assets, with the remaining 5% largely consisting of less liquid tokens, indicating substantial capacity to mobilize funds and meet near-term withdrawals despite the losses. Nevertheless, market activity suggests users remain keen to reduce platform exposure and move assets. DefiLlama data showed Binance’s rolling 24-hour net outflows briefly reached $5.817 billion, while OKX, Robinhood, and Bybit recorded varying levels of net inflows over the same period.
• Stolen Binance funds continue moving across chains, exposing governance challenges across DeFi’s cross-chain infrastructure. The FBI has attributed the attack to North Korea’s TraderTraitor, published associated addresses, and called on DeFi platforms, cross-chain protocols, and node operators to help block transactions. Attackers nevertheless continue dispersing assets across multiple public blockchains and cross-chain protocols. Separately, an Ethereum single-block reorganization on October 31 caused THORChain to mistakenly pay out 10 ETH that had never actually arrived, triggering an automatic circuit breaker and pausing trading across multiple chains. The pause also unexpectedly slowed the movement of some stolen funds. Although the ETH has since been returned and the vault’s solvency restored, the incident highlights cross-chain protocols’ reliance on underlying blockchain finality, node-level risk controls, and emergency pause mechanisms. Beyond the amount recovered, attention should focus on whether protocols can balance normal transaction efficiency, asset security, and the interception of suspicious funds. Following several security incidents, the safety of on-chain routing and cross-chain infrastructure may become an increasingly important factor in users’ choice of platform.
• 🔥 Alpha Token Performance
• LIT: Lighter’s plans to apply for U.S. CFTC derivatives licenses, alongside progress in its Robinhood Chain ecosystem deployment, have attracted market attention. The token rose approximately 12% over 24 hours, with trading volume of about $117 million.
• G: Gravity’s mainnet migration constrained liquidity on some exchanges and widened cross-platform price gaps, with arbitrage activity driving a short-term rally and higher volume. The token gained approximately 10% over 24 hours, with trading volume of about $93.7 million.
• NEAR: Attention centers on the token issuance proposal vote closing November 2, which would gradually lower the maximum annual issuance rate from 2.5% to 1.6%. Expectations of slower supply growth supported the token, which rose approximately 8.5% over 24 hours on trading volume of about $870 million.
• DACITYCOIN: The fictional cryptocurrency DacityCoin featured in the GTA VI trailer sparked speculation in a meme token of the same name, sending it up more than 50% over 24 hours.

• Middle East: Iranian representatives traveled to Doha over the weekend for continued discussions with mediators including Qatar and Pakistan. Iran has agreed to a “two-day plan”: the U.S. would take steps to fulfill its commitments on the first day, followed by the reopening of the Strait of Hormuz on the second. Iran would resume talks with the U.S. only after Washington fulfills its commitments. In a phone call with Trump, Netanyahu urged military action against Iran immediately after the U.S. midterm elections, while Trump expressed a preference for allowing negotiations to continue.

• Polymarket is expanding its partnership with Chainlink and will launch 15-minute gold and silver price prediction markets.
• Italy is proposing a 33% exit tax on crypto holders relocating abroad, including taxation of unrealized gains.
• OnePay and Stripe have launched stablecoin deposits, supporting direct conversion of USDC into U.S. dollars across 12 blockchains.
• Uniswap has introduced TJAR, an on-chain fee conversion framework that allows applications to automatically convert fees collected in multiple tokens into a designated token.
• Brazil’s application window for virtual asset service provider licenses has closed, with only around 40 companies submitting applications.

• November 2: U.S. October ISM Manufacturing Index; final eurozone October Manufacturing PMI; BTW unlock equivalent to 3.37% of circulating supply, worth approximately $114 million; ZAMA unlock equivalent to 10.92% of circulating supply, worth approximately $18.58 million.
• November 3: U.S. midterm elections; Apple earnings; South Korea’s October CPI; KITE unlock equivalent to 17.42% of circulating supply, worth approximately $75.6 million.
• November 4: U.S. October ISM Services Index; U.S. October ADP Employment Change; eurozone October CPI; Circle and AMD earnings; MMT unlock equivalent to 294.38% of circulating supply, worth approximately $32.3 million.
• November 5: U.S. initial jobless claims for the week ending October 31; Bank of England policy rate decision; Bank of Japan’s September monetary policy meeting minutes; Qualcomm and Coherent earnings; ENA unlock equivalent to 0.7% of circulating supply, worth approximately $17.7 million.
• November 6: U.S. October nonfarm payrolls and unemployment rate; Lumentum earnings.
• November 8: STABLE unlock equivalent to 4.93% of circulating supply, worth approximately $23.01 million; AVAX unlock equivalent to 0.3% of circulating supply, worth approximately $14.7 million.

• 📊 Market Analysis
• U.S. economic data pointed to accelerating GDP growth alongside a rebound in inflation, fueling expectations of further rate hikes. Meanwhile, Alphabet’s weaker-than-expected earnings prompted markets to reassess the returns on AI investment, sending all three major U.S. stock indexes lower, with the Communication Services sector plunging 6.6%. Amazon, Intel, and SanDisk shares came under further pressure following their earnings releases, with Intel tumbling 21.6%, Amazon falling 5.7%, and SanDisk declining 3.4%. The crypto market faced an additional shock as Binance’s hot wallets were suspected of suffering a major hack, with abnormal outflows of substantial funds triggering short-term panic selling. BTC broke decisively below the key $80,000 and $78,000 support levels on elevated trading volume, reaching a low of $77,012.4 before consolidating narrowly around $77,000–$77,300. The technical structure has shifted into an accelerated correction and bottom-confirmation phase. The key short-term level to watch is $76,500, the average cost basis of short-term holders (STH). If this level holds, consolidation could help stabilize sentiment and build momentum for a rebound. If it breaks, short-term holders’ unrealized profits will come under pressure, potentially turning some holdings into selling pressure and driving prices lower.
• BTC: $77,988.8 (-4.12%); ETH: $2,253.61 (-4.49%); NASDAQ: 26,184.72 (-1.38%); S&P 500: 7,720.39 (-0.30%); Fear & Greed Index: 30 (previous: 51) * (Data as of: 2026-10-30 00:00 UTC)*
• 🧠 Market Insights
• Binance suffered a large-scale hot-wallet attack, with abnormal transfers detected across multiple hot-wallet addresses involving more than 60 assets, including ETH, BTC, USDT, and USDC. On-chain estimates put the outflows at approximately $5.3 billion–$5.6 billion. Binance urgently suspended deposits and withdrawals and pledged to fully cover user losses. Tether, Circle, and Ripple assisted in freezing or intercepting some of the funds, with approximately $2.39 billion–$2.54 billion reportedly blocked or frozen so far. CZ confirmed the hack and estimated that losses could slightly exceed $1 billion. The SAFU fund holds approximately 15,000 BTC, worth around $1 billion, providing a degree of protection during the incident response. The hacker converted some assets into ETH, creating continued selling pressure on related assets. UNI fell more than 9%, ENA more than 15%, AAVE more than 11%, PEPE nearly 10%, LINK more than 10%, and ONDO nearly 11%. The broader crypto market sold off, with BNB plunging more than 8% intraday and BTC and ETH also suffering steep declines, triggering short-term panic selling. On the same day, Polymarket was also compromised through a third-party service provider, resulting in estimated losses of $2.7 million–$3.46 million. Users will be fully compensated, but the incident further amplified market concerns over security when combined with the Binance attack.
• In the short term, the incidents have primarily damaged market sentiment, putting broad pressure on risk assets. Binance’s commitment to cover user losses and the swift freezing of some funds by stablecoin issuers have helped ease panic, but a substantial amount of assets remains unrecovered. Markets still face three key uncertainties: first, whether approximately $3.2 billion in BTC and ETH that has not been frozen will face continued selling pressure; second, the risk of secondary attacks stemming from unrevoked EIP-7702 delegations; and third, the long-term erosion of trust in centralized exchange security. If confirmed losses exceed $1 billion, some users may accelerate their migration toward self-custody and decentralized alternatives. Over the medium term, the incident has exposed security vulnerabilities in hot-wallet permission management and newer authorization mechanisms, potentially prompting trading platforms and wallet providers to strengthen authorization verification and risk controls.
• 🔥 Alpha Project Performance
• UNI/ENA/PEPE/LINK/AAVE/ONDO: Selling of related tokens by the Binance hacker weighed on prices. UNI fell more than 9%, ENA more than 15%, AAVE more than 11%, PEPE nearly 10%, LINK more than 10%, and ONDO nearly 11%.
• HYPE: ICE partnered with Trade. xyz and OKX to bring Hyperliquid-based perpetual futures into the U.S. regulated market, helping HYPE gain nearly 12% intraday.
• TRX: TRX options launched on Blockchain. com, while continued TRX purchases by Tron Inc. provided additional support. TRX surged from $0.32 to $0.36, with daily trading volume expanding more than threefold and the token rising over 9% intraday.

• Middle East tensions: Iran said it had yet to respond to a letter from U.S. Vice President Vance and maintained that the United States must meet seven conditions. Trump plans to strike Iran after the midterm elections, while U.S. military aircraft are being redeployed to relevant positions.
• The U.S. core PCE price index rose 3.1% year over year in September, in line with expectations of 3.10% and up from 3.00% previously. The reading edged higher from the prior month, matching market expectations.
• U.S. real GDP grew at an annualized rate of 3.4% in the preliminary third-quarter estimate, accelerating sharply from 2.2% in the previous quarter and exceeding market expectations of 3.2%.
• Initial U.S. jobless claims for the week ending October 24 came in at 194,000, below expectations of 199,000. The previous reading was revised from 194,000 to 195,000.
• The European Central Bank left its deposit facility rate, main refinancing rate, and marginal lending rate unchanged at 2.50%, 2.65%, and 2.90%, respectively, in line with market expectations.

• South Korea’s ruling party will meet with the country’s five major crypto exchanges on Friday to discuss whether to delay the crypto taxation policy.
• The London Metal Exchange is exploring the tokenization of metal inventories in Hong Kong warehouses for use as collateral in lending and financing.
• Polymarket launched five-minute crypto price-direction prediction markets on its U.S. platform.
• Polymarket and other prediction markets face tighter regulation in Australia. ASIC confirmed that it has not received any operating applications.
• Galaxy Digital filed an application with the U.S. Office of the Comptroller of the Currency to establish a national trust bank.

• October 31: FLOCK token unlock, representing 40.97% of circulating supply, worth approximately $18.4 million.
• November 1: OPEC+ meeting; SUI token unlock, representing 0.32% of circulating supply, worth approximately $12 million; EIGEN token unlock, representing 3.93% of circulating supply, worth approximately $8.4947 million.

• 📊 Market Analysis
• The Federal Reserve’s policy meeting and corporate earnings were the key drivers of global markets on Wednesday. The Fed held interest rates steady at its October meeting, in line with expectations, while all three major U.S. stock indexes closed higher, supported by strength in memory and optical communications stocks. After the market close, Microsoft and Google reported divergent earnings results, reigniting debate over whether AI capital expenditure can translate into meaningful returns. Google shares plunged after its Q3 results fell short of expectations. Meanwhile, SK Hynix reported a sevenfold year-over-year increase in Q3 operating profit, lifting memory stocks across the board. SK Hynix surged 13.3%, Micron gained approximately 5.86%, SanDisk rose around 7.66%, and Western Digital advanced about 4.08%. Most optical communications stocks also closed higher. In the crypto market, BTC rebounded above $81,000 but encountered resistance after briefly rising above $81,700. Trading volume contracted, and the price returned to consolidate in the $81,000–$81,200 range. In the short term, attention is focused on whether the $80,700–$81,000 support zone can hold and whether BTC can break decisively above the $81,500–$81,750 resistance zone.
• BTC: $81,340.4 (+0.53%); ETH: $2,359.53 (+0.39%); NASDAQ: 26,549.85 (+0.27%); S&P 500: 7,744.37 (+0.28%); Fear & Greed Index: 51 (previous: 51) * (Data as of 2026-10-29 00:00 UTC)*
• 🧠 Market Insights
• Although the Federal Reserve’s decision to hold rates steady was widely expected, two officials advocated a rate hike, highlighting continued divisions within the policymaking committee. If inflation rebounds, expectations for rate cuts could weaken further, limiting the scope for valuation expansion across risk assets. On the capital flow front, net inflows into Bitcoin ETFs have been close to zero year to date, yet BTC’s decline has remained relatively limited, suggesting that the market retains a degree of underlying buying support. Meanwhile, publicly listed companies now hold approximately 1.3 million BTC, up 31% over the past 14 months, with Strategy accounting for 71% of the increase. Continued corporate treasury accumulation provides structural support for the market, although the concentration of incremental demand in a single entity introduces risks to its sustainability.
• In addition, the average profit margin of short-term holders (STH) has narrowed from approximately 20% to 5.5%, while their average cost basis stands at around $76,500. With unrealized gains shrinking significantly, the market may enter a consolidation phase. Nevertheless, the overall holder structure remains relatively healthy, with selling pressure having been substantially absorbed. The STH cost basis near $76,500 remains a key support level. As long as this level holds, short-term holders can remain in profit, potentially allowing the market to rebuild momentum following consolidation.
• 🔥 Alpha Project Performance
• AI/PRIORS: PRIORS and AI were added to Robinhood’s asset display page, triggering gains of more than 25% for AI and over 33% for PRIORS intraday.
• MPLX: Unusual price and volume movements attracted speculative interest. After an earlier sharp rally and pullback, the token surged again, with daily trading volume increasing more than 28-fold and the price gaining nearly 60% intraday.
• PEPE: Two long-dormant whale addresses transferred a combined 2.27 trillion PEPE tokens, drawing attention to significant on-chain activity. Despite the broader market backdrop, PEPE strengthened and gained nearly 10% intraday.
• LINK: Chainlink announced an expanded partnership with S&P Global Ratings to bring S&P’s Vault Risk Assessment data on-chain, helping LINK rise nearly 2%.

• Middle East: Iran’s foreign minister stated that Iran was discussing the implementation of a seven-day plan with mediators, with the goal of reaching an agreement in less than a week. U.S. Vice President JD Vance sent a letter to the secretary of Iran’s Supreme National Security Council in an attempt to restart peace negotiations. Trump threatened to resume military operations targeting Iran’s leadership after the U.S. midterm elections.
• The Federal Reserve maintained its benchmark interest rate within the 3.75%–4.00% range, in line with market expectations, although two officials advocated a 25-basis-point rate hike.
• At the post-meeting press conference, Fed Chair Waller stated that the Federal Reserve would reduce the frequency of its policy meetings, with the number of rate-setting meetings scheduled for 2028 falling to six.
• The Bank of Canada raised its benchmark interest rate by 25 basis points to 2.50%, marking its first rate hike in more than three years.

• The U.S. Commodity Futures Trading Commission (CFTC) sued Utah to prevent the state from restricting prediction market platform Kalshi, while Utah filed criminal charges against Kalshi and two of its co-founders.
• The CFTC will hold a roundtable on December 15 to discuss 24/7 trading in derivatives markets, including tokenized assets.
• Google introduced a multiparty computation (MPC)-based digital asset custody service, with commercial availability planned for early 2027.
• The Depository Trust & Clearing Corporation (DTCC) officially launched its tokenization service, with Ondo Finance participating as an ecosystem partner.
• Pump.fun integrated Hyperliquid perpetual futures trading into its application.

• October 30: Bank of Japan interest rate decision; BOJ governor’s monetary policy press conference; earnings reports from Amazon, Coinbase, Intel, and SanDisk; CARDS token unlock equivalent to 9.6% of circulating supply, worth approximately $18.4 million.
• October 31: FLOCK token unlock equivalent to 40.97% of circulating supply, worth approximately $18.4 million.
• November 1: OPEC+ meeting; SUI token unlock equivalent to 0.32% of circulating supply, worth approximately $12 million; EIGEN token unlock equivalent to 3.93% of circulating supply, worth approximately $8.4947 million.

• 📊 Market Analysis
• The AI financing and computing demand narrative continues to gain momentum. Broadcom reached a $63 billion financing arrangement with multiple banks to purchase AI equipment and lease it to Anthropic; Oracle expanded its partnership with OpenAI; and Meta’s $25 billion equity offering was oversubscribed fivefold. These catalysts drove semiconductor and computing infrastructure stocks to lead the U.S. market higher, with the Philadelphia Semiconductor Index rising 3.60%. Nebius, CoreWeave, AMD, and Broadcom gained 11.22%, 7.94%, 5.45%, and 4.00%, respectively. The Federal Reserve’s October meeting is underway, and markets remain cautious ahead of the policy announcement. U.S. Treasury yields traded within a narrow range, while gold climbed back above $4,000. In the crypto market, BTC rebounded after repeatedly testing support at $79,500–$79,600, reclaiming the $80,000 level but encountering resistance near $81,200–$81,250. The price is currently consolidating on lower volume in the $80,600–$80,900 range, with upward momentum temporarily easing. In the short term, attention is focused on whether BTC can decisively break above resistance near $81,200 and whether the $80,000 level can continue to provide support.
• BTC: $80,908.3 (+0.97%); ETH: $2,350.39 (+1.12%); NASDAQ: 26,477.81 (+1.18%); S&P 500: 7,722.67 (+0.60%); Fear & Greed Index: 51 (previous: 48) * (Data as of 2026-10-28 00:00 UTC)*
• 🧠 Market Insights
• Recent DeFi developments have centered on liquidity integration, institutional asset access, and governance improvements, with leading protocols shifting their focus from feature expansion toward value capture and compliant access channels. Uniswap is using Aggregator Hooks to integrate external liquidity from platforms such as Curve and PancakeSwap into v4, improving trade routing and liquidity aggregation to enhance capital efficiency. Trades routed through external liquidity also incur protocol fees, which are used to burn UNI, bringing competitive and cooperative relationships within a unified value-capture framework. Chainlink and Ripple are building compliant pathways for institutional assets to enter DeFi. Chainlink launched CustodySync, allowing qualified custodians to enable assets held in compliant custody to serve as collateral in DeFi lending, introducing new sources of collateral for on-chain credit markets. Ripple received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank supporting RLUSD and institutional digital asset custody. It also introduced 24/7 Returns, enabling corporate clients to earn returns on eligible digital assets held in Ripple wallets.
• Meanwhile, controversy surrounding Compound’s governance multisig veto power has highlighted the boundaries of authority between protocol treasury management and community governance. BNB Chain plans to launch a new Layer 1 while retaining BSC, continuing to use BNB for gas fees, staking, and governance. The primary objective is to address BSC’s performance limitations in ultra-low-latency applications, including on-chain order-book DEXs, high-frequency trading, and AI-driven autonomous agent interactions, providing DeFi with higher throughput and lower latency. For the market, external liquidity aggregation could improve trade execution while intensifying competition for traffic among DEXs. Institutional access to custodied assets could expand the supply of collateral in lending markets and open DeFi to institutional capital. By improving trading efficiency, introducing additional collateral, and broadening institutional funding sources, DeFi protocols could strengthen their revenue growth potential and expand their capital base.
• 🔥 Alpha Project Performance
• OSMO: Osmosis proposed ending OSMO inflationary emissions. Expectations of tighter token supply drove the token up more than 9% on the day.
• VEREM: Unusual price and volume movements attracted speculative buying. The price surged from $29 to $50 before retracing, while daily trading volume nearly tripled. Despite a narrowing gain, the token remained up more than 32% intraday.
• PUMP/GRAM: Pump.fun added support for purchasing TON ecosystem tokens directly with USDC. The platform ranked among the top projects by weekly revenue, and growth in both revenue and usage helped lift the tokens, with PUMP and GRAM each gaining more than 2% on the day.

• Middle East: The U.S. warned Gulf countries that it could launch a brief but intense military campaign against Iran after the midterm elections. The Iranian foreign minister held phone calls with his Egyptian and Jordanian counterparts, emphasizing diplomacy to maintain regional stability. An attack sparked a fire near Saudi Arabia’s largest oil export hub, while explosions were reported at an air force base south of Riyadh. Egypt’s parliament has approved assistance to Saudi Arabia, potentially including the deployment of troops overseas.

• Thailand launched WORPT, a crypto payment app that allows foreign tourists to exchange USDT and USDC for Thai baht to make purchases.
• The U.S. Office of the Comptroller of the Currency (OCC) encouraged community banks to apply to become stablecoin issuers under the GENIUS Act.
• The Netherlands plans to vote in November on taxing unrealized cryptocurrency gains.
• Ethereum fixed a vulnerability in the Glamsterdam upgrade.
• BlackRock signed memoranda of understanding with SBI and Startale to explore connections between tokenized funds and yen-pegged stablecoins.
• Hyperliquid announced its entry into the U.S. market and a partnership with Kraken on HIP-3.
• Ondo’s tokenized stocks and ETFs launched on Robinhood Chain.

• October 29: Federal Reserve FOMC interest rate decision; Fed Chair Waller’s monetary policy press conference; U.S. September PCE data and Q3 GDP advance estimate; U.S. initial jobless claims for the week ending October 24; European Central Bank interest rate decision; earnings reports from Google, Microsoft, Strategy, and Samsung Electronics; FF token unlock equivalent to 6.62% of circulating supply, worth approximately $20.7 million.
• October 30: Bank of Japan interest rate decision; BOJ governor’s monetary policy press conference; earnings reports from Amazon, Coinbase, Intel, and SanDisk; CARDS token unlock equivalent to 9.6% of circulating supply, worth approximately $18.4 million.
• October 31: FLOCK token unlock equivalent to 40.97% of circulating supply, worth approximately $18.4 million.
• November 1: OPEC+ meeting; SUI token unlock equivalent to 0.32% of circulating supply, worth approximately $12 million; EIGEN token unlock equivalent to 3.93% of circulating supply, worth approximately $8.4947 million.

• 📊 Market Analysis
• U.S. stocks rebounded ahead of a packed earnings week and the Federal Reserve’s policy meeting, with all three major indexes closing higher. Anthropic’s public filing of its IPO registration statement boosted AI investment sentiment, lifting semiconductor and optical communications stocks broadly. ARM, Intel, and AMD rose 6.19%, 4.04%, and 2.80%, respectively, while Lumentum gained 8.19% and Micron Technology advanced 2.98%. Tesla surged 5.21% after Barclays raised its price target and rating. In the crypto market, BTC continued to consolidate around $80,000 as investors awaited the Fed’s October 28 policy decision. The probability of rates remaining unchanged currently stands at 90.6%. BTC repeatedly experienced sharp downside wicks, finding buying support each time in the $79,400–$79,600 range before reclaiming $80,000, but its advance was capped near $80,800. The short-term outlook remains in a consolidation and bottom-building phase. Key support lies at $79,400–$79,600, while $80,500–$80,800 forms the primary resistance zone. Range-bound trading is expected to continue unless BTC breaks decisively above resistance.
• BTC: $80,129.6 (-0.03%); ETH: $2,324.34 (-0.24%); NASDAQ: 26,169.38 (+0.83%); S&P 500: 7,676.85 (+0.70%); Fear & Greed Index: 48 (previous: 50) * (Data as of 2026-10-27 00:00 UTC)*
• 🧠 Market Insights
• Crypto regulation is advancing amid disputes over federal and state authority, repeated tax policy revisions, and the development of compliance infrastructure. California’s Department of Financial Protection and Innovation (DFPI) opposed the SEC’s proposed crypto asset regulatory framework, warning that fundraising exemptions could weaken state-level oversight and investor protection. This highlights continued resistance from local regulators to the federal push for regulatory simplification. South Korea may postpone its crypto gains tax for the fourth time, underscoring persistent obstacles to implementation, including access to trading data and cross-border tax coordination. Meanwhile, Latvia plans to establish a regulatory framework for RWA tokenization, Hong Kong has for the first time permitted secondary trading of publicly offered tokenized money market funds on a licensed trading platform, and the European Central Bank plans to launch a digital euro pilot in 2027. Together, these developments indicate that regulation is gradually moving beyond high-level principles toward the implementation of specific products and infrastructure.
• These regulatory developments point to two key trends. First, regulatory authority is being contested and redefined. The conflict between California and the SEC, along with proposed changes to fundraising restrictions under the CLARITY Act, reflects an ongoing struggle between federal and state authorities and between legislative and enforcement approaches. A unified U.S. regulatory framework is unlikely to emerge in the short term, and policy uncertainty will continue to constrain large-scale institutional allocations. Second, compliant tokenization is making tangible progress. Hong Kong’s approval of secondary trading for publicly offered tokenized funds, Latvia’s planned RWA framework, and the upcoming digital euro pilot indicate that tokenized assets are gradually being integrated into mainstream financial infrastructure rather than remaining at the conceptual stage. South Korea’s potential fourth postponement of crypto taxation further demonstrates that countries’ ability to enforce crypto tax policies remains constrained before cross-border data-sharing mechanisms such as the Crypto-Asset Reporting Framework (CARF) are fully implemented. In the short term, uncertainty surrounding the U.S. regulatory framework, combined with repeated changes to tax policies across jurisdictions, may continue to dampen institutional investment appetite. Over the medium to long term, competition will increasingly depend on the maturity of regulatory frameworks and supporting infrastructure. Jurisdictions offering clear regulatory pathways and access to traditional financial systems are likely to attract institutional participation first and accelerate the adoption of RWAs and other digital assets.
• 🔥 Alpha Project Performance
• DOOD: Continued buying momentum from South Korean capital drove a pronounced price and volume surge. The token rallied from $0.0014, with daily trading volume increasing nearly sixfold and the price rising almost 67% on the day.
• AKT: Akash Network proposed migrating from Cosmos to Solana, helping the token gain nearly 4% on the day.
• UNI: A fundamental revaluation gained momentum amid rising revenue and usage. Deposits in tokenized stocks on Uniswap v3/v4 exceeded $300 million, up 2,451% year over year, while UNI rose more than 3% intraday.
• INIT: Following an attack on Initia, a South Korean exchange placed the token on its trading watchlist, triggering a brief decline of more than 20%. The token subsequently rebounded from oversold levels, gaining nearly 4% on the day.

• Middle East: Mediators, including Qatar, are pushing for Iran to reopen the Strait of Hormuz in exchange for the U.S. lifting its blockade of Iranian ports. The main obstacle remains the sequencing of concessions by both sides. Officials from Saudi Arabia, Türkiye, and Pakistan visited Tehran, and the four countries agreed to consult on strengthening regional peace and security cooperation. 

• Canada released a draft stablecoin regulatory framework for public consultation through December 23. The proposal prohibits issuers from paying interest (while permitting reward-like incentives), requires 1:1 reserves, mandates redemption within three business days, and caps redemption fees at 1%.
• Hong Kong’s Securities and Futures Commission approved secondary trading of publicly offered tokenized funds on a licensed Virtual Asset Trading Platform (VATP) for the first time.
• Latvia plans to introduce RWA tokenization regulations in the first half of 2027.
• The U.S. Office of the Comptroller of the Currency (OCC) formally approved Ripple National Trust Bank, which will support RLUSD and institutional digital asset custody services.
• The NBA reached prediction market partnership agreements with Kalshi and Polymarket and signed a memorandum of understanding with the CFTC regarding NBA prediction markets.
• Franklin Templeton plans to launch two Bitcoin ETFs with dividend reinvestment features.

• October 28: Bank of Canada policy rate decision; earnings reports from Robinhood, SK Hynix, and Seagate Technology; XPL token unlock equivalent to 6.56% of circulating supply, worth approximately $23.4185 million.
• October 29: Federal Reserve FOMC interest rate decision; Fed Chair Waller’s monetary policy press conference; U.S. September PCE data and Q3 GDP advance estimate; U.S. initial jobless claims for the week ending October 24; European Central Bank interest rate decision; earnings reports from Google, Microsoft, Strategy, and Samsung Electronics; FF token unlock equivalent to 6.62% of circulating supply, worth approximately $20.7 million.
• October 30: Bank of Japan interest rate decision; BOJ governor’s monetary policy press conference; earnings reports from Amazon, Coinbase, Intel, and SanDisk; CARDS token unlock equivalent to 9.6% of circulating supply, worth approximately $18.4 million.
• October 31: FLOCK token unlock equivalent to 40.97% of circulating supply, worth approximately $18.4 million.
• November 1: OPEC+ meeting; SUI token unlock equivalent to 0.32% of circulating supply, worth approximately $12 million; EIGEN token unlock equivalent to 3.93% of circulating supply, worth approximately $8.4947 million.

• 📊 Market Analysis
• Since last Friday, the risk of renewed hostilities between the US and Iran has surged, with higher crude oil prices exacerbating inflation concerns, weighing on the performance of US stocks and bonds. For the first time this week, all three major stock indices ended lower. However, the chip index rebounded slightly, with SK Hynix's US stock closing up over 4%, while Western Digital, despite excellent performance, still fell 3%. Funding concerns severely impacted AI trading, with CoreWeave falling over 10% and Meta dropping more than 9% for the week. Apple's stock hit a new high during trading, briefly surpassing NVIDIA's market capitalization to reach the top position, before turning downwards. BTC weakened simultaneously and fell below $80,000 again, with altcoins generally declining. Over the weekend, BTC made a step-like decline and broke through the $80,000 mark with increased volume, quickly reaching near $79,200; bulls attempted to rebound, but were blocked again at the highest point near $80,900–$81,000. The near-term defense line is focused on $79,600–$80,000. If it falls below $80,000 and drops below $79,200, it may further decline to $78,000–$78,600 in the short term.
• BTC: $80,151.4 (-0.91%); ETH: $2,329.88 (-1.23%); NASDAQ: 25955.34 (-0.21%); S&P 500: 7,623.68 (-0.52%); Fear & Greed Index: 50 (previous value 50) (Data as of: 2026-10-26 00:00 UTC)
• 🧠 Market Insights
• Bitcoin is currently experiencing a phase of significantly reduced volatility. Over the past 30 days, the spread between the highest and lowest prices has narrowed from 13% to 6%, with prices remaining within a range of $80,000 to $86,000 for nearly two consecutive weeks. This pattern of low volatility convergence typically indicates that the market is awaiting a directional catalyst. In terms of capital flows, the cumulative inflow of BTC from retail investors into leading exchanges over the past 30 days has nearly doubled from $5.5 billion to $10.75 billion, hitting a six-month high. Meanwhile, whale inflows have decreased from $5.9 billion at the end of August to $3.8 billion during the same period.
• For the market, BTC's rebound near the SMA 365 and the contraction of volatility have made the $80,000 mark the core anchor point in the bull-bear game. Although the surge in retail inflows provides short-term support, if its essence is to reduce positions during the rebound, the selling pressure above will gradually emerge when prices rebound. This week's dense macroeconomic events will be the key variables to break the low volatility deadlock: the Federal Reserve, European Central Bank, Bank of Japan, as well as the central banks of New Zealand and Canada will successively announce interest rate decisions, and Warsh, Lagarde, and Ueda will hold press conferences; the United States will announce the September core PCE, preliminary GDP for the third quarter, and initial jobless claims. If the Federal Reserve releases a clear signal and technology giants' financial reports verify the logic of AI returns, the market is expected to regain direction; on the other hand, if the PCE data exceeds expectations or the financial reports fall short of expectations, the support at $80,000 will face a more severe test.
• 🔥Alpha project performance
• ENA: Previously, Arthur Hayes transferred and sold 14 million ENA, triggering a decline and fluctuation in the token price. After overshooting, it rebounded, rising nearly 5% intraday.
• CAP: Market long-short data showed that the short position in the token had once approached 78%. Driven by short squeeze, the token rapidly surged from $0.06 to $0.11, marking an intraday increase of over 41%.
• PYTH: Due to the recent fundamental reassessment triggered by the growth of revenue and usage, coupled with the inclusion of the US Treasury bond index in the Pyth Pro service by Pyth Network, the token has surged by over 4% intraday.

• Situation in the Middle East: The Iranian President called for both sides to try to reach an agreement here, while Trump indicated that he might strike Iran again, or they might reach an agreement. Qatar's mediators went to Tehran to coordinate and promote the cooling down of the regional situation. The Houthi rebels and Saudi Arabia continued to attack each other, and the United States updated its travel warnings for multiple countries in the Middle East.
• The US government announced an exemption of 50% of the tariffs on some Canadian imports, which were imposed after the US-Canada negotiations broke down at the end of August.

• The US Securities and Exchange Commission (SEC) announced the inspection priorities for fiscal year 2027, focusing on the risks associated with tokenization, cybersecurity, and advanced AI technology
• The Bank of Korea will require VASP to report the month-end positions of cross-border cryptocurrency users on December 2nd; Meanwhile, it plans to amend the Foreign Exchange Transaction Act within the year to strengthen the supervision of stablecoin payments
• South Korea has postponed the implementation of the crypto-asset income tax, which was originally scheduled for January 1, 2027, for the third time
• The Central Bank of Malaysia and the Bank of Thailand have joined the Singapore Monetary Authority's BLOOM cross-border digital currency initiative, focusing on cross-border settlement, interoperability, and programmable compliance
• The UK's Financial Conduct Authority (FCA) intends to bring under its supervision cryptocurrency applications that select trading routes based on factors such as price and liquidity
• The regulation prohibiting crypto ATMs in Albuquerque, New Mexico, USA, has officially taken effect, with a daily fine of $500 for violators
• Kalshi plans to launch futures contracts linked to the US CPI in December
• HSBC launches Hong Kong dollar stablecoin RedCoin, initially covering 3.3 million PayMe users
• The Ethereum Foundation has postponed the Glamsterdam upgrade for the Hoodi testnet, with the specific date to be determined

• October 26: Cadence announces its financial report.
• October 28: Bank of Canada policy interest rate; Robinhood, SK Hynix, and Seagate Technology announce financial reports; XPL unlocks 6.56% of the circulation, worth approximately $23.4185 million
• October 29: The Federal Open Market Committee (FOMC) of the Federal Reserve announces its interest rate decision; Federal Reserve Chairman Jerome H. Powell holds a press conference on monetary policy; the United States releases September Personal Consumption Expenditures (PCE) data and preliminary GDP for the third quarter; initial weekly jobless claims data for the week of October 24 in the United States (in thousands); the European Central Bank announces its interest rate decision; Google, Microsoft, Strategy, and Samsung Electronics release their financial reports; Faraday Future (FF) unlocks 6.62% of its circulation, worth approximately $20.7 million.
• October 30: The Bank of Japan announces its interest rate decision; the Governor of the Bank of Japan holds a press conference on monetary policy; Amazon, Coinbase, Intel, and SanDisk announce their financial reports; CARDS unlocks 9.6% of the circulation, worth approximately $18.4 million.
• October 31: FLOCK's unlocked circulation accounted for 40.97%, with a value of approximately $18.4 million.
• November 1: OPEC+ meeting; SUI unlocks a circulation share of 0.32%, valued at approximately $12 million; EIGEN unlocks a circulation share of 3.93%, valued at approximately $8.4947 million.

• 📊 Market Analysis
• Risk aversion intensified across U.S. markets. Following an attack on Saudi energy facilities, reports emerged that the U.S. and Israel had developed plans to strike Iran after the U.S. midterm elections. Brent and WTI crude oil prices both climbed to five-month highs. Escalating geopolitical tensions heightened concerns over energy supply disruptions and a resurgence in inflation. Meanwhile, renewed doubts about the returns on AI capital expenditure and the sustainability of AI-related financing prompted investors to rotate out of high-valuation growth stocks and into bonds and defensive assets. The Nasdaq posted its largest single-day decline since June, while U.S. Treasury yields fell sharply across the curve. U.S. technology stocks sold off heavily, led by semiconductors, with storage, crypto-related, and optical communications stocks also declining across the board.
• In the crypto market, BTC reversed after an attempted rally, with short-term downside pressure intensifying. After failing to break through the previous high resistance zone at $84,800–$85,000, BTC quickly retreated, successively breaking below $84,000 and $83,000 before hitting an intraday low near $81,000. Selling pressure eased somewhat after the decline reached $81,000, and the price consolidated narrowly between $81,200 and $81,600. The $80,000 area is now a key support level to watch, as it represents a major consolidation zone with concentrated buying support where BTC has previously found a bottom and rebounded multiple times. If selling volume contracts and the price stabilizes convincingly at this level, potentially forming a double bottom, a technical recovery may still be possible.
• BTC: $81,412.1 (-3.20%); ETH: $2,389.15 (-3.42%); NASDAQ: 26,008.86 (-2.60%); S&P 500: 7,663.43 (-1.21%); Fear & Greed Index: 50 (previous: 68) * (Data as of 2026-10-23 00:00 UTC)*
• 🧠 Market Insights
• The disclosure of two critical PHP remote code execution (RCE) vulnerabilities, both rated 9.2 under CVSS v4.0, has escalated into a security incident affecting global infrastructure, with impacts extending beyond technology systems to government services and financial markets. Cloudflare reported hundreds of thousands of exploitation attempts within two hours of disclosure, rising to millions cumulatively. As a precaution, Japan’s Ministry of Health, Labour and Welfare, Ministry of Finance, and government websites across several European countries suspended some services. Cybersecurity stocks rallied, while bond and foreign exchange markets showed little immediate reaction, highlighting the patch deployment window itself as a critical period of vulnerability for essential infrastructure. On-chain security incidents also intensified: the attacker behind the Drift Protocol exploit deposited another 4,600 ETH into Tornado Cash, bringing the cumulative amount laundered to 30,310 ETH; North Korea-linked group SquidSquad allegedly stole approximately $2.84 million from an institution and moved the funds across chains toward OTC channels; and the theft of approximately $2.3 million from MORPHO also involved EIP-7702 delegated account transactions. Other incidents, including the cracking of eMudhra's private key due to a simple integer and the hijacking of third-party push notifications in the NGRAVE LIQUID app, indicate that the attack surface is expanding beyond on-chain protocols into software supply chains and peripheral services.
• Although the direct impact of the PHP vulnerabilities is concentrated in traditional internet infrastructure, many crypto-industry front-end services, APIs, and exchange systems also rely on PHP and other widely used technology stacks. The surge in exploitation attempts during the patch deployment window therefore poses a genuine intrusion risk to these services. New features such as account abstraction improve flexibility but also introduce additional attack vectors, including delegated transactions under EIP-7702. In the short term, a cluster of security incidents is likely to weigh on risk appetite and delay incremental capital inflows. Over the medium to long term, these incidents will push security practices beyond on-chain protocol audits toward protection across the entire technology stack. Platforms with robust supply chain auditing and incident response capabilities will gain a more pronounced trust advantage.
• 🔥 Alpha Project Performance
• MAGMA: Performance is closely tied to the growth of the Sui ecosystem. Recent ecosystem developments and continued TVL expansion have driven gains in both price and volume. The token surged from $0.35 to $0.53, with trading volume increasing more than sixfold and the token gaining over 53% intraday.
• M: Previously oversold following LayerZero and Stargate integrations, the token staged an unusual rebound yesterday, surging from $0.74 to $0.95 before retracing, while remaining up more than 16% intraday.
• AAVE: The Aave founder stated that Aavenomics 3.0 will incorporate AAVE buybacks, staking, and token-burning mechanisms. However, these positive developments failed to offset broader market weakness, and the token fell 5% intraday.

• Middle East: Trump accused Iran of fabricating incidents to drive up oil prices and denied that negotiations with Iran were taking place. The Houthis announced a large-scale retaliatory campaign against Saudi Arabia, while Saudi Aramco headquarters instructed employees to evacuate.
• U.S. initial jobless claims for the week ending October 17 came in at 194,000, the lowest level in three months and approaching a 57-year low. The figure was below expectations of 200,000 and the previous reading of 199,000.
• France's 10-year government bond yield reached 5.084%, exceeding the U.S. Treasury yield for the first time since 2013.

• The U.S. SEC identified TSV LLC, OKXICE, and Kephas as three companies proposing to operate tokenized securities trading platforms under an innovation exemption.
• Robinhood plans to launch its retail investment platform in Dubai next year, targeting the Middle East and offering 10 asset categories, including cryptocurrencies.
• Pump.fun launched its proprietary cross-chain bridge, Pump Bridge, reducing the rate of erroneous purchases by 92%.
• The Ethereum community proposed a “Decoupled Consensus” draft aimed at accelerating finality and improving resistance to chain reorganizations.
• Uniswap v4 Aggregator Hooks launched, enabling external liquidity to be wrapped into v4 pools.
• More than 93.5% of voting power supported transforming Starknet (STRK) into an independent, quantum-resistant Layer 1 network.
• Arc launched Arc Portal, integrating swaps, transfers, and agent permission management.

• October 23: Preliminary U.S. S&P Global Manufacturing and Services PMIs for October; Japan's September CPI; Western Digital earnings report; APR token unlock equivalent to 52.96% of circulating supply, worth approximately $6.6374 million; SOON token unlock equivalent to 5.96% of circulating supply, worth approximately $6.1087 million.
• October 24: SOSO token unlock equivalent to 7.59% of circulating supply, worth approximately $7.8333 million.
• October 25: XPL token unlock equivalent to 5.02% of circulating supply, worth approximately $17.9 million.

• 📊 Market Overview
• Strong quarterly earnings injected fresh momentum into the AI trade, extending the US equity rebound, with all three major indices closing higher. SpaceX gained nearly 8% following strong earnings, while Tesla reversed its earlier gains to close lower. Super Micro Computer rose approximately 9.6% after raising its quarterly revenue guidance. Netflix fell more than 5% after issuing weaker-than-expected earnings guidance and lowering its full-year advertising revenue outlook. In the crypto market, BTC also moved higher amid choppy trading, gradually recovering from around $81,500. After breaking above $82,800, it accelerated to a high near $84,800 before consolidating in the $84,200–$84,500 range. Immediate resistance is concentrated around the previous high of $84,826.7. The overall trend remains tentatively bullish, but further confirmation of upside momentum is needed, with a breakout above resistance near $84,800 being the key level to watch.
• BTC: $84,099.5 (+1.28%); ETH: $2,473.69 (+1.00%); NASDAQ: 26,702.86 (+1.05%); S&P 500: 7,757.17 (+0.58%); Fear & Greed Index: 68 (previous: 63) （Data as of: 2026-10-22 00:00 UTC）
• 🧠 Market Insights
• Asian financial institutions are accelerating the integration of stablecoins with traditional financial infrastructure, expanding use cases beyond cross-border payments into securities issuance and settlement. South Korea's Shinhan Card and Japan's SBI are testing yen stablecoin payments and cross-border settlement between the two countries. JPYC is partnering with SBJ Bank and LINE NEXT to explore direct top-ups from bank accounts, while the Central Bank of Malaysia has launched SSDS+ to support tokenized bond issuance, custody, and settlement in central bank money. A common theme across these developments is that stablecoins and tokenized assets are moving from proof of concept toward implementation in concrete use cases. The Shinhan–SBI partnership directly targets payment demand from tens of millions of travelers between South Korea and Japan; JPYC's collaboration with banks aims to establish a funding channel between stablecoins and bank accounts; and Malaysia's SSDS+ brings tokenized bonds into sovereign-level financial infrastructure by settling transactions in central bank money.
• For the market, this approach—grounded in real-world use cases and central bank-grade settlement—is more sustainable than tokenization narratives alone. It also provides a replicable model for scaling stablecoin adoption in cross-border payments and bond settlement. In the medium term, if stablecoin payment trials between South Korea and Japan progress successfully, they could offer a more efficient option for regional cross-border payments in Asia and encourage more central banks and financial institutions to integrate tokenized assets into existing settlement frameworks.
• 🔥 Alpha Project Performance
• LIT: Lighter plans to apply to the CFTC for DCM/DCO licenses next month, driving LIT up more than 15% on the day.
• ATH: Aethir announced an update to ATH tokenomics, linking token burns directly to actual network revenue. ATH gained nearly 9% on the day following the announcement.
• ZEC: Zcash developers confirmed that the NU7 upgrade is scheduled for November, reducing block time to 25 seconds. Meanwhile, two whale addresses opened 10x leveraged long positions totaling 29,798 ZEC (approximately $37.57 million). ZEC briefly surged nearly 13% before retracing, ending the day up more than 4%.
• ORBIO: Orbio, an AI-powered points trading marketplace within the Robinhood ecosystem, announced the launch of a token issuance platform. ORBIO briefly surged more than 113% before pulling back, closing the day up nearly 2%.
• DOOD/IOST: Driven by listings on leading South Korean exchanges and substantial capital inflows, these small-cap tokens saw unusual price and volume movements. Daily trading volumes for DOOD and IOST surged more than 28-fold and 53-fold, respectively. Both briefly more than doubled before retracing.

• Middle East tensions: Trump said the US would not bomb Iran before the midterm elections. The US military has recently reduced troop deployments at bases in the Middle East while sending another aircraft carrier to the region. Iran denied that diplomatic talks had made any progress. An oil field in eastern Saudi Arabia was attacked by drones.

• The US Office of the Comptroller of the Currency (OCC) finalized its GENIUS Act stablecoin regulatory rules, establishing standards for banks, non-bank institutions, foreign issuers, and custodians. It dropped previously proposed restrictions on yield. The rules will take effect on January 18, 2027.
• The UK Financial Conduct Authority (FCA) launched consultations on DeFi compliance guidance and exemptions from crypto asset regulations.
• France proposed under its MiCA regulatory framework that crypto platforms bear responsibility for certain DeFi activities to which they provide access.
• The Swiss Financial Market Supervisory Authority (FINMA) approved the country's first spot Bitcoin ETF aimed at retail investors.
• The Central Bank of Malaysia launched the SSDS+ tokenized bond platform.
• Solana initiated the Alpenglow upgrade, its largest network change since 2020, which could reduce transaction times to 150 milliseconds.
• The Starknet Foundation launched the Bramble wallet, which supports STRK20 shielded transactions.
• MoonPay entered into a strategic partnership with Dunamu, the parent company of Upbit, to explore stablecoin payments and expansion of the GIWA ecosystem.
• A severe PHP vulnerability, PHP2Shell, triggered global security alerts, forcing government websites in multiple countries offline.

• October 22: US initial jobless claims for the week ended October 17 (10,000s); Bank of Korea interest rate decision; earnings reports from Meta, Tesla, and IBM; 0G token unlock equivalent to 3.49% of circulating supply, worth approximately $5.2744 million.
• October 23: Preliminary US S&P Global Manufacturing and Services PMIs for October; Japan's September CPI; Western Digital earnings report; APR token unlock equivalent to 52.96% of circulating supply, worth approximately $6.6374 million; SOON token unlock equivalent to 5.96% of circulating supply, worth approximately $6.1087 million.
• October 24: SOSO token unlock equivalent to 7.59% of circulating supply, worth approximately $7.8333 million.
• October 25: XPL token unlock equivalent to 5.02% of circulating supply, worth approximately $17.9 million.

• 📊 Market Analysis
• Market capital rotated out of high-valuation AI assets into traditional sectors with more predictable earnings, while rumors of a potential U.S.–Iran agreement added intraday volatility. Among the S&P 500’s 11 sectors, healthcare and real estate led gains, while communication services and technology declined. Oil prices, which had briefly surged above $110 intraday, quickly retreated following the U.S.–Iran deal rumors, while U.S. Treasury yields and the U.S. Dollar Index fell in tandem. Better-than-expected earnings from 3M and Northrop Grumman drove the Dow Jones Industrial Average up more than 1%. SpaceX also reported better-than-expected Q3 earnings, while speculation about a potential SpaceX–Tesla merger intensified, sending its shares up nearly 7% after the results. In the crypto market, BTC remained in a consolidation phase. After establishing a base near $81,000, it rebounded toward $83,200 but failed to break through, then pulled back to find support around $82,600. Bulls and bears continue to battle around this level, with the short-term outlook remaining range-bound with a slight bullish bias. Key support lies at $82,400–$82,600, while the immediate resistance zone is $83,000–$83,400.
• BTC: $83,035.7 (+1.34%); ETH: $2,449.29 (+1.71%); NASDAQ: 26,424.82 (-0.02%); S&P 500: 7,712.57 (+0.28%); Fear & Greed Index: 63 (previous: 55) (Data as of 2026-10-21 00:00 UTC)
• 🧠 Market Insights
• Since launching, Papertrade, a synthetic perpetual protocol in the Hyperliquid ecosystem, has attracted users through high-leverage trading, generating $1.361 trillion in cumulative notional trading volume. However, approximately 23,000 addresses deposited just $335 million in actual funds, while traders incurred net losses of around $63.2 million, 86% of which was distributed to PAPER stakers. Returns were therefore highly concentrated among top wallets. This model converts trading losses into token incentives and distributes returns through staking, potentially driving early trading activity and user growth. However, it also exposes two risks: first, the gap between notional volume and actual capital means that leverage-amplified turnover may overstate genuine trading demand; second, distributions depend heavily on trader losses and are concentrated among top participants. The sustainability of this growth cycle could come under pressure if mining incentives decline.
• Papertrade recently adjusted its token minting mechanism, planning to dynamically issue additional PAPER based on trader losses, gradually diluting early holders' ownership to encourage new user participation. However, PAPER does not currently support transfers, and pre-market and derivatives prices do not indicate that the token has genuine realizable value. For the broader market, Papertrade demonstrates a growth model that distributes tokens based on trading losses and attracts users through staking returns. In the short term, changes to the token mechanism and recent price increases in pre-market and derivatives trading may attract speculative capital. Its long-term value, however, will depend on genuine trading demand, the sustainability of its incentive mechanism, and the solvency of its capital pool.
• 🔥 Alpha Project Performance
• JCT: Unusual price and volume activity; the token has risen steadily from $0.0019, with daily trading volume increasing by more than 670% and the token surging over 139% intraday.
• MPLX: Following news of a KRW trading pair listing on a South Korean exchange, the token briefly surged more than 110% before retracing, still closing up 48% on the day.
• INJ: Injective partnered with BDACS to integrate KRW1, a Korean won-pegged stablecoin, into its RWA ecosystem. The token gained nearly 11% on the day.
• PEARL: A major CEX added PEARL to its roadmap, helping drive an intraday gain of more than 7%.
• GIGATENEV: Robinhood CEO Vlad Tenev followed the X account of the meme coin Giga Tenev. The token briefly surged 17-fold before retracing, but still ended the day nearly 10 times higher.

• Middle East: Iran’s foreign minister stated that Iran and the United States continue to hold indirect negotiations through mediators including Pakistan and Qatar, but declined to disclose additional conditions imposed by the U.S. Military clashes between the Houthis and Saudi Arabia continue, while the UK plans to deploy the Royal Air Force to support Saudi Arabia.
• Russia–Ukraine: U.S. and Ukrainian delegations held talks in Norway, with Ukraine presenting a new peace proposal framework. The U.S. described the talks as productive. U.S. Special Envoy Steve Witkoff is set to meet Russian President Vladimir Putin and present a peace plan.
• Weekly change in U.S. ADP employment for the week ending October 3: 18,500, down from the previous reading of 24,750.

• The consultation period for the U.S. SEC’s proposed Crypto Asset Regulatory Framework has ended, with comments primarily addressing safe harbor provisions and issuance exemptions.
• Utah’s attorney general sued Kalshi and two affiliated trading companies, seeking to recover their profits.
• LayerZero’s Zero mainnet and trading engine lzATLA are scheduled to launch on November 30, with the mainnet initially focused on open markets.
• OpenSea opened its mobile app to the public, introducing social trading features.
• Google updated its crypto advertising policy in the UAE, introducing licensing and certification requirements effective October 21.
• Ondo Perps launched OPAIPon, a private-market note linked to OpenAI, enabling 24/7 on-chain trading.
• Kazakhstan’s financial regulator obtained a court order restricting Coinbase, BingX, Bitcoin.com, HTX, BitMart, and WEEX from providing unauthorized services within the Astana International Financial Centre (AIFC).
• Lighter Core launched binary options, with plans to introduce a full suite of options trading services next.

• October 21: AKE token unlock equivalent to 9.35% of circulating supply, worth approximately $64.7295 million.
• October 22: U.S. initial jobless claims for the week ending October 17; Bank of Korea interest rate decision; earnings reports from Meta, Tesla, and IBM; 0G token unlock equivalent to 3.49% of circulating supply, worth approximately $5.2744 million.
• October 23: Preliminary U.S. S&P Global Manufacturing and Services PMIs for October; Japan’s September CPI; Western Digital earnings report; APR token unlock equivalent to 52.96% of circulating supply, worth approximately $6.6374 million; SOON token unlock equivalent to 5.96% of circulating supply, worth approximately $6.1087 million.
• October 24: SOSO token unlock equivalent to 7.59% of circulating supply, worth approximately $7.8333 million.
• October 25: XPL token unlock equivalent to 5.02% of circulating supply, worth approximately $17.9 million.