Industry Section
Shutdown Ends but Fails to Lift Sentiment; Risk Assets Under Broad Pressure
Summary
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Macro Environment: President Trump officially signed the bill to end the government shutdown, yet the relief was short-lived. The release of previously delayed key economic data has heightened uncertainty around the Fed’s rate-cut trajectory, while concerns over highly valued tech stocks persist. Under multiple layers of pressure, all three major U.S. equity indexes closed lower, with high-valuation tech stocks facing concentrated sell-offs.
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Crypto Market: Bitcoin continued its pattern of “Asian-session rebound, U.S.-session decline,” falling below the USD 100,000 level again and logging its third consecutive daily loss. Market sentiment remained subdued. Bitcoin’s dominance rose above 60%, indicating tightening risk appetite across the broader crypto market.
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Project Developments:
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Hot tokens: STRK, ZORA, AVNT
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Strong attention on privacy tokens: STRK, ZEC
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TEL: Telcoin approved to establish the first regulated digital asset bank in the U.S., set to launch the first bank-issued stablecoin, eUSD
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DYDX: The dYdX community passed a proposal to allocate 75% of protocol revenue to DYDX buybacks
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AVNT: Robinhood listed AVNT, pushing the token up 5.8%
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Major Asset Movements
Crypto Fear & Greed Index: 16 (vs. 15 twenty-four hours ago), level: Extreme Fear
What to Watch Today
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The scheduled U.S. October PPI report has been postponed due to the recent government restart.
Macro Updates
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Trump signed the funding bill, officially ending the U.S. government shutdown; most federal agencies are now funded through January 30, 2026
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U.S. October CPI was not released as scheduled
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Kevin Hassett, Director of the U.S. National Economic Council: The jobs report will be released, but unemployment rate data will not
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IMF: The U.S. Q4 GDP growth rate is expected to slow due to the shutdown
Regulatory Outlook
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Czech National Bank adds Bitcoin to its balance sheet
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Japan’s exchanges are exploring ways to curb listed companies from hoarding crypto assets
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U.S. FDIC is formulating guidelines for “deposit tokenization insurance,” emphasizing that on-chain deposits share the same legal status as traditional deposits
Industry Highlights
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Ethereum Foundation’s account abstraction team and Vitalik jointly published the “Trustless Manifesto” and anchored it on-chain
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CBOE to launch prediction markets within months, excluding sports categories
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xStock surpasses USD 10 billion in total trading volume
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Circle launches StableFX, an on-chain FX engine
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Canary XRP ETF (XRPC) recorded USD 58 million in first-day trading volume, surpassing BSOL
Expanded Analysis of Industry Highlights
Ethereum Foundation & Vitalik Publish "Trustless Manifesto" On-Chain
The Ethereum Foundation's Account Abstraction team, in collaboration with co-founder Vitalik Buterin and other researchers, released the "Trustless Manifesto," officially anchoring the declaration on the Ethereum blockchain. This manifesto serves as a significant call to action for the crypto-building community to uphold Ethereum's core principles of decentralization and trustlessness. The core message of the document asserts that trustlessness is not an added feature but the very essence of the blockchain. It warns against the convenience of using centralized tools, such as hosted nodes or centralized relayers, as these small compromises gradually create points of control and vulnerability (choke points), potentially sacrificing censorship resistance for the sake of efficiency or user experience (UX). Storing the manifesto on-chain as an uneditable smart contract with no owner demonstrates the team's commitment to these principles. This initiative aligns with Buterin's prior push to make "Ethereum cypherpunk again" by promoting privacy-enhancing solutions and Account Abstraction.
CBOE to Launch Non-Sports Prediction Markets
The Chicago Board Options Exchange (CBOE) Global Markets Inc. is set to launch its own prediction market service within the next few months, focusing exclusively on non-sports categories. Prediction markets, often structured as event contracts, allow users to trade on the outcome of future, verifiable events. By excluding sports, CBOE is focusing on categories typically seen in traditional finance and economic forecasting. Anticipated contract categories include financial benchmarks (like the S&P 500 and Nasdaq-100), commodity prices (oil, gas, gold), cryptocurrency prices, and key economic indicators (GDP, CPI). CBOE's move places it in competition with other platforms and seeks to provide an alternative investment product for retail customers, supervised under federal regulation.
xStock Surpasses $10 Billion in Total Trading Volume
xStocks, a platform offering tokenized U.S. equities developed by Kraken and Backed, has surpassed a milestone of USD 10 billion in total trading volume. This total volume includes combined activity on both centralized and decentralized exchanges, with nearly $2 billion in volume occurring on-chain. This achievement was reached in just 135 days since the product's public launch. This rapid growth highlights the surging global demand for Real-World Assets (RWA) tokenization, which aims to connect traditional financial markets with the open, permissionless, and interoperable environment of the internet economy. The product's structure means each xStock token is reportedly fully backed 1:1 by its underlying U.S. equity or ETF, allowing investors to gain exposure, hold them in self-custodial wallets, and use them for DeFi applications like collateral.
Circle Launches StableFX, an On-Chain FX Engine
Circle, the issuer of the USDC stablecoin, announced the launch of StableFX, an institutional-grade stablecoin Foreign Exchange (FX) engine, along with the Circle Partner Stablecoins program. StableFX is currently live on the Arc testnet (Circle's Layer-1 blockchain ecosystem). StableFX is designed to modernize the global FX market by enabling institutions to access and settle select stablecoin currency pairs 24/7 with competitive rates. It reduces counterparty risk by using on-chain settlement via smart contracts, ensuring trades are atomic. It directly addresses the shortcomings of the traditional FX market, which often relies on outdated infrastructure and delayed settlement cycles. The Circle Partner Stablecoins program integrates select regional stablecoins (such as those pegged to the Australian Dollar, Brazilian Real, South Korean Won, etc.) into the StableFX engine, transforming them into the "connective tissue" for borderless, real-time global finance.
Canary XRP ETF (XRPC) Trading Volume Surpasses BSOL
The Canary XRP ETF (XRPC) recorded a strong debut, posting USD 58 million in first-day trading volume, notably surpassing the first-day volume of the BSOL ETF. XRPC is a new Exchange-Traded Fund (ETF) that is likely pegged to or holds the XRP cryptocurrency. The high first-day volume suggests significant investor interest and demand for regulated investment vehicles tracking the XRP asset. The comparison to BSOL (which typically tracks Solana) is used as a benchmark for measuring market enthusiasm. Surpassing BSOL's first-day trading volume indicates that the XRPC launch was exceptionally successful, capturing substantial capital and trading activity right out of the gate. The successful launch of an XRP ETF reflects a growing trend of institutional acceptance and the demand for more diversified, regulated crypto investment products
