Industry Update
Market Digests Uncertainty Over Fed Rate-Cut Outlook; Bitcoin Rebounds After Hitting 106K
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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.
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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.
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Project Updates:
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Trending Tokens: AERO, CCD, PAXG
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AERO: September revenue exceeded new issuance, and the project implemented a burn mechanism to strengthen token value.
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CCD: Partnered with Banxa and Transak to provide seamless fiat-to-crypto conversion and identity verification services.
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PAXG: Gold rebounded above USD 4,000 after four consecutive days of decline.
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Mainstream Asset Movements
Crypto Fear & Greed Index: 29 (down from 34 in the past 24 hours), indicating Fear
Today’s Outlook
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APEC Informal Leaders’ Meeting to be held in South Korea from Oct 31–Nov 1.
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U.S. Senate Democrats demand Trump’s advisors disclose details on cryptocurrency investments.
Macro Developments
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U.S.–China Summit: Both sides agreed to expedite follow-up discussions and finalize next steps.
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ECB: Holds deposit rate steady at 2% for the third consecutive meeting.
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Federal Reserve: Will begin “rolling over” all maturing Treasury securities starting December.
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Treasury Secretary Bessent: Stated that the next Fed Chair candidate may be confirmed before Christmas.
Policy Trends
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Brazil’s Central Bank to discuss including Bitcoin in its foreign reserves in November.
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Hong Kong SFC Chair: Plans to issue guidelines for digital asset treasury management.
Industry Highlights
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dYdX plans to enter the U.S. market by year-end and add spot trading for assets such as SOL.
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Strategy reported Q3 net income of $2.8 billion, with slower Bitcoin accumulation growth.
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Coinbase announced Q3 2025 trading revenue of $1 billion, up 37% QoQ and nearly double YoY.
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Canary XRP Spot ETF updated its filing, removing the “delayed amendment clause,” potentially listing on Nov 13.
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JPMorgan completed tokenization of a private equity fund on its proprietary blockchain.
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ETH Treasury Company, backed by Avenir (Li Lin Family Office) and Distributed Capital, raised funds via CoinList.
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Ethereum’s stablecoin supply reached an all-time high of $184.1 billion.
Expanded Analysis of Industry Highlights
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dYdX Plans to Enter the U.S. Market and Add Spot Trading for SOL
Decentralized derivatives exchange dYdX is reportedly planning to enter the U.S. market by the end of 2025, marking a strategic shift after previously exiting due to regulatory uncertainties. This move aligns with dYdX’s transition to a fully decentralized protocol on its own Cosmos-based blockchain, which allows it to operate independently from centralized intermediaries. In addition, dYdX intends to introduce spot trading for assets such as Solana (SOL), expanding beyond its derivatives-focused offerings. This diversification aims to attract a broader user base and position the platform as a comprehensive decentralized trading hub. Implication: Entry into the U.S. market would make dYdX one of the first decentralized exchanges to directly compete with major U.S.-based platforms like Coinbase and Kraken. It could also signal a growing confidence among DeFi players in the evolving U.S. regulatory environment.
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Strategy Reported Q3 Net Income of $2.8 Billion, With Slower Bitcoin Accumulation Growth
The investment entity Strategy, known for its heavy Bitcoin exposure and accumulation strategy, reported a strong Q3 net income of $2.8 billion, driven primarily by BTC price appreciation and related treasury gains. However, the firm noted a slower pace of Bitcoin accumulation, suggesting a more cautious stance amid rising market uncertainty and tighter liquidity conditions. Contextually, the slowdown could reflect strategic portfolio rebalancing or anticipation of upcoming macroeconomic shifts, such as potential interest rate adjustments and ETF-driven capital inflows. Implication: Strategy’s results highlight the profitability of Bitcoin-centric corporate investment models but also underscore the importance of timing and macroeconomic adaptability in managing digital asset exposure.
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Coinbase Announced Q3 2025 Trading Revenue of $1 Billion, Up 37% QoQ and Nearly Double YoY
Coinbase, the largest U.S. cryptocurrency exchange, reported Q3 2025 trading revenue of $1 billion, representing a 37% quarter-on-quarter increase and nearly double year-on-year growth. The surge is attributed to renewed market activity, rising Bitcoin and Ethereum prices, and increased institutional participation following the approval of several Bitcoin ETF products earlier in the year. Coinbase’s results also benefited from the growth of its staking, custodial, and layer-2 (Base) services. The strong performance reaffirms its position as a key infrastructure player bridging traditional finance and the crypto economy. Implication: Sustained revenue growth indicates improving market sentiment and maturing institutional engagement. Coinbase’s continued compliance-first strategy provides a competitive edge as regulators tighten oversight of global crypto markets.
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Canary XRP Spot ETF Updated Its Filing, Removing the “Delayed Amendment Clause,” Potentially Listing on Nov 13
The Canary XRP Spot ETF updated its SEC filing, notably removing the “delayed amendment clause,” a technical change that could expedite the ETF’s listing process. Market watchers interpret this move as a signal that approval and listing may occur as soon as November 13. If confirmed, this would mark the first XRP spot ETF in the United States, following the precedent set by Bitcoin and Ethereum spot ETFs earlier this year. The ETF would provide investors with regulated exposure to XRP without requiring direct token custody. Implication: The launch would represent a major milestone for Ripple and the XRP ecosystem, signaling mainstream acceptance following years of regulatory scrutiny. It could also boost liquidity and institutional confidence in alternative Layer 1 assets.
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JPMorgan Completed Tokenization of a Private Equity Fund on Its Proprietary Blockchain
JPMorgan announced the successful tokenization of a private equity fund using its proprietary blockchain infrastructure, Onyx. This marks a significant step toward integrating traditional finance (TradFi) and blockchain-based systems. The tokenization process digitizes ownership records, enabling instant settlement, increased transparency, and enhanced liquidity for otherwise illiquid private market assets. Context: Tokenized fund shares can be traded more efficiently among qualified investors, reducing administrative costs and improving access to private investments. Implication: JPMorgan’s move underscores how major financial institutions are embracing blockchain for back-end innovation, moving beyond experiments to live use cases. It also strengthens the narrative that asset tokenization will be a major growth driver for blockchain adoption in traditional markets over the next decade.
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ETH Treasury Company, Backed by Avenir (Li Lin Family Office) and Distributed Capital, Raised Funds via CoinList
ETH Treasury Company, a blockchain-focused entity managing Ethereum-based assets, has successfully raised capital through CoinList, with participation from Avenir (Li Lin Family Office) and Distributed Capital. The fundraising round signals growing institutional and high-net-worth interest in Ethereum ecosystem projects, particularly those focusing on liquidity management, staking infrastructure, and treasury optimization. Implication: The participation of strategic investors like Li Lin’s family office—associated with the founder of Huobi—indicates strong confidence in Ethereum’s role as a foundational blockchain for decentralized finance (DeFi) and tokenized assets. The use of CoinList further demonstrates that regulated fundraising platforms are becoming central to crypto-native capital formation.
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Ethereum’s Stablecoin Supply Reached an All-Time High of $184.1 Billion
The total stablecoin supply on Ethereum has reached an unprecedented $184.1 billion, setting a new record for the network. This milestone reflects the growing utility of Ethereum as the backbone of decentralized finance, where stablecoins like USDT, USDC, and DAI facilitate lending, liquidity provision, and on-chain settlements. The surge in stablecoin supply indicates robust on-chain capital inflows and potentially higher DeFi activity, even in the absence of a full bull market. It also points to Ethereum’s resilience as a financial settlement layer despite rising competition from other Layer 1 networks. Implication: A record-high stablecoin supply strengthens Ethereum’s position as the dominant platform for digital dollar liquidity. It could also serve as a precursor to increased DeFi volume and price appreciation across Ethereum-based assets, including ETH itself.
