Today's top news highlights:
Alpha Arena, the AI trading competition hosted by nof1.ai, will end on November 4th.
Trump: Will not let the Fed raise interest rates, GDP is expected to grow by 4% next quarter
Bloomberg: Prediction market Polymarket plans to return to the US market by the end of November
CZ: CZSTATUE just wants to make money off my interactions, don't buy this Meme coin.
Binance will delist FLM, KDA, and PERP.
Macro
Xi Jinping will meet with US President Donald Trump
According to Xinhua News Agency, a spokesperson for the Ministry of Foreign Affairs announced that, as agreed by China and the United States, President Xi Jinping will meet with US President Donald Trump in Busan, South Korea, on October 30 local time to exchange views on China-US relations and issues of common concern. Earlier reports indicated that Trump stated he would meet with Chinese President Xi Jinping within two weeks and that the current tariff policy was "unsustainable."
Trump: Will not let the Fed raise interest rates, GDP is expected to grow by 4% next quarter
According to Jinshi News, US President Trump stated that by the end of his second term, $21-22 trillion in investment may flow into the United States; he will not allow the Federal Reserve to raise interest rates and expects GDP growth of 4% next quarter; he hopes that the United States will occupy an important position in the chip industry.
Alpha Arena, the AI trading competition hosted by nof1.ai, will end on November 4th.
According to official news, the Alpha Arena AI trading competition, hosted by nof1.ai, will continue until 17:00 ET on November 3, 2025 (06:00 Beijing time on November 4, 2025). Preparations for the second season are nearing completion, and the findings from the first season and ongoing analysis will be used to develop the content for the next phase. The second season plans to introduce more features, release improved prompts and harnesses, and introduce more rigorous statistical methods. The event was previously launched on October 17th. The experiment, conducted on the Perp DEX Hyperliquid, placed six mainstream Large Language Models (LLMs) in a real competitive trading environment for the first time. Each model was allocated $10,000 to autonomously trade Perp. Related reading: A real-money AI cryptocurrency trading experiment: DeepSeek tops the returns but fluctuates sharply; does LLM harbor the risk of strategy convergence?
According to Xinhua News Agency, the "Suggestions of the CPC Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development" was released, which pointed out that: we should promote the deep integration of the real economy and the digital economy, vigorously develop science and technology finance, green finance, inclusive finance, pension finance and digital finance, and steadily develop the digital RMB.
According to a report by 21st Century Business Herald, on October 28, the Beijing Municipal People's Procuratorate released "Typical Cases of High-Quality and Efficient Performance of Financial Procuratorial Duties" (2024-2025). One case involved "using virtual currency to engage in disguised foreign exchange trading, involving over 1.1 billion yuan." Between January and August 2023, Lin Jia, under the instruction of others, colluded with Lin Yi, Xia, Bao, and Chen to use multiple bank cards under their names to receive large amounts of RMB funds transferred from clients (such as Liu) connected to the "upstream" of an illegal currency exchange organization. This gang used virtual currency as a "bridge" to achieve the illegal purpose of cross-border fund transfers: Lin Jia and others converted the received RMB into USDT through multiple USDT trading platform accounts they actually controlled, and then completed the cross-border transfer of funds through platform transactions, essentially engaging in disguised foreign exchange trading and profiting from it. According to reports, the gang's total illegal business operations amounted to over 1.182 billion yuan, with five members, including Xia Moumou and Bao Moumou, involved in amounts ranging from over 149 million yuan to over 469 million yuan. On March 21, 2025, the Haidian District People's Court of Beijing issued a first-instance judgment, sentencing all five defendants to prison terms ranging from two to four years for the crime of illegal business operations, and imposing corresponding fines.
According to the SEC website, Canary has submitted an updated version of its S-1 filing for the spot Solana ETF, with a fee rate set at 0.50%.
According to Decrypt, as the Australian government prepares to introduce new legislation on digital assets, the financial regulator ASIC has significantly updated its guidance, expanding the scope of existing financial services laws to apply to crypto businesses. The revised Info Sheet 225, released on Tuesday, clarifies under what circumstances digital asset products and services constitute financial products under the Companies Act and expands the term from "crypto assets" to include virtual assets, tokenized products, and coin-based assets under the broader category of "digital assets." While no new law has been enacted, the guidance aims to provide certainty ahead of the Treasury's Digital Asset Platforms and Payment Providers Act, which will introduce a licensing system for exchanges, custodians, and stablecoin issuers. ASIC reiterates that yield tokens, staking schemes, and asset-linked stablecoins require licensing. The final version of the guidance adds five new cases, bringing the total to 18, covering scenarios from exchange tokens and gaming NFTs to staking services, and specifies that custodians must meet a net asset threshold of AUD 10 million (unless it is an ancillary service). ASIC emphasizes that Australian law applies to offshore entities marketing to local users, and global platforms cannot circumvent regulation through geographic location.
Bloomberg: Prediction market Polymarket plans to return to the US market by the end of November
According to Bloomberg, sources familiar with the matter revealed that prediction market platform Polymarket plans to re-enter the US market in the coming weeks, focusing on sports event predictions. The sources said Polymarket is expected to launch initial trading by the end of November, but will not be fully open to everyone. This timing could allow the company to capture more trading volume during the peak season for American football and basketball games. Polymarket has already opened a user registration waitlist and stated that registration will open soon.
According to The Block, debit and credit card giant Visa plans to support multiple stablecoins to increase payment settlement and fund transfer options on the Visa network. Visa CEO Ryan McInerney stated during Tuesday's fourth-quarter earnings call, "We are adding support for four stablecoins that operate on four different blockchains, represent two currencies, and can be accepted and converted to more than 25 traditional fiat currencies." McInerney also emphasized that "in the fourth quarter, Visa card spending pegged to stablecoins quadrupled year-over-year." McInerney also stated on Tuesday that Visa has facilitated over $140 billion in cryptocurrency and stablecoin flows since 2020. He added that this includes users purchasing over $100 billion in cryptocurrency and stablecoin assets using Visa credentials. Visa currently has over 130 stablecoin-pegged card issuance programs in more than 40 countries, and Visa has begun allowing banks to mint and burn their own stablecoins.
Opinions/Reports
In a recent interview, Michael Saylor, co-founder of MicroStrategy, revealed that Bitcoin has been clearly positioned as digital gold, a store of value. He noted that since the US government approved a Bitcoin ETF last year, a consensus on Bitcoin as digital gold has gradually formed in the market, and the crypto summit in March further solidified this view. He also pointed out that gold-backed credit once dominated the Western monetary system, and as digital capital, Bitcoin's underlying digital credit instruments are rapidly developing. Furthermore, he mentioned the rapid growth of the digital finance sector over the past year, including the tokenization of currencies, stocks, bonds, and other real-world assets, which has provided a significant boost to proof-of-stake networks like Ethereum. He emphasized that institutional acceptance of Bitcoin is a key factor in the industry's future development. Recently, several large banks, including JPMorgan Chase, Citigroup, and Wells Fargo, have adjusted their crypto policies, accepting Bitcoin and Ethereum as collateral, marking a significant shift in the attitude of traditional financial institutions towards crypto assets. Saylor also mentioned that MicroStrategy is the first Bitcoin vault company to receive an S&P credit rating, and its products have attracted institutional investors, including BlackRock's PFF fund. In addition, he predicted that the price of Bitcoin will continue to rise in the future, and said that the company's goal is to promote the wider adoption of Bitcoin through digital credit instruments, ultimately achieving the goal of purchasing $300 billion worth of Bitcoin.
CZ: CZSTATUE just wants to make money off my interactions, don't buy this Meme coin.
Binance CEO CZ, responding to a Twitter user's request for a shipping address for his Golden Statue, stated that while he appreciated the gesture, he disliked the idea of the statue being associated with Memecoin, suggesting the creator might intend to profit from interaction with it. He warned against purchasing Memecoin. CZ also stated that he would not accept statues featuring his own image or T-shirts with his own portrait, deeming it narcissistic, and reminded the community to "stay safe."
Gold prices fell at the beginning of the week, but HSBC believes this is only a temporary correction in the precious metals. The institution expects the gold price rally to continue into the new year, peaking in the first half of 2026. HSBC points out that key factors driving the rally include safe-haven inflows, widening fiscal deficits, new threats to the Federal Reserve's independence, and pressure on overall US fiscal stability. Furthermore, the bank believes strong inflows into ETFs and physical gold accounts will continue to support gold prices. However, looking ahead to the end of the year, HSBC states that if the Federal Reserve cuts interest rates less than expected, it may slow the gold price rally, but the overall weakness of the US dollar should support precious metal prices until early 2026. The bank expects gold prices to fluctuate between $3,700 and $4,050 for the remainder of this year, with a year-end target price of $3,950. Next year, gold prices are expected to fluctuate between $3,600 and $4,400, peaking in the first half of 2026 and breaking through the $4,400 mark. The bank's forecast for gold prices at the end of 2026 is $3,800.
Report: Recent Crypto Market Crash Puts $1 Billion sUSDe Circulating Transactions at Risk
According to a CoinDesk report, Sentora Research reports that nearly $1 billion in DeFi positions involving USDe (sUSDe) staked on Ethena are at risk following the crypto market crash on October 11. The crash caused a sharp drop in DeFi market interest rates, shrinking the returns of leveraged strategies such as sUSDe revolving trading. On Aave v3 core, USDT/USDC lending rates are approximately 2.0% and 1.5% higher than sUSDe yields, respectively. Users who leveraged stablecoins to go long on sUSDe are experiencing negative returns, and revolving positions using stablecoins to buy sUSDe are starting to lose money. If this situation continues, approximately $1 billion in positions on Aave v3 core exposed to negative interest rate spreads may be liquidated. Negative interest rate spreads could force collateral to be sold or deleveraged, weakening exchange liquidity and triggering a chain reaction. Sentora warns traders to pay attention to the spread between Aave's annualized lending yield and sUSDe yield, especially when it remains negative, as well as the utilization rates of USDT and USDC lending pools. With an increasing number of revolving positions nearing liquidation, traders should be aware of the potential surge in USDT and USDC lending pool utilization, which could drive up borrowing costs and exacerbate market pressure when interest rate spreads are negative.
According to Reuters, based on official disclosures by US President Trump, real estate records, financial records released in court cases, cryptocurrency transaction information, and other sources, the Trump Organization's revenue surged 17-fold in the first half of this year, from $51 million a year ago to $864 million. Of the total revenue in the first half of the year, $802 million (over 90%) came from Trump's cryptocurrency projects, including the sale of World Liberty Financial (WLFI) tokens. This $864 million is actual revenue—real, unobstructed cash flowing into the Trump family's coffers. It is estimated that the Trump family's cryptocurrency revenue in the first half of the year far exceeded their traditional business revenue, with more than half of the Trump family's revenue—$463 million—coming solely from the sale of World Liberty Financial tokens, including up to $75 million from Aqua1's token purchases. The family also earned $336 million through the sale of Trump tokens. Due to the lack of transparency in the Trump token business, the uncertainty surrounding its revenue estimates is higher than that of the WLFI token sales. Reuters said much of the money came from overseas as Trump's sons touted their businesses on international investor roadshows.
According to The Block, the transaction fee landscape on mainstream Layer 1 blockchains has undergone significant changes this year. At the beginning of the year, Solana accounted for over 50% of transaction fees on mainstream Layer 1 blockchains, but this figure has now dropped to just 9%. This decline is partly attributed to intense competition from Hyperliquid and BNB Chain. At the start of the year, Hyperliquid and BNB Chain together accounted for approximately 10% of total transaction fees on mainstream Layer 1 blockchains. As of last week, their respective shares had exceeded 40% and 20%. This shift is likely due to a combination of factors, including market demand, user preferences, and structural changes, all of which have significantly impacted fund flows. The first clear sign of this change was the waning of the Memecoin trading frenzy on Solana, which peaked with the launch of Trump and has since failed to regain its former activity levels. Furthermore, derivatives trading fees are significantly higher than Memecoin trading fees, so even moderate user growth on Hyperliquid and user growth on BNB Chain through Aster can quickly alter the transaction fee share. BNB Chain also benefits from the integration of Binance Alpha and Binance Wallet, resulting in a significant flow of funds and activity among retail users.
Project News
The dYdX community has proposed a three-month trial from November 1, 2025 to January 31, 2026, to use 100% of the net transaction fees on the dYdX chain for DYDX buybacks to boost the token's value. During this period, validator and staker rewards will be paid from the community treasury to maintain network security and prevent fee dilution. This proposal aims to test higher price-to-earnings ratios and market capitalization efficiency, and will automatically revert to the original allocation after the trial. It is expected that approximately $5 million to $10 million worth of DYDX tokens will be repurchased over the three months, and the proposal is scheduled to be submitted on November 3.
Upbit will list the ENSO token on the Korean Won, BTC, and USDT markets.
According to an official announcement, South Korean cryptocurrency exchange Upbit will list the ENSO token on the Korean Won, BTC, and USDT markets.
Binance: The minimum participation requirement for Pieverse's Pre-TGE events is 227 Alpha Points.
Binance stated that Binance users holding 227 or more Binance Alpha Points can participate in Pieverse Pre-TGE events through the Alpha event page. Participation in this Pre-TGE event will deduct 15 points.
Binance will delist FLM, KDA, and PERP.
According to an official announcement, Binance has decided to suspend trading and delist the following cryptocurrencies at 11:00 AM (UTC+8) on November 12, 2025: Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP).
Ethereum's Fusaka hard fork activated on final testnet before mainnet launch
According to The Block, Ethereum's next hard fork, named Fusaka, went live on the Hoodi testnet on Tuesday, marking the final step before its mainnet activation is expected by the end of the year. Hoodi is the third and final testnet deployment, following activations on the Holesky and Sepolia testnets earlier this month. The Ethereum Foundation previously stated that the Fusaka mainnet launch would be at least 30 days after the completion of the Hoodi testnet, with core developers tentatively setting the hard fork date for December 3rd. Fusaka aims to implement backend improvements to enhance the scalability, efficiency, and security of this largest smart contract blockchain, including increasing block gas limits, expanding blob capacity, and introducing new node security features. This upgrade includes at least a dozen Ethereum improvement proposals, the most notable being EIP-7594, which introduces Peer-to-Peer Data Availability Sampling (PeerDAS) to improve data availability within the Ethereum Layer 2 ecosystem.
Coinbase will delist six trading pairs, including MASK-USDT and MINA-USDT
According to a Coinbase Markets announcement, to improve overall market health and consolidate liquidity, the following trading pairs will be delisted around 00:00 Beijing time on October 30, 2025: MASK-USDT, MASK-EUR, MINA-USDT, GMT-USDT, AXS-BTC, and SNX-BTC. Eligible Coinbase Premium users in certain regions can still trade MASK, MINA, GMT, AXS, and SNX in the USD-denominated order book. AXS-BTC has been set to limit order only on coinbase.com (including Coinbase Premium) and the Coinbase exchange. Users can place and cancel orders, and trades may be executed, but market orders cannot be submitted.
WLFI: CEX partners will distribute 8.4 million WLFI tokens to adopters of the USD1 Credits program.
The Trump family's crypto project, WLFI, announced on the X platform that its CEX partners will distribute 8.4 million WLFI tokens to adopters of the USD1 Credits program. Eligible users can earn credits through: 1. using USD1 trading pairs on participating partner exchanges; 2. holding USD1 balances. The criteria, eligibility requirements, and distribution details for earning credits and rewards may vary by exchange. The initial distribution will be conducted through the following exchanges: Gate, KuCoin, LBank.com, HTX, Flipster, and MEXC. The WLFI Credits program will continue to expand with new initiatives from USD1, providing more places and ways to earn credits, new trading pairs and ways to use USD1, upcoming DeFi integrations, and broader reward opportunities to drive use and adoption. WLFI rewards are offered by specific exchanges to their users under specific terms and conditions, which may vary by exchange and are subject to change or termination at any time.
Western Union plans to launch USDPT, a stablecoin built on the Solana blockchain, in 2026
According to the Wall Street Journal, Western Union plans to launch a US dollar-backed stablecoin to help its 100 million customers avoid the volatility and risks of local currencies when making international remittances. This stablecoin, called US Dollar Payment Token (USDPT), will be built on the Solana blockchain and issued by Anchorage Digital Bank. The digital token is expected to launch in the first half of 2026 and will be tradable through Western Union's partner exchanges. Western Union states that customers using this stablecoin to send money globally may experience reduced costs and faster transaction settlements.
Important data
According to SoSoValue data, Ethereum spot ETFs saw a total net inflow of $246 million yesterday (October 28th, Eastern Time). The Ethereum spot ETF with the largest single-day net inflow was the Fidelity ETF (FETH), with a net inflow of $99.271 million, bringing its historical total net inflow to $2.801 billion. This was followed by the BlackRock ETF (ETHA), with a net inflow of $76.3737 million, bringing its historical total net inflow to $14.303 billion. The Ethereum spot ETF with the largest single-day net outflow was the Grayscale Ethereum Trust ETF (ETHE), with a net outflow of $2.6552 million, bringing its historical total net outflow to $4.698 billion. As of press time, the total net asset value of the Ethereum spot ETF was US$27.665 billion, the ETF net asset ratio (market value as a percentage of Ethereum's total market value) reached 5.76%, and the historical cumulative net inflow has reached US$14.733 billion.
According to SoSoValue data, Bitcoin spot ETFs saw a total net inflow of $202 million yesterday (October 28th, Eastern Time). The Bitcoin spot ETF with the largest single-day net inflow was Ark Invest and 21Shares' ETF ARKB, with a net inflow of $75.8365 million. ARKB's historical total net inflow has reached $2.263 billion. This was followed by Fidelity's ETF FBTC, with a single-day net inflow of $67.0464 million. FBTC's historical total net inflow has reached $12.664 billion. As of press time, the total net asset value of Bitcoin spot ETFs was $154.811 billion, with an ETF net asset value ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.88%, and a historical cumulative net inflow of $62.337 billion.
The first US-listed Solana spot ETF—the Bitwise Solana Staking ETF (ticker symbol BSOL)—officially listed on the NYSE. According to SoSoValue data, it saw a net inflow of $69.45 million on its first day of trading, with a trading volume of $57.91 million. BSOL's initial public offering (IPO) size was $223 million, and its net asset value (NAV) after the first day of trading was $289 million, resulting in a net asset value ratio (market capitalization as a percentage of total market capitalization) of 0.27%. Notably, the Grayscale Solana Trust ETF (ticker symbol GSOL) will also be converted from a trust to an ETF on October 29th and officially listed on the NYSE, adding another Solana spot ETF to the US market.
Early Bitcoin investor Owen Gunden deposited 1447.56 BTC, worth $163 million, into Kraken.
According to Onchain Lens, early Bitcoin investor Owen Gunden (@bitbitrage) deposited 1,447.56 BTC (worth $163.19 million) into Kraken and transferred 2,361.73 BTC (worth $266.2 million) to a new wallet.
According to on-chain analyst Ember, a whale sold ETH he bought at the bottom of $1582 six months ago, making a profit of $14.43 million an hour ago. He has recently made significant profits on ETH twice, earning $28.92 million: accumulating 8240 ETH at $1195 in late 2022 and selling them at $2961 in July 2024, making a profit of $14.49 million; and accumulating 6000 ETH at the bottom of $1582 in April this year and selling them today at $3983, making a profit of $14.43 million.
MegaETH's public offering has raised $628 million, an oversubscription of 12.5 times.
According to official data, the MegaETH public sale has raised $628 million (the bidding demand, with an actual limit of $50 million), which is 12.5 times oversubscribed. The public sale will end in 1 day and 12 hours.
Financing/Acquisition
Standard Economics secures $9 million in seed funding to launch cross-border payments app "Uno"
Standard Economics announced the completion of a $9 million seed funding round, led by crypto venture capital firm Paradigm, with participation from Lightspeed and several angel investors. Founded by Evan Jones (former X and xAI), Payam Abedi (former X employee), and Tyler Carnevale (former SpaceX and X), the company plans to provide cross-border remittance and USD acquisition services using stablecoins. Its first app, "Uno," launched today in Mexico, supporting domestic payments and zero-fee cross-border transfers, and will expand to Argentina, the Philippines, and several other Latin American and Asian countries. The company currently has six employees and has not yet generated revenue.
Pakistani stablecoin company ZAR completes $12.9 million financing, led by a16z
a16z led a $12.9 million funding round for ZAR, a stablecoin infrastructure company that aims to popularize stablecoins in Pakistan through small shops. Other investors included Dragonfly, VanEck Ventures, Coinbase Ventures, and Endeavor Catalyst. ZAR's platform allows users to exchange cash for digital dollars and make purchases via wallet and Visa card, aiming to address the payment needs of Pakistan's large unbanked population. If the model proves successful, ZAR plans to expand to Africa in 2026.
Institutional holdings
Evernorth, backed by Ripple, has accumulated nearly 389 million XRP, worth over $1 billion.
According to Cryptobriefing, CryptoQuant data shows that Evernorth Holdings, a newly established XRP finance company (with close strategic ties to Ripple executives), has accumulated nearly 389 million XRP tokens. Based on XRP's trading price of $2.6 at the time of writing, these holdings are worth over $1 billion, making Evernorth one of the largest holders of the token. CryptoQuant's on-chain analyst JA Maartun reported that as of October 27, Evernorth had approximately $947 million invested in its asset reserves. This investment has already generated over $50 million in unrealized gains.
Bitcoin finance company Sequans is suspected of transferring 970 BTC to a Coinbase deposit address.
According to analyst Emmett Gallic, Bitcoin finance company Sequans, holding over 3,200 bitcoins, transferred 970 BTC eight hours ago. The transfer was subsequently tested on an unused address that appears to be a Coinbase deposit address. This may be the company's first sale of bitcoins since its inception.
Asset tokenization firm Securitize to go public via $1.25 billion SPAC deal
According to The Block, Securitize becomes the latest crypto-native company to announce plans for an IPO, with a pre-IPO equity valuation of $1.25 billion. The asset tokenization giant plans to list in the US through a special purpose acquisition company (SPAC) launched by an affiliate of Cantor Fitzgerald. The merged company will be renamed Securitize Corp. and will trade on Nasdaq under the ticker symbol SECZ. The company also plans to tokenize its own equity. As part of the IPO process, Securitize stated that it plans to raise $469 million in gross proceeds to “strengthen the company’s balance sheet” and accelerate its business roadmap. This funding comes partly from a fully committed $225 million private equity investment public offering (PIPE) that attracted new investors including Arche, Borderless Capital, Hanwha Investment & Securities, InterVest, and ParaFi Capital. Citigroup and Cantor will act as joint placement agents for the PIPE transaction. Securitize announced that existing shareholders, including ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto, and Morgan Stanley Investment Management, will transfer 100% of their equity to the merged company.
According to The Block, Tether released its Q3 attestation report for its Tether Gold (XAUT) token, stating that each token is fully backed by physical gold bars held in Switzerland. As of September 30, Tether's total gold reserves reached 375,572 troy ounces, valuing the token at approximately $1.44 billion based on Tether's reference prices at the end of Q3. There are currently 522,089 XAUT tokens in circulation, with an additional 139,751 available for sale, indicating that additional reserves have been allocated but distribution has not yet been completed. Data shows that since the report was submitted, rising gold prices have driven the full reserve market capitalization of XAUT tokens to $2.1 billion, more than doubling from less than $850 million in August. Currently, Tether Gold and PAX Gold together account for nearly 90% of the $3.7 billion tokenized gold market.
Bitmine allegedly received 27,316 ETH worth approximately $109 million via a new wallet
According to Onchain Lens monitoring, the newly created wallet "0xDc8" received 27,316 ETH from BitGo, worth $108.92 million. This wallet is suspected to belong to Bitmine.
