Today's news tips:
1. The U.S. core CPI monthly rate after seasonal adjustment in September was 0.2%, and the U.S. core CPI annual rate without seasonal adjustment in September was 3%.
2. Bloomberg: Trump nominates Michael Selig, chief legal counsel for the SEC Crypto Working Group, as CFTC chairman
3. Polymarket CMO confirms the launch of POLY tokens and airdrops
4. Added "x402" listing to Binance Wallet Market section
5. Tether expects its profit to be close to $15 billion this year
6. Binance lists Giggle Fund (GIGGLE) and SynFutures (F) and adds seed tags to them
The market capitalization of the 7.x402 protocol token PING has fallen after exceeding $70 million, with a 24-hour increase of 327%.
8. Yuga Labs announced that the Metaverse Otherside will be launched on November 12
Macro
According to the Shanghai Procuratorate's official account, the Procuratorate disclosed a virtual currency fraud case involving an eight-member ring working with a virtual currency investment platform. They posted low-price exchange offers on social media to attract victims, posing as "cryptocurrency experts" and sending fake profit screenshots to gain their trust. The ring, working with the platform, received commissions based on the amount of clients' investment losses, before launching a carefully orchestrated scam. Some members cast a net by posting low-price virtual currency exchange messages on social media and other platforms. Once someone took the bait, other members approached them posing as "investment experts," ingratiating themselves with the victim and sending them fake profit screenshots to lure them into lowering their guard. Finally, they tricked the victim into investing with maximum leverage, then maliciously manipulated the market to cause their positions to go bankrupt, pocketing the proceeds. In March 2025, the Yangpu District Procuratorate indicted eight individuals, including Peng Moumou; from April to May, the court sentenced them to prison terms ranging from one to five years and other fines.
Thai regulators raid digital identity project World's iris scanning sites
OpenAI CEO Sam Altman's digital identity project, World (formerly Worldcoin), is facing new challenges in Thailand after local authorities raided an iris scanning booth allegedly operated by the company. The operation, conducted jointly by the Thai Securities and Exchange Commission (SEC) and the Cyber Crime Investigation Bureau (CCIB), targeted booths associated with a "WLD exchange service." World operates 102 such booths across Thailand. The SEC and CCIB allege that the WLD exchange service provider is operating without a license, violating local digital asset laws.
World stated that WLD tokens will only be distributed in legally permitted areas through identity verification, and that eligibility is restricted by factors such as region and age. World also clarified that it is not responsible for the circulation of WLD tokens on third-party platforms, including centralized or decentralized exchanges.
According to Jinshi.com, the U.S. core CPI rose 0.2% month-over-month in September, compared to expectations of 0.30% and the previous reading of 0.30%. The unadjusted core CPI rose 3% year-over-year in September, compared to expectations of 3.10% and the previous reading of 3.10%. The U.S. CPI rose 0.3% month-over-month in September, compared to expectations of 0.40% and the previous reading of 0.40%. The unadjusted CPI rose 3% year-over-year in September, compared to expectations of 3.10% and the previous reading of 2.90%.
According to official news, Crypto.com has submitted an application for a national trust bank charter to the U.S. Office of the Comptroller of the Currency.
According to Cailian Press, all three major U.S. stock indices closed higher, reaching new all-time highs. The Nasdaq rose 1.15%, bringing its weekly gain to 2.31%; the Dow Jones Industrial Average rose 1.01%, bringing its weekly gain to 2.2%; and the S&P 500 rose 0.79%, bringing its weekly gain to 1.92%. Coinbase (COIN) rose 9.82%; Circle (CRCL) rose 9.39%; and Strategy (MSTR) rose 1.46%.
According to Bloomberg, an anonymous government official revealed that President Donald Trump has nominated Michael Selig to serve as Chairman of the Commodity Futures Trading Commission (CFTC). Selig served as Chief Legal Counsel to the U.S. Securities and Exchange Commission's (SEC) Cryptocurrency Task Force and has served as Assistant to SEC Chairman Paul Atkins. In this role, Selig worked to align the SEC and CFTC's approaches with various sectors of the financial and cryptocurrency industries. Earlier in his career, Selig was a partner in the asset management business of Willkie Farr & Gallagher.
According to Sina Finance, China Poly Group has issued a statement regarding recent online rumors regarding the "Poly Stablecoin in Hong Kong," the "Poly Stablecoin Fund," and related entities. The statement stated that Poly Group and its subsidiaries have not organized or participated in any business or activities related to the Hong Kong Stablecoin or Stablecoin Fund. Hong Kong-registered companies "Poly Digital Industry Group Co., Ltd.", "Poly Digital Asset Co., Ltd.", and "Poly Digital Asset Issuance Co., Ltd." have no equity or affiliation with Poly Group or its subsidiaries, nor do they have any investment, partnership, or business relationship. All actions taken by these companies are unrelated to Poly Group. Poly Group urges all sectors of society to remain vigilant, exercise due diligence, and exercise caution in investment and cooperation. If any illegal or criminal activity is discovered, please report it to the public security authorities immediately.
Viewpoint
JPMorgan Chase: Coinbase could unlock $34 billion in value if it launches Base token
JPMorgan analysts say Coinbase’s eventual launch of the Base network token could unlock up to $34 billion in value. The bank also highlighted Coinbase’s USDC reward mechanism changes and new DEX functionality integrated with Base as key profit and risk management levers.
JPMorgan's equity research team upgraded Coinbase's rating and raised its December 2026 price target to $404 in a report released Friday, citing "emerging profit opportunities and diminishing risk" as the company furthers its integration into the Layer 2 ecosystem and stablecoin economy. JPMorgan stated that the Base token could "equitably leverage" the success of Coinbase's Ethereum-based Layer 2 network. Based on current network activity and "high token economics," the bank predicts Coinbase's market capitalization could reach $12 billion to $34 billion over time, with Coinbase potentially retaining 40% of the supply, equivalent to approximately $4 billion to $12 billion in equity value.
JPMorgan also pointed to Coinbase's USDC yield program as a potential margin leverage opportunity. The company currently returns most of the interest it earns from Circle's USDC reserves (approximately $400 million annually) to customers as rewards. However, analysts say Coinbase is evaluating a change that would limit payouts to Coinbase One subscribers. If regular users stop earning yield, Coinbase could retain approximately $374 million annually and distribute it to customers.
Finally, the analysts noted that Coinbase integrated a DEX aggregator into the Base app as a hedge against the growth of decentralized exchanges, which currently account for approximately 25% of all cryptocurrency spot trading.
Tom Lee told CNBC, "Cryptocurrencies have just experienced the largest liquidation and deleveraging event in history, potentially several times larger than the FTX incident, yet Bitcoin's ultimate decline remained in the 3-4% range. This clearly demonstrates that Bitcoin is becoming a resilient store of value. Imagine if the same shock occurred in the gold market: even in a major liquidity crisis, if gold only fell by a few percentage points, the market would view it as a clear proof of value. This is exactly what Bitcoin is currently doing. Ethereum's Layer 1 and Layer 2 networks are experiencing significant growth in activity, driven by stablecoins. However, this fundamental improvement has not yet been fully reflected in the price—market pricing typically lags. From my observation, the continued increase in on-chain fundamental activity actually provides a solid basis for a major market move before the end of the year."
Project News
Animoca Brands is now entering the crypto brokerage space after receiving an in-principle license approval from the Dubai Virtual Asset Regulatory Authority (VARA), according to Cryptopolitan. The VARA website shows that Animoca Brands, operating under the name "Animoca Brands Middle East Advisory FZCO," received in-principle approval for a crypto broker-dealer VASP services license.
Polymarket CMO confirms POLY token launch and airdrop
Matthew Modabber, Chief Marketing Officer of prediction market platform Polymarket, confirmed the platform will launch its native POLY token and conduct an airdrop. Speaking on the Degenz Live podcast, he stated, "We will be launching the token and airdropping. The key is to do it thoughtfully. We hope the token will be practical and long-lasting. That's what we and the industry expect." However, Polymarket is currently focused on launching its US app. Earlier this month, founder Shayne Coplan hinted at the POLY token launch. In September, Coplan confirmed that the platform had been "approved to relaunch" after a regulatory suspension in the US in 2022. Modabber stated that the US app launch would be the priority, with no rush for the token. Once it launches, he will focus on launching the token and ensuring its smooth completion. Telecom giants are also on the list.
Aster: Plans to use 70%-80% of S3 transaction fees to repurchase ASTER tokens
Aster, a decentralized trading platform, has announced a buyback program: Aster currently plans to allocate 70%-80% of its S3 transaction fees to repurchase ASTER tokens. The specific allocation will depend on market conditions, and the final results will be announced after the S3 phase concludes. As a project still in its developmental stages, maintaining operational flexibility is crucial amidst the current market uncertainty. Subsequent quarterly airdrop and buyback plans will be announced separately once details are finalized.
Binance stated on its X platform: "To combat sniping bots, the Fair Mode fee structure will be adjusted within the first few blocks. For more details, please refer to the Four.Meme official announcement." According to the Four.Meme announcement: "The Fair Mode fee structure will be adjusted on October 30th. After the token is created, the increased fee will apply to the first block, and then gradually decrease over a few seconds until it returns to the normal rate."
Binance Wallet Market Section Adds "x402" Listing
According to official news, the x402 listing has been added to the Binance Wallet Market section. Users can now go to the Markets tab in the Binance Wallet to discover and seamlessly trade the latest tokens.
Tether expects profits to approach $15 billion this year
According to Bloomberg, Tether CEO Paolo Ardoino said in an interview on the sidelines of the Plan B Forum in Lugano, Switzerland on Friday: "This year, our profits will be close to $15 billion. This is very rare." Although Tether's considerable profits do not require external investment, Ardoino said it is difficult to ignore the numerous investment intentions, saying that a large number of companies want to invest and the company must draw a line when it believes the valuation is cheap. When asked about the type of investors he would like to bring in, he said that many companies in the portfolios of funds and technology funds may use some of Tether's technology and products, which is about synergy and greater influence, but he did not disclose the information of potential investors. He also added that the company's profit margin is as high as 99%, which is a level that no other company in the world can achieve, and Tether did not disclose whether the cited data complies with the reporting standards of listed companies.
Tether CEO: Plans to launch USAT, a US-compliant stablecoin, in December this year
Tether CEO Paolo Ardoino stated in an interview that, to comply with federal regulations, Tether plans to launch a US-focused stablecoin, USAT, in December. The token will be issued by Tether America, a joint venture between Tether and Anchorage Digital, a regulated US cryptocurrency bank. Tether has invested in video-sharing platform Rumble and other platforms, aiming to expand its user base to 100 million Americans. Tether's USDT supply has grown to $182 billion, dominating the stablecoin market, while the market size of Tether Gold has tripled this year.
Citigroup lowered its target price for Gemini to $23 and raised its price target for Bullish to $77.
Citigroup lowered its price target on Gemini (GEMI), a cryptocurrency exchange with a neutral rating, to $23 from $26, while raising its forecast for Bullish, which has a buy rating, to $77 from $70.
The bank's analysts said that despite strong credit card sign-ups and app downloads, trading volumes in October were lower than expected, suggesting that growth for the Gemini exchange will take longer. Bullish's approval of a New York BitLicense and expanded institutional access indicate strong momentum.
Binance to List Giggle Fund (GIGGLE) and SynFutures (F) and Add Seed Tags
Binance will officially list Giggle Fund (GIGGLE) and SynFutures (F) at 2:00 PM (GMT+8) on October 25th, opening spot trading for GIGGLE/USDT, GIGGLE/USDC, GIGGLE/TRY, F/USDT, F/USDC, and F/TRY. Withdrawals are expected to open at 2:00 PM (GMT+8) on October 26th.
Common (COMMON) will be listed on Binance Alpha and Binance Futures
According to an official announcement, Binance Alpha and Binance Futures will list Common (COMMON). Binance Alpha will list and open trading for Common (COMMON) at 20:00 (GMT+8) on October 27, 2025. Additionally, Binance Futures will launch COMMONUSDT perpetual contracts at 20:30 (GMT+8) on October 27, 2025, with up to 50x leverage.
Binance Alpha and Binance Futures will launch on the Semantic Layer on October 27 (42)
According to the official announcement, Binance Alpha will launch and open trading of Semantic Layer (42) at 18:00 (GMT+8) on October 27. In addition, Binance Futures will launch 42USDT perpetual contracts at 18:30 (GMT+8) on October 27, with a maximum leverage of 50x.
Yuga Labs announces Metaverse Otherside will launch on November 12th
Yuga Labs announced at the ApeFest event that the metaverse Otherside will be launched on November 12. Otherside is scheduled to be launched in 2022 and aims to create an "interoperable", "gamified" and "decentralized" virtual world, but the Alpha test version was not released until the beginning of this year. It is reported that Otherside is similar to Roblox or Fortnite and will support login using a crypto wallet. The in-game avatar will be a 3D representation of the NFT owned by the player.
Important data
According to on-chain analyst Yu Jin, an address that has been purchasing SOL through OTC transactions since late April has recently increased its purchases: in the past four days alone, it purchased 249,500 SOL (US$46.78 million) through the FalconX and Wintermute platforms. In the six months since late April, it has purchased and staked 827,000 SOL (US$146 million) at an average price of US$177.
According to Santiment data, the group of addresses holding 100 to 10,000 Ethereum sold 1.36 million ETH between October 5 and 16, but bought back nearly one-sixth (218,470) of them in the past week, which is a positive signal for Ethereum.
According to GMGN market data, the market value of the x402 protocol token PING briefly exceeded US$70 million and then fell back. It is now reported at US$67.69 million, a 24-hour increase of 327%, and a 24-hour trading volume of US$42.5 million.
A certain address made a profit of $675,000 by trading PING in two days, with a return rate of 760%.
According to Lookonchain, trader 0xe688 made a profit of $675,000 from trading $PING in less than two days. He previously spent $89,000 to buy 13.42 million $PING, then sold 6.72 million $PING for a profit of $377,000. He currently holds 6.72 million $PING (worth $387,000), for a total profit of $675,000 (+759%).
According to SoSoValue data, yesterday (October 24, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$90.605 million.
The Bitcoin spot ETF with the largest single-day net inflow yesterday was the Fidelity ETF FBTC, with a single-day net inflow of US$57.924 million. Currently, the total historical net inflow of FBTC has reached US$12.597 billion.
The second is Blackrock ETF IBIT, with a single-day net inflow of US$32.681 million. Currently, the total net inflow of IBIT has reached US$65.306 billion.
As of press time, the total net asset value of the Bitcoin spot ETF was US$149.962 billion, the ETF net asset ratio (market value as a percentage of the total market value of Bitcoin) reached 6.78%, and the historical cumulative net inflow has reached US$61.985 billion.
According to SoSoValue data, yesterday (October 24, Eastern Time), the total net outflow of Ethereum spot ETF was US$93.5957 million.
The Ethereum spot ETF with the largest single-day net inflow yesterday was the Grayscale Ethereum Mini Trust ETF ETH, with a single-day net inflow of US$7.3953 million. The current historical total net inflow of ETH has reached US$1.484 billion.
The Ethereum spot ETF with the largest single-day net outflow yesterday was Blackrock's ETF ETHA, with a single-day net outflow of US$101 million. Currently, ETHA's total historical net inflow has reached US$14.154 billion.
As of press time, the total net asset value of the Ethereum spot ETF was US$26.386 billion, the ETF net asset ratio (market value as a percentage of Ethereum's total market value) reached 5.55%, and the historical cumulative net inflow has reached US$14.353 billion.
