US Senator Lummis: Strategic Bitcoin Reserves are the Only Solution to National Debt
U.S. Senator Lummis stated that a strategic Bitcoin reserve is the only solution to our national debt and supports the Trump administration's push for a strategic Bitcoin reserve (SBR).
Timefun will shut down its existing platform and move towards new products and a new brand.
Timefun has announced the closure of its existing platform, transitioning to a new product and brand. The official statement indicates that points earned by users on Timefun will be migrated to the new application, and no new points will be issued. The platform will retain the sale and withdrawal of creator tokens for several months; users are advised to withdraw their funds and export their keys as soon as possible. The new application will not involve creator tokens, will focus on new social primitives, and will remain a crypto application in the long term. A snapshot of points has already been taken, and the final allocation will be retained and carried over to the new application. Creator tokens are SPL tokens and will persist on-chain.
Ether.Fi's $50 million buyback program has been approved, with a trigger price of $3.
According to the Snapshot page, the Ether.Fi DAO has passed the "ETHFI Buyback" proposal, authorizing the foundation to conduct buybacks on the open market or designated on-chain venues when the current price of ETHFI is below $3, with a total limit of $50 million. The buyback is effective immediately and will continue until the limit is reached, the foundation declares its end, or a subsequent governance vote adjusts it. The foundation may increase the proportion of protocol revenue used for buybacks while the price is below $3, and all transactions will be recorded on-chain and published on the Dune dashboard. Voting results: 99.32% in favor (approximately 5.1 million votes), 0.68% against (approximately 34,700 votes), quorum 512%.
The Independent Community Bankers Association (ICBA) has written to the Office of the Comptroller of the Currency (OCC), urging the rejection of Coinbase subsidiary Coinbase National Trust Co.'s application for a national trust banking license. The ICBA argues that the application fails to meet statutory standards and, if approved, would set a dangerous precedent for the structure of the U.S. banking system. In response, Coinbase Chief Legal Officer Paul Grewal stated, "Imagine someone opposing a regulatory license simply because they prefer cryptocurrency to be unregulated. That's the ICBA's position. This is yet another example of banking lobbying groups attempting to protect their interests by building regulatory moats."
According to Onchain Lens data, address "7 Siblings" has been continuously increasing its ETH holdings over the past two days. Today, it borrowed another 61 million USDC to buy 18,053 ETH, with an average purchase price of approximately $3,515. To date, this address has used a total of 133.49 million USDC to purchase a cumulative 37,971 ETH over the past two days.
According to Chainalysis, the U.S. Treasury Department's OFAC has designated several North Korean-related individuals and entities involved in money laundering, cybercrime proceeds, and IT outsourcing funds. The list includes Korea Mangyongdae Computer Technology Corporation and 54 cryptocurrency addresses linked to Cheil Credit Bank (which was sanctioned in September 2017). This designation aligns with the conclusions of the U.S. Treasury Department's MSMT report on North Korean cyber activities last month, which also released preventative recommendations and key points.
The Nikkei 225 index extended its losses to 2%. South Korea's KOSPI index quickly fell to 3% in early trading, dropping below 4000 points.
Gemini enters the prediction market, planning to launch event contracts.
According to Bloomberg, Gemini, the cryptocurrency exchange founded by Tyler and Cameron Winklevoss, is planning to launch prediction market contracts, joining the growing prediction market arena. Gemini applied to the U.S. Commodity Futures Trading Commission (CFTC) in May to establish a Designated Contract Market (DCM) and is considering listing prediction-based derivatives contracts on the platform. The application is currently under review and is expected to face further delays due to the government shutdown.
According to Ai Yi, the whale with the previously "100% win rate" liquidated all its remaining long positions about two hours ago, incurring a single loss of approximately $39.37 million. Affected by the morning's market movements, BTC briefly fell below $100,000 and ETH touched approximately $3,057, quickly reaching its liquidation threshold. Since initiating its long positions on October 24th, the whale has accumulated losses of approximately $39.906 million, bringing its total losses in the HL account to approximately $30.02 million, with its win rate dropping to 77.7% (14 wins out of 18 trades).
The Berachain Foundation announced early this morning that approximately $12.8 million in funds stolen in the BEX/Balancer V2 vulnerability has been fully recovered and returned to the foundation's deployed wallet. The team expressed gratitude to the white-hat hackers who assisted in recovering the funds and plans to remove the malicious label from their addresses, and is considering issuing a bounty as a token of appreciation. Currently, all BEX functions (including exchange, withdrawal, and deposit) remain restricted, while the minting and redemption of HONEY have resumed. Due to the suspension of BGT and incentive distribution over the past 24 hours, on-chain APR displays may show anomalies. Regarding the allocation of affected funds, the Berachain core team is developing a system to assign and distribute funds to the original user addresses one by one. BEX deposits unaffected by the vulnerability are currently also inaccessible; the team stated that this is out of caution and they are closely monitoring Balancer's follow-up investigation to ensure all user funds are safely returned as soon as possible.
The probability of the Federal Reserve cutting interest rates by 25 basis points in December is 69%.
According to CME's "FedWatch": the probability of the Federal Reserve cutting interest rates by 25 basis points in December is 69%, and the probability of keeping rates unchanged is 31%. The probability of the Fed cutting rates by a cumulative total of 25 basis points by January next year is 55.1%, the probability of keeping rates unchanged is 19.7%, and the probability of a cumulative rate cut of 50 basis points is 25.2%.
US stocks closed lower: All three major indexes fell, with the Nasdaq down 2%.
U.S. stocks closed lower on Tuesday, with the Dow Jones Industrial Average down 0.53%, the S&P 500 down 1.17%, and the Nasdaq Composite down 2%. Tesla (TSLA.O) fell 5%, Nvidia (NVDA.O) fell nearly 4%, Strategy (MSTR.O) fell more than 6%, and Berkshire Hathaway (BRK.AN, BRK.BN) rose more than 2%.
The Jupiter DAO voting page shows that the Jupiter community has passed the "Burning the Litterbox" governance proposal, which proposes to burn approximately 130 million JUP (about 4% of the circulating supply) currently stored in the "Litterbox Trust".
According to Protos, the Tenerife government is in talks to sell 97 bitcoins purchased by the island's Institute for Technology and Renewable Energy (ITER) in 2012 for only €10,000, with the current asking price estimated at $10 million. Juan José Martínez, a member of the Tenerife parliament responsible for overseeing ITER, revealed that his department is in discussions with a Spanish financial institution regarding the purchase of the bitcoins. The parliament reportedly previously attempted to sell the cryptocurrency but failed due to a series of regulatory hurdles and concerns about the asset's high volatility. Nevertheless, Martínez hopes to complete the sale within the next few months. The potential buyer has not yet been officially announced, but is reportedly an institution dually accredited by the Spanish Banking Commission and the National Securities Market Commission. Blockworks researcher Fernando Molina points out that ITER's wallets were inaccessible for eight years before it sought a buyer. Since the purchase, the price of the bitcoins has increased 1000-fold.
According to Businesswire, Nasdaq-listed SOL Treasury company Forward Industries announced that it has filed a supplemental filing with the U.S. Securities and Exchange Commission (SEC) regarding a resale prospectus, based on a valid registration statement on Form S-3 filed earlier this year. The filing registers the resale of a portion of the company's previously issued common stock in its September 2025 private placement (“PIPE”), and becomes effective automatically upon filing. In addition, Forward Industries' board of directors approved a share repurchase program on November 3, 2025, under which the company can repurchase up to $1 billion of its outstanding common stock. This authorization expires on September 30, 2027.
SuiLend, a lending protocol within the Sui ecosystem, stated on the X platform that it is closely monitoring the massive losses suffered by Stream Finance. The largest single exposure to the $93 million loss is reportedly related to Elixir's deUSD, where the protocol lent $68 million in USDC to Stream, representing approximately 65% of deUSD's total reserves. SuiLend added that deposits and withdrawals to the Elixir marketplace on its platform are currently suspended, and the protocol has contacted the Elixir team to request loan repayment. Other lending markets on SuiLend remain unaffected and safe. Previous reports indicated that the $93 million loss at Stream Finance could result in over $285 million in risk exposure.
According to CoinMarketCap data, the price of DeAgentAI's token $AIA, a leading AI infrastructure project within the Sui ecosystem, surged today, currently trading at $1.92, with a market capitalization exceeding $249 million. Its 24-hour trading volume exceeded $30.7 million, representing a 122.79% increase. Simultaneously, Momentum's token $MMT, a leading DEX within the Sui ecosystem, also saw a rapid rise, currently trading at $0.7602, with a market capitalization of $155 million. Its 24-hour trading volume surged by over 850,000%, indicating significant market attention. $AIA and $MMT, as leading AI and DeFi projects within the Sui ecosystem, are referred to by the community as the "Twin Heroes of the Sui Ecosystem." It is understood that DeAgentAI is Momentum's only externally invested project. This simultaneous rise in both tokens may indicate the market's high level of attention to the AIFi narrative, suggesting that the two companies may collaborate to explore the AI ecosystem and actively deploy resources in the AIFi field.
ZKsync founder Alex (@thealexgluchowski) released "ZKToken Proposal Part I," outlining a major update to the ZK token economic model. The core mechanism involves using all network revenue to buy back and burn ZK tokens. Alex stated that in the future, ZK tokens will no longer be limited to governance purposes but will possess a real-world value capture function. The network's value sources include: all revenue will flow into a governance-controlled mechanism for ZK buybacks and burns, staking rewards, and ecosystem development funds. Alex emphasized that this move aims to directly link ZK token value to network usage, driving ZKsync to form a self-reinforcing, sustainable economic system.
According to The Block, Upexi, a Nasdaq-listed financial company based in Solana, reported that as of October 31, its holdings of SOL tokens increased by 4.4% to 2,106,989, an increase of 88,750 from the previous month. Based on SOL's end-of-month price of $188.56, the company's treasury assets were valued at $397 million. The total purchase cost of these tokens was $325 million, or $157.66 per SOL, implying unrealized gains of $72 million, including price increases, staking rewards, and discounts on locked SOL. However, market data shows that after a general decline in the crypto market on Monday, the price of SOL subsequently fell by 15%.
Binance announces exclusive launch of zkPass (ZKP) Binance Wallet Booster program.
According to an official announcement, Binance has announced two exclusive zkPass events within the Binance Wallet: **Binance Alpha Airdrop:** Eligible users with sufficient Alpha Points can claim a ZKP airdrop reward on the TGE (Token Generation Event). The event date will be announced a few days before the start date, and the required Alpha Points will be announced on the official Binance Wallet X account a few hours before trading begins. Claiming the airdrop will cost 15 Binance Alpha Points. **Booster Event:** Share a 30,000,000 ZKP token airdrop reward by completing tasks and supporting the project's early development. Event Start Date: November 5, 2025. Eligibility: All Binance Wallet users (without private keys) holding at least 61 Binance Alpha Points can participate. Reward Distribution Plan: The first phase of rewards (1% of the total ZKP token supply) will be distributed immediately on the TGE.
Standard Chartered: Bitcoin and Ethereum custody services to be launched in Hong Kong next year
According to a report by Hong Kong's Ming Pao, Standard Chartered Hong Kong and Greater China & North Asia CEO, Ms. Kwan Wai-yee, stated that Standard Chartered will launch innovative digital asset solutions in Hong Kong next year, including digital asset custody services supporting the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, as well as strategic cooperation programs with other institutions. Standard Chartered Hong Kong indicated that it plans to launch its Bitcoin and Ethereum-supporting digital asset custody services in Hong Kong in January next year, expanding its existing services in Luxembourg and the UAE (through the Dubai International Financial Centre).
Analysts: Stream Finance's $93 million loss could result in over $285 million in risk exposure.
According to The Block, independent DeFi analyst YieldsAndMore has compiled a network of risk exposures related to Stream Finance's $93 million loss, potentially indirectly affecting hundreds of millions of dollars in loan and collateral positions across lending markets, stablecoins, and liquidity pools. YieldsAndMore states that Stream's debt spans at least seven networks, involving numerous counterparties including Elixir, MEV Capital, Varlamore, TelosC, and Re7 Labs. Assets associated with Stream's xUSD, xBTC, and xETH tokens were repeatedly collateralized in protocols such as Euler, Silo, Morpho, and Sonic, amplifying the potential contagion of risks within the DeFi space.
He Yi posted on the X platform: "Give a peach and receive a plum in return. Giggle Academy went from completely ignoring us, to receiving continuous donations of community transaction fees, to Binance deciding to donate long-term transaction fees to support Giggle tokens, and now to today's donation and burning, which means Giggle will enter a deflationary mode in the future. This is a journey from one-way community contribution to a two-way charitable endeavor. On the road of public chain development, no one knows what the standard answer is. Meme, without a business model and value support, cannot go far, and VC tokens with large amounts of funding may not necessarily have a future. No one knows the standard answer. Pessimists are right, optimists succeed."
Binance Alpha and Binance Futures will be listed on Folks Finance (FOLKS).
According to the official announcement, Binance Alpha will launch and open trading of Folks Finance (FOLKS) on November 6, 2025 at 20:00 (UTC+8). In addition, Binance Futures will launch FOLKSUSDT perpetual contracts on November 6, 2025 at 20:30 (UTC+8), with leverage up to 50x. All eligible Binance users will receive an exclusive Binance token airdrop. Eligible users need to claim the airdrop using Binance Alpha Points through the Binance Alpha event page between 20:00 (UTC+8) on November 6, 2025 and 20:00 (UTC+8) on November 7, 2025. Users can access the Binance Alpha event page through the search function of the Binance App. Click here for more information on how to claim the Alpha airdrop using Binance Alpha Points.
Binance Alpha will launch airdrop events for SentismAI (SENTIS) and Folks Finance (FOLKS).
According to official sources, Binance Alpha will be the first platform to list the following projects: SentismAI (SENTIS) airdrop on November 5th; Folks Finance (FOLKS) airdrop on November 6th. Eligible users can claim the airdrop using Binance Alpha Points on the Alpha event page after trading on Alpha opens. Further details will be announced separately.
Giggle Academy: Will burn 50% of the Giggle transaction fees received from Binance.
Giggle Academy stated on the X platform: "The Giggle Fund token is not issued by Giggle Academy, but is a meme token created spontaneously by the community. We thank the community for their donations and have set up a dedicated donation page to publicly disclose all income and expenditure details. Yesterday, Binance announced it would donate 50% of the Giggle Fund token transaction fees, a move that attracted significant user attention. To express our gratitude to the community, the team has decided to burn 50% of the Giggle transaction fees received from Binance. Giggle Academy will continue to focus on philanthropy and education and has no plans to issue tokens in the foreseeable future."
BlackRock will launch its Bitcoin ETF in Australia in mid-November.
According to the Financial Standard, BlackRock has confirmed the launch of the iShares Bitcoin ETF (ASX: IBIT), providing Australian investors with a more accessible way to access cryptocurrencies in the local market. BlackRock stated that the ETF is expected to list on the Australian Securities Exchange in mid-November 2025. BlackRock said that IBIT will charge a 0.39% management fee and, through its packaging with the US-listed iShares Bitcoin Trust (NASDAQ: IBIT), will provide investors with a low-cost, regulated channel to access Bitcoin without the technical and operational complexities of directly holding the asset. Previously, the Australian Securities and Investments Commission (ASIC) updated its guidance last week, reclassifying most digital assets, including stablecoins, wrapped tokens, security tokens, and digital asset wallets, as financial products. While Bitcoin itself does not constitute a financial product, services and products containing the cryptocurrency can be considered financial products according to the updated guidance in Information Form 225.
According to DL News, Apriori, a trading infrastructure startup backed by YZi Labs, is facing scrutiny due to on-chain records indicating suspicious activity in its recent token airdrop campaign. Approximately 80% of the APR airdrop tokens on the BNB chain were claimed by a single cluster of over 5,800 wallets. This behavior exhibits all the characteristics of an industrial-grade Sybil attack, where attackers deploy multiple wallets to repeatedly claim airdrops. The timing of the event is also highly suspicious, as the wallet cluster was set up before the airdrop and its eligibility requirements were made public. Apriori and its founder, Ray Song, did not respond to multiple requests for comment.
In a recent lengthy article, BitMEX founder Arthur Hayes points out that the US Treasury and the Federal Reserve are brewing a "stealth QE," which could be a key catalyst for a new round of price increases in Bitcoin and the crypto market. Currently, the US government is expanding its spending, favoring debt issuance over tax increases. Foreign central banks are more inclined to buy gold due to the risks associated with dollar assets, the US private savings rate is insufficient to support Treasury bond issuance, and the four major commercial banks have only absorbed a small portion of new debt. "Relative value hedge funds" have become marginal buyers of US Treasuries, leveraging repurchase agreements to finance their bond purchases. The US Treasury expects to issue approximately $2 trillion in new debt annually to cover the deficit.
