Today's news tips:
US stocks close: Nasdaq drops 3.5%, biggest one-day drop since April 10
Wintermute founder denies rumors of company collapse due to market crash
Source: Polymarket plans to launch a native token, but not soon
Macro
Fox Business reporter Charles Gasparino reported that discussions within the White House are heating up regarding Donald Trump's potential pardon of Changpeng Zhao (CZ). Some in Trump's camp believe the "fraud" charges against CZ are unfounded, and Trump is leaning toward a pardon. CZ responded via Twitter, stating that there were no "fraud" charges and that he had pleaded guilty only to a single Bank Secrecy Act (BSA) violation.
DTCC listed on the Bitwise Avalanche ETF, ticker symbol BAVA
The Bitwise Avalanche ETF is listed on the DTCC under the ticker symbol BAVA.
US stocks close: Nasdaq drops 3.5%, biggest one-day drop since April 10
At the US stock market close on Friday, the Dow Jones Industrial Average initially closed down 1.9%, the S&P 500 fell 2.7%, and the Nasdaq Composite fell 3.5%. Both the Nasdaq and S&P 500 experienced their largest single-day declines since April 10th. Large technology stocks fell across the board, with Amazon (AMZN.O), Tesla (TSLA.O), and Nvidia (NVDA.O) down approximately 5%, and Apple (AAPL.O) down 3.45%. Blockchain-related stocks also saw significant declines, with Coinbase (COIN) down 7.75% and Circle (CRCL) down 11.66%.
According to Caixin.com, Hong Kong Monetary Authority Deputy Chief Executive Ruan Guoheng stated that they have decided with the People's Bank of China to regularize the "cross-border credit information interconnection" pilot program, which will be launched in 2024. The pilot program will cover the Guangdong-Hong Kong-Macao Greater Bay Area and will be piloted first in Hong Kong and Shenzhen. Participating institutions include seven local retail banks in Hong Kong, including HSBC, Standard Chartered, and Bank of China (Hong Kong), and three local credit reporting agencies. The pilot program is reportedly integrated into the Shenzhen-Hong Kong Cross-Border Data Verification Platform. This platform uses blockchain technology to establish nodes in Hong Kong and Shenzhen. Users independently obtain personal or corporate data from data providers and upload it to a designated platform. A 64-bit hash code is generated using an encryption algorithm. The other party (data user) across the border matches the data with the same 64-bit hash code, ensuring the legal cross-border transfer of data and ensuring that it cannot be tampered with by users.
Wintermute founder denies rumors of company collapse due to market crash
Wintermute founder wishful_cynic responded to community speculation on social media, stating that the company did not collapse during the market downturn and that operations are currently normal and business is proceeding as usual. Previously, Crypto.com and Wintermute denied the crash rumors, stating that their systems are operating normally.
Viewpoint
BitMEX co-founder Arthur Hayes wrote in a post that street rumors suggest that automated liquidations of collateral tied to cross-margin positions on large centralized exchanges (CEXs) are responsible for the plunge in many altcoins during the downturn. Congratulations to everyone who placed buy orders at low prices. Many high-quality altcoins won't see those prices again anytime soon.
Project News
Hold at least 200 Binance Alpha Points to claim an airdrop of 640 Creditlink tokens (CDL).
Creditlink (CDL) is now listed on Binance Alpha. Users holding at least 200 Binance Alpha Points can claim an airdrop of 640 CDL tokens on the Alpha event page. Claims will cost 15 Alpha Points and must be confirmed within 24 hours; otherwise, the claim will be forfeited. Furthermore, the point threshold will automatically decrease by 15 points every hour until all rewards are distributed. Binance will also host a CDL trading competition with a total prize pool of 5,643,000 CDL. Only purchases will be accumulated during the event (sales will not be counted).
Binance: Hold at least 200 Binance Alpha Points to claim token airdrop at 4:00 PM
Binance announced that it will open its Alpha Points airdrop today at 4:00 PM. Users holding at least 200 Binance Alpha Points will be eligible to claim the tokens on a first-come, first-served basis until the airdrop pool is exhausted or the event ends.
Source: Polymarket plans to launch a native token, but not soon
According to Decrypt, Polymarket plans to launch a native token, but it will not issue it until it regains market share in the United States. The launch will not take place in the next few months, and may not happen until next year.
ASTER airdrop postponed to October 20 due to inconsistent distribution data
Aster stated in a statement that the project has discovered inconsistent $ASTER allocation data affecting some users. Under normal circumstances, the allocation for each cycle should not be lower than the final snapshot RH%. The official will update the allocation within a few days, and users will have 48 hours after the update to choose a USDT fee refund; the $ASTER airdrop has been slightly postponed, with the target date being October 20. Users who choose a refund will receive a USDT refund one day after the airdrop.
ZeroBase founder Mirror Tang posted that they had just added 35 million to 36 million yuan to the flash withdrawal pool, but due to high user enthusiasm, the funds have been withdrawn completely. They are currently withdrawing 17 million yuan from other exchanges to replenish the flash withdrawal pool. Users are reminded to patiently wait for withdrawal approvals to be completed and are advised to use the flash withdrawal function to avoid the seven-day wait for regular withdrawals.
This morning, the price of IOTX on Binance briefly dropped to $0.00000 before recovering to $0.01354. IoTeX officials acknowledged this extreme market volatility and confirmed the IoTeX network and all on-chain assets are fully secure and operating normally. The official team is closely monitoring market conditions and coordinating with partners to ensure stability. Related reading: $19.1 billion in liquidations in 24 hours: Why is the crypto market suffering a bloodbath?
According to a Binance announcement, the platform experienced price decoupling of USDE, BNSOL, and WBETH, triggering forced liquidations for some users. Binance stated that it has begun reviewing affected accounts, liquidation details, and compensation measures, and is strengthening risk controls to mitigate the risk of similar incidents. The announcement stated that the incident is of high significance and that further updates will be provided.
Binance has restored all services after experiencing delays due to high concurrency.
Binance's official Twitter account stated that (early this morning) due to high market concurrency, its systems were under pressure, causing some users to experience intermittent delays and display anomalies. All services have now been restored and are gradually returning to normal. Officials stated that they are continuously monitoring operations to ensure stability and issued a "Funds SAFU" notice.
Around 5:30 AM this morning, Ethena's USDe stablecoin experienced a significant decoupling. The USDe/USDT price on Binance plummeted to as low as $0.65. It has since recovered to normal levels. Ethena Labs explained that USDe experienced secondary market price fluctuations due to market volatility and a series of liquidations. Ethena stated that USDe minting and redemption operations are operating normally, and assets remain overcollateralized. Due to liquidations, perpetual swaps are trading below spot, resulting in additional unrealized profit and loss (uPNL) on Ethena's short positions, which are being converted into protocol revenue. USDe will be even more overcollateralized than yesterday.
Important data
According to Aunt Ai, a whale who had shorted BTC four times since March 2025, suffering a $21.31 million loss at one point, saw a turnaround after seven months of persistence. With BTC's low of $102,000 today, the whale quickly turned losses into profits, generating a whopping $26.52 million in 24 hours. Currently, the whale has profited nearly 40% of its short position, still holding 1,300 BTC (worth approximately $144 million).
Coinglass data updates show that over the past 12 hours, the cryptocurrency market saw $19.037 billion in liquidated contracts. Of this total, $16.633 billion was liquidated in long positions, and $2.405 billion was liquidated in short positions. BTC liquidated a total of $5.304 billion, and ETH liquidated a total of $4.361 billion. In the past 24 hours, a total of 1,621,284 people worldwide experienced liquidations, totaling $19.141 billion. The largest single liquidation occurred on Hyperliquid's ETH-USDT platform, valued at $203 million.
According to Lookonchain, a Bitcoin OG account profited over $160 million within 30 hours by closing most of their BTC and ETH short positions. Currently, the account's short position is limited to 821.6 BTC (approximately $92 million). Yesterday, news broke that the Bitcoin OG had shorted ETH with 12x leverage, using $30 million, worth approximately $330 million.
According to on-chain analyst Yu Jin, an address associated with WLFI (World Liberty Financial) purchased 55.687 million WLFI for $10 million between 3:00 and 4:00 AM, at an average price of approximately $0.18. About an hour later, the market plummeted, with WLFI dropping to $0.07 before recovering to approximately $0.12, still down over 30% from the average purchase price. WLFI officials subsequently confirmed the repurchase.
Ethereum spot ETFs saw a net outflow of $175 million yesterday, with BlackRock ETHA leading the way.
According to SoSoValue data, Ethereum spot ETFs saw a total net outflow of $175 million on October 10th (EST), with all nine products experiencing net outflows. BlackRock's ETHA ETF saw a net outflow of $80.19 million, bringing its total net inflow to $14.49 billion. Grayscale's ETHE ETF saw a net outflow of $30.57 million, bringing its total net outflow to $4.58 billion. As of now, the total net asset value of Ethereum spot ETFs stands at $27.51 billion, representing approximately 5.89% of Ethereum's total market capitalization, with a total net inflow of $14.91 billion.
Financing/Acquisition
Prediction market Kalshi raises over $300 million in new funding round, valued at $5 billion
Prediction market Kalshi plans to announce on Friday that it has raised over $300 million in a new funding round, valuing the company at $5 billion. The company also plans to disclose that it will begin allowing customers in over 140 countries to place bets on its website. Kalshi's rapid expansion has attracted the attention of venture capital firms, including Sequoia Capital, which first invested in the company in 2020, and new investor Andreessen Horowitz. Other investors in this round include Paradigm, CapitalG, and Coinbase Ventures. Although Kalshi closed its previous funding round in June, it initiated talks for a new round in August, more than doubling the company's valuation.
Galaxy raises $460 million to advance Texas AI data center transformation
Galaxy Digital completed a private placement at $36 per share, issuing approximately 9 million new shares and selling approximately 3.8 million shares to management (including CEO Mike Novogratz). The transaction is expected to close on October 17th, subject to approval by the Toronto Stock Exchange. The funds will be used for general corporate purposes and the next phase of development at its Helios campus in Dickens County, Texas. The campus, which was converted from a Bitcoin mining facility into a high-performance computing data center for CoreWeave, is expected to be online in the first half of 2026 and will support tens of thousands of high-end AI servers. Galaxy previously secured $1.4 billion in project financing and signed a 15-year lease with CoreWeave, generating projected annual revenue exceeding $1 billion. The project has the potential to become one of the largest data centers in the United States.
Institutional holdings
Prestige Wealth Inc. (NASDAQ: PWM; AURE) announced that it has participated in and completed a series of coordinated transactions to launch Nasdaq's first Tether Gold (XAUT) treasury. These transactions include approximately $100 million in private investment in equity (PIPE) financing from Antalpha Platform Holding Company and other accredited investors, including Tether and Kiara Capital, as well as a three-year, $50 million senior debt financing. The company intends to use the majority of the net proceeds to purchase Tether Gold (XAUT) as a reserve asset. Subject to receipt of relevant approvals, the company expects to change its name to "Aurelion Inc." and begin trading under the new ticker symbol (AURE) on October 13, 2025.
Cosmos Health Inc. (NASDAQ: COSM), a global healthcare group, announced today that it has purchased an additional $500,000 worth of Ethereum (ETH), bringing its total investment in ETH to $1.5 million. This acquisition follows Cosmos Health’s previously announced $300 million digital asset financing.
Aethir's digital asset library POAI is listed on Nasdaq, with plans to purchase $45 million in ATH
Aethir's co-founder announced that its digital asset reserve (DAT), Predictive Oncology (NASDAQ: POAI), has officially launched on the Nasdaq under the ticker symbol $POAI. Over the next 45 days, the reserve will purchase $45 million worth of $ATH from the open market. This follows news that Predictive Oncology has completed a $343.5 million PIPE financing round to support its ATH token treasury strategy.
