小恐龙说趋势

Only 11 of 28 jurisdictions have finalized stablecoin rules. The Financial Stability Board sounded the alarm just ahead of the G20 🦖

⚡ 有大动静群里说

On Monday, Financial Stability Board (FSB) Chair Andrew Bailey sent an open letter to G20 finance ministers and central bank governors, stating plainly that regulatory and crisis-management frameworks for cross-border stablecoins remain immature—or have not been established at all.

An accompanying report highlighted an even more troubling scenario: if stablecoins face a run, risks could spill into traditional finance through two channels. First, reserve assets could be forcibly sold off. Second, deposits could be pulled out of the banking system. 💥

The numbers make it clearer. In its 2025 assessment, only 11 of the 28 jurisdictions surveyed had actually implemented a regulatory framework for stablecoins. In other words, nearly 60% of markets are still dealing with stablecoins that lack a unified set of rules.

Even more concerning are stablecoins with multiple issuers. Redemption pressure could all converge on a single issuer, while its reserves are spread across different jurisdictions. If something goes wrong, no single regulator may have the authority to make the final call. ⚖️

Put simply, the significance here isn’t about token prices. It means stablecoins are no longer just a crypto-sector product—they’re a cross-border version of bank-run risk. When reserves are linked to the banking system, the first and last risks posed by stablecoins are, in fact, one and the same.

This isn’t the first warning. In 2025, European Central Bank President Christine Lagarde flagged similar redemption risks. In June this year, the FSB put forward 12 practices for the responsible adoption of AI; in July, a group of European central bank officials warned that AI could amplify market volatility. This time, the two issues have simply been brought together and put on the G20’s agenda. 🏦

My view is that markets have yet to truly price in the regulatory gap. Whoever establishes reserve transparency and cross-border crisis-management mechanisms first will be the first to earn a passport to institutional capital. Conversely, the longer the rules remain unsettled, the harder it will be to bring down the risk premium attached to stablecoins. ⚠️

How do you think Thursday’s G20 meeting will respond to this letter? Will the next wave of regulation focus first on reserve transparency, or on mechanisms for handling cross-border runs? Share your thoughts in the comments.

I bring you the latest crypto stories every day—not just what’s happening, but also the logic and opportunities behind the news. 👀🚀

#sui基金会向datanetwork投资3000万美元
Built up 270 million registrations in 4 months, but couldn’t keep its own chain. $30 million is moving the whole thing—people and data included 🦖

🕐 最新解读群里更新

DATA Network has announced it’s shutting down its independent blockchain and migrating everything to Sui, backed by a $30 million investment from the Sui Foundation. The project, originally called Story, only changed its name to DATA Foundation this June. It’s pivoted from IP licensing to a full-stack platform for AI training data.

Here’s the key number: its on-chain registry, Trace, launched in June and amassed more than 270 million registrations in under 4 months, processing over 3 million receipts a day on average 💥 A chain with real business running on it and real money being settled—and the project itself can just decide to shut it down.

Why shut it down? The official explanation is straightforward: maintaining a dedicated chain for a single use case means shouldering all the costs of validators, network security, and infrastructure. Sui has already built these capabilities with Walrus and Seal. Building from scratch would just mean reinventing the wheel.

Put another way: this is worth more than that $30 million. In the AI data sector, the moat isn’t the chain—it’s data supply, provenance, and storage capabilities. The chain is just a foundation that can be replaced. Whoever controls authentic, authorized data is the one sitting at the center of the table.

The accompanying moves are clear, too. Walrus, Sui’s decentralized storage network, will become the default storage layer for applications under the DATA Foundation. Large files will be stored there, and only authorized buyers will be able to access them. Dataset licenses will be managed on-chain like tokens, with the data’s provenance and attached rights recorded ⚖️ and payments settled to the people who provide the data.

There’s plenty of firepower on the application side. Kled, the largest human data marketplace, is bringing in more than 1.5 billion records. There are also Numo and Oto, applications that have already licensed data to leading AI labs and robotics companies.

My take: the real story is the industry signal, not the token price. For the past two years, countless projects have been eager to build their own chain. Now even an AI data protocol with real revenue has done the math: the costs of running its own chain simply can’t be recouped. We’ll likely see more appchains retreat and become protocols within someone else’s ecosystem.

But one thing is still up in the air. The project says the existing chain will continue running until the upgrade is complete. A detailed timeline and transition plan for token holders will be announced before the migration. In other words, users holding the old assets still don’t know how their rights will ultimately be converted. That’s the uncertainty worth watching most closely in the short term.

On the market side, Sui is currently around $1.13, with a market cap of about $4.6 billion, up around 2.7% in 24 hours. Has the market already priced in expectations for the data migration? The question worth watching is this: when the narrative shifts from “I have my own chain” to “I’m on the best chain,” will the valuation logic change too? Do you see this as the industry maturing or the narrative losing steam? Let’s talk in the comments 💰

Every day, I bring you the latest crypto trends—not just what’s happening, but the logic and opportunities behind the headlines 👀🚀

€3.5 billion in crypto profits, but only €400 million was reported. France is now eyeing your self-custody wallet 🦖
France’s National Assembly Finance Committee passed an amendment on Friday, numbered CF821, requiring people who hold at least €100,000 (about $112,000) in self-custodied crypto assets to proactively declare them. The amount is based on their value as of December 31 each year. Failure to declare could result in a fine of up to €10,000 ⚖️

🔎 进群看完整分析

The amendment was proposed by three lawmakers, including Charles de Courson. The evidence they cited is striking: a parliamentary inquiry found that crypto capital gains in France reached €3.5 billion in 2021, but only €400 million worth of crypto holdings were reported to the tax authorities that year—a gap of nearly 8.75 times 🧾
This isn’t an isolated measure. Last week, the Finance Committee passed five crypto-related amendments in one go. Besides the wallet declaration requirement, one would impose an exit tax on people moving abroad with holdings exceeding €800,000. Another would end the tax deferral available when assets are exchanged for fiat-backed stablecoins. Put simply, France wants to gradually bring crypto assets back onto tax returns.
But then came a dramatic twist: on the very same day the amendments were passed, the committee voted 31 to 3 to reject the entire revenue section of the 2027 budget bill. That means the amendments cannot take effect directly. They must be resubmitted to the National Assembly and voted on again before they have a chance of becoming law. The Assembly won’t begin debating the revenue section until Tuesday.
In my view, the main point of this story isn’t whether France can collect this tax—it’s the signal being sent. Self-custody wallets have long been seen as the last bastion of privacy. Now they’re being written directly into declaration requirements. Even if this budget bill fails, the direction is clear: countries are bringing on-chain assets into systems built around identity verification and reporting.
For everyday holders, here’s a practical reminder: a hardware wallet can keep your private keys hidden, but it can’t hide the value of your assets. Whether you need to declare them is usually determined by where you live and how much you hold—not by which wallet you use.
Do you think self-custody wallets should be subject to reporting requirements? Join the discussion in the comments.
Tap the profile picture to watch the livestream.
Every day, I’ll help you follow the latest developments in crypto regulation—not just what’s happening, but the logic and opportunities behind it 👀🚀

South Korea’s first bank to accept Bitcoin as collateral for loans: Jeonbuk Bank is doing it, while the bank itself doesn’t hold a single coin 🦖

📣 盘面异动群里喊

The bank, part of JB Financial Group and listed under stock code 175330, is offering won-denominated loans linked to digital assets to corporate clients starting this month. Bitcoin is the only accepted collateral, and the funds borrowed can only be used for business operations. Retail customers are not eligible for now.

The real point of interest is the process. The Bitcoin isn’t held by the bank; it’s entrusted to a licensed virtual asset service provider registered under the Act on Reporting and Using Specified Financial Transaction Information. If a company defaults, the bank won’t take possession of the Bitcoin directly. Instead, under the revised civil enforcement rules that took effect on October 1, it will seek a court-ordered sale of the collateral and then recover the debt. ⚖️

The valuation isn’t a guess, either. Jeonbuk Bank first conducted internal stress tests, using a weighted average of prices from multiple global exchanges and the median of volatility indicators as the benchmark price. It has even disclosed the calculation formula and its components. 📈

There are already precedents overseas. JPMorgan offered Bitcoin-backed loans to institutional clients in March this year, and Switzerland’s Signum Bank also provides similar credit. What makes Jeonbuk Bank stand out is that it’s the only regional bank in South Korea to have opened real-name accounts for a virtual asset exchange. This is the first tangible result of the crypto banking vision that CEO Park Chun-won has long talked about.

My take: don’t read this as South Korean banks starting to hoard Bitcoin. It’s more like Bitcoin taking a step from speculative asset to an officially recognized item on banks’ collateral management lists. The bank won’t touch the coins, but it’s willing to recognize that they have value, can be assessed, and can be liquidated. That’s more significant than a bank buying Bitcoin directly.

But the limits are clear: Bitcoin only, corporate clients only, and business funding only. Expanding this to retail customers or other coins will have to wait for regulators to ease up. 🤔

Do you think this kind of bank lending against collateral could be a prelude to the next wave of institutional investment? Let’s talk in the comments.

Every day, I bring you the latest Bitcoin developments—not just what’s happening, but the logic and opportunities behind the headlines. 👀🚀

#以太坊突破2500usdt #以太坊etf连续9日净流出
The 59,751 ETH started at just $0.90 per coin. Over ten years, the wallets slowly moved only 49,751 ETH—and today, they sent out another batch 🦖

📈 进群看今日思路

On-chain sleuths flagged two wallets linked to the Ethereum Foundation transferring 4,393 ETH to a leading exchange, worth about $11.13 million at current prices. Ten years ago, these two wallets received 59,751 ETH from the Foundation at just $0.90 per coin 🐋

Let’s do the math first. Over the past ten years, these two wallets have transferred out a total of 49,751 ETH, at an average price of about $658. Compared with the starting price of $0.90, that’s a profit of dozens of times on almost every coin. But the pace has always been slow: just a small amount at a time, never enough in a single transaction to crash the market 📉

So is this a signal that a sell-off is coming? In my view, you might be spooked if you treat this as an isolated event. Put it in perspective, and it looks pretty ordinary. 4,393 ETH, worth $11.13 million, is barely a drop in the bucket for an asset with a $300 billion market cap ⚠️

What’s really worth watching is another trend: spot Ethereum ETFs have seen net outflows for nine consecutive trading days, totaling about $635 million in October. By comparison, an on-chain transfer worth $11.13 million is only about one fifty-seventh of that. In other words, the on-chain sleuths’ spotlight makes this transfer look far more significant than its actual impact on the price 💥

More subtly, there’s another way to read the story. A group of long-term holders whose cost basis is close to zero are still choosing to cash out gradually while staying in the market, rather than selling everything at once. That slower pace is actually more favorable for the price.

As for the market, Ethereum is currently around $2,543, up 1.38% on the day, with a market cap of about $310.6 billion. Bitcoin is around $83,700, and Solana around $111.80. All three are recovering slightly.

Put simply, this isn’t a story about selling—it’s a story about whose voice is louder. On-chain figures are easy to gawk at, while institutional money flows are quieter, but carry more weight.

Do you think this transfer from Foundation-linked wallets is a real warning sign of a sell-off, or just a routine move being overinterpreted? Let’s discuss in the comments.

Tap the profile picture to watch the livestream.

Every day, we bring you the latest crypto market trends—not just what’s happening, but also the logic and opportunities behind it 👀🚀

Four years of heavy selling pressure officially comes to an end today, and monthly token unlocks are slashed by 60% 🦖

📢 ⏰ 消息群里第一时间说

Aptos’s four-year vesting schedule for core contributors and early investors ends on October 12—that’s today. The final tranche was released on September 12. According to the Foundation, monthly unlocks will drop from 11.31 million APT to 4.54 million, a reduction of about 60%. Annual unlocks will fall from 135.7 million to 54.5 million 📉

First, let’s get the historical numbers straight. When Aptos mainnet launched in October 2022, 190 million of the initial 1 billion tokens went to core contributors, and 134.78 million went to early backers. That’s 324.78 million tokens combined, or 32.48% of the initial supply. The terms were a 12-month lockup, followed by monthly vesting over 36 months. For the past few years, 11.31 million tokens were unlocked each month, with 6.77 million going to these low-cost insiders. They could sell as soon as their tokens unlocked, creating a constant source of selling pressure on the market.

So why do I say the story is only just beginning after today? Because the tap for new tokens isn’t turning off—it’s just changing hands. Another 4.54 million tokens will still be released each month, all from the community and Foundation pools, with 1/120 of each pool’s remaining balance distributed monthly through 2032. These two pools still hold 331.69 million APT in lockup. As of September 30, the circulating supply was 871.02 million, and the total supply was close to 1.2 billion. There’s still a significant amount of supply growth ahead.

The second variable is staking. Staking rewards have now overtaken unlocks as the main source of new supply. The annual reward rate has dropped from 5.19% to 2.6%, adding only about 19.8 million APT a year. Around 763 million APT—63% of the total supply—is staked with validators. To sell, holders first have to wait through an unbonding period of up to 14 days. The upside is that selling pressure won’t hit all at once; the downside is that supply has become a slow-moving variable, so price reactions may lag.

The third variable is token burns. Aptos burns all on-chain transaction fees. From launch through mid-September this year, about 1.9 million tokens had been burned. A recent upgrade increased gas fees tenfold, which should significantly speed up the burn rate. The hard cap of 2.1 billion tokens has been locked in through a proposal. Proposal 183 received 335.2 million votes in favor, with only about 1,500 against.

There’s another move that’s easy to overlook: the Foundation announced it will permanently lock and stake 210 million APT, about 37% of its mainnet holdings. The tokens won’t be sold or distributed, and the rewards will be used to fund operations ⚖️ In effect, it has turned itself from a potential seller into a long-term holder.

In other words, this isn’t a bullish announcement so much as a shift in the supply structure. There are three things to watch: first, the unlock wave running through 2032 is giving way to staking issuance of around 20 million tokens a year; second, the Foundation has permanently locked up its tokens, taking its own ammunition off the table; and third, whether burns and institutional adoption can absorb the remaining new supply. On the fundamentals side, real-world assets on Aptos are worth about $723 million, and Franklin Templeton and BlackRock have both launched tokenized fund products on the network.

Back to the price: APT is currently around $0.899, up 2.54% in 24 hours, with a market cap of about $783 million. At the same time, Bitcoin is at $83,561 and Ethereum at $2,540. Unlocks are being cut by 60%, yet the market cap is still under $800 million and the price is hovering below $1. The key thing to watch is whether the actual monthly increase in circulating supply really does come down 📈

Do you think this is a supply turning point, or just another sentiment-driven rebound? Let’s talk in the comments.

Tap the profile picture to watch the livestream.

Every day, we bring you the latest hot topics in the crypto market—not just what’s happening, but the logic and opportunities behind it 👀🚀

All 19 Fed officials voted for a rate hike, yet traders have nearly priced out an October hike ??

🚨 行情变了群里说

Bitcoin is currently hovering near $83,000, up 1.18% over the past 24 hours but still down 3.22% over seven days. It’s just one step away from the $85,000 mark everyone’s talking about—but the key to whether it can get there this week is expected to arrive on Wednesday.

First, some context: The Fed’s September rate hike raised interest rates to 3.75%–4.00%, the first increase since July 2023. According to the meeting minutes released on October 8, all 19 policymakers voted in favor, and most expected at least one more move this year. But they also hinted there was no rush to act in October. 📉

The real shift has happened over the past couple of days. After weak employment data on October 9, traders’ expectations for an October rate hike nearly vanished. That makes this week’s U.S. September CPI and PPI data a turning point. Last time, PPI surged to 5.4% year over year, with core PPI at 4.6%—both above expectations. Inflation hasn’t let up at all. ⚠️

The timeline is clear, too: U.S. September CPI is expected on Wednesday, and the Fed’s next policy meeting is scheduled for October 27–28. Chair Worsh will also speak at an International Monetary Fund event this Friday. A single remark could bring rate-hike expectations back—or send them tumbling further. 🦖

Here’s how I see it: The market is treating October as a pause and saving its firepower for year-end. But there’s a whole round of data between officials’ comments and the market’s expectations. That disagreement itself is fuel for the market. Hot data would make $85,000 a hurdle; cool data would make it just another stepping stone.

Three things are worth watching: First, will CPI and PPI remain as sticky as they were last month? Second, will Worsh sound hawkish or soften his tone? Third, can Bitcoin break through $85,000 on spot trading volume, rather than leverage? 💥

In the short term, watch interest rates; in the medium term, watch capital flows. Don’t read one data point as a directional signal. 📈

What do you think—after this week’s CPI, will Bitcoin test $85,000 first or pull back first? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, we bring you the latest developments in the crypto market—not just what’s happening, but the logic and opportunities behind it. 👀🚀

#strk24小时上涨约20%
An Ethereum Layer 2 public blockchain says it may go solo. Its token surged nearly 20% in a day and more than doubled in seven days 🦖

⚡ 有大动静群里说

On October 11, Starknet’s token STRK surged to $0.1235 intraday, up about 17.4% in 24 hours. Its seven-day gain reached 118%, according to CoinMarketCap.

The catalyst wasn’t a technical upgrade. It was founder Eli Ben-Sasson announcing on October 8 that the team was actively considering upgrading Starknet into an independent Layer 1 blockchain.

The official account later confirmed this direction, with the goal of becoming the first fully quantum-resistant Layer 1 network by 2027.

First, let’s clarify what it is today: an Ethereum Layer 2 validity rollup. Transactions are executed off-chain, then cryptographic proofs are submitted to Ethereum, which handles settlement and data availability. The upside is that it can benefit from Ethereum’s security; the trade-off is that many parts of the system still depend on it.

Why consider going solo? The pace of a quantum-resistant migration is being held back by Ethereum’s development schedule. The team’s roadmap puts it plainly: Starknet can’t handle the cryptographic migration on its own for cross-chain messaging and data availability.

But right now, this is only a direction, not a plan. The team acknowledges that no migration plan has been approved. If Starknet does become independent, staking incentives, fees, and the token’s role in network security could all be rewritten. None of that comes automatically.

The money has already started moving 💥 Open interest rose 34.74% in 24 hours to $196.8 million, an increase of about $50.8 million. Concentration is also unusually high: the top two platforms account for about 63.3%, and the top four nearly 99%. If traders close positions at the same time, volatility could intensify.

The technical picture calls for even more caution. The current price is about $0.1194, roughly 42% above the 365-day moving average of $0.08416. The 14-day RSI has reached 87.85, far above the overbought threshold of 70. Readings like this can stay elevated for a while—or quickly reverse when buying pressure eases.

The key levels are clear. $0.1235 is the intraday high; holding above it could put $0.14–$0.15 in view. On the downside, $0.11 is the first level to watch, followed by the psychological $0.10 mark.

There’s another variable in three days ⚠️ About 127 million STRK tokens unlock on October 15, worth around $15.2 million at the current price, or about 1.27% of the maximum supply. An unlock doesn’t necessarily mean a sell-off: holders can keep their tokens, stake them, or sell gradually. The real question is whether spot-market buyers can absorb this additional supply.

My take: the market is pricing in a plan that doesn’t have any details yet. The developers’ timeline points to 2027, but traders are reacting today, with an unlock just three days away. That timing gap is a risk in itself. What matters isn’t how loud the narrative is, but whether spot buyers can absorb the tokens after the unlock 🦖

Do you think this is a rally based purely on hype, or is Starknet really about to reinvent itself? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, we bring you the latest in crypto—not just what’s happening, but the logic and opportunities behind it 👀🚀

$57.2 million worth of Dogecoin just moved off exchanges, yet its price fell 7.84% in a week 🐋

🕐 最新解读群里更新

The first Dogecoin ETF in the U.S. is set to stop trading on October 14, less than 11 months after launching. The fund, ticker BWOW, was issued by Bitwise, which filed its liquidation plans with the U.S. Securities and Exchange Commission on September 10. October 14 will be its last day of trading on U.S. markets. The Dogecoin it holds will be converted to cash that day, and investors will be paid back at net asset value on October 22. A fund created specifically for a meme coin is being forced out by its own small size.

Two numbers tell you all you need to know about the contrast: the fund holds just around 8.2 million Dogecoin, worth approximately $707,000 at current prices, while Dogecoin’s daily trading volume is $503 million. The position it needs to liquidate is equivalent to just 0.14% of a single day’s turnover—not enough to drown out even a morning’s worth of market noise.

What really stands out is where the money is going. Over the past seven days, Dogecoin saw net outflows of $57.2 million from exchanges, with $481 million flowing in and $538 million flowing out. The two sides nearly cancel each other out, leaving a thin difference that accounts for just 0.42% of its $13.57 billion market cap. Some interpret the outflows as whales accumulating, but the data only records where the coins went—not why.

Now let’s look at the price 📉 Dogecoin is currently at $0.0868, down 7.84% over seven days. Over the same period, Bitcoin fell just 1.79%, Ethereum dropped 6.01%, and Solana slid 7.86%. Dogecoin is among the worst performers. As recently as September 23, it touched $0.1004; it has since pulled back 13.47%. The 30-day moving average at $0.0904 is hanging overhead. Until the price can get back above it, every bounce is just a wobble in a down month.

The key levels are clear, too. Below, $0.0840 is last Friday’s low; further down, $0.0801 from September 16 is the next level with some support. Above, $0.0890 is where the price stood on October 8—a level it has failed to reclaim for three straight days. Some analysts see $0.092 to $0.095 as the first confirmation that momentum is turning bullish, while a break below $0.0795 would invalidate the current structure. These are possibilities on the chart, not guarantees.

My take: Dogecoin’s weakness this time wasn’t caused by a single headline. It’s the result of three things piling up: the fund was too small to survive and was forced to exit; nearly equal exchange inflows and outflows suggest coins are just being moved back and forth, with no fresh buying to take over; and tightening supply only matters when there are buyers willing to push the price up 🦖

Are you still holding Dogecoin? Let’s talk in the comments.
Tap the profile picture to watch the livestream.
Every day, I bring you the latest crypto market trends—not just what’s happening, but the logic and opportunities behind it 👀🚀

#xrp账本修复可增发xrp的漏洞
A single specially crafted transaction could create 18 trillion XRP out of thin air—180 times its total supply cap 🦖

📣 盘面异动群里喊

The XRP Ledger team has just fixed an integer overflow vulnerability hidden in its payment engine. Security researcher Cayden Liao used a proof of concept to show that a specially crafted transaction could generate 18 trillion XRP out of thin air.

Since launching in 2012, the ledger has claimed a hard cap of 100 billion tokens. XRP can’t be mined or staked, so 18 trillion would be equivalent to multiplying the total supply by 180 out of nowhere.

Even more chilling is how long the vulnerability went unnoticed: it had been sitting in the code for over a decade, and wasn’t reported through the XRP Ledger bug bounty program until September 22, 2026.

The development team skipped the usual two-week validator amendment process and pushed an emergency patch within three days, upgrading the xrpld node software to version 3.4.1. More than 80% of default validators completed the upgrade that day.

The team waited until it had confirmed the network was secure and the attack window was completely closed before publicly disclosing the details on October 9. Liao’s team received the top-tier bounty of $250,000, and the incident was officially described as an exceptionally significant security discovery ⚠️

One detail really matters: this attack required combining two vulnerabilities that had each been rated low risk. Neither was fatal on its own, but together they could blow right through the fixed supply cap.

Here’s my take: XRP’s biggest selling point has never been speed, but its fixed supply of 100 billion tokens. That number underpins the entire valuation framework institutions have built around it. If the supply can be duplicated, trust will collapse before the price does.

What this incident really exposed wasn’t the coding standards of one particular ledger, but a much broader problem: the longer legacy code runs, the more likely it is to accumulate obscure corners that nobody checks anymore. This time it was an overflow; next time, it could be something else 💥

Fortunately, nobody actually created any tokens this time, and there were no on-chain fund losses. The XRPL Foundation has awarded more than $1 million in bounties over the years, and this one was among the most expensive—and most worthwhile.

Two things are worth watching next: first, whether other long-running ledgers have similar overflow logic; and second, whether this news causes a flight-to-safety move in the price of XRP.

Do you think vulnerabilities that allow tokens to be created out of thin air are an inevitable part of blockchain, or just rare occurrences? Let’s talk in the comments 🦕

Every day, I bring you the latest crypto market trends—not just what’s happening, but the logic and opportunities behind the headlines 👀🚀

#xrp财库公司evernorth完成spac合并
473 million XRP officially hit Nasdaq today 🦖

💡 群里更新数据解读

On October 9, Evernorth completed its merger with Armada Acquisition Corp II, placing around 473 million XRP into a publicly listed company and bringing in approximately $300 million in cash. Trading under the ticker XRPN, it began trading on Nasdaq today, October 12. Backing the deal are Ripple and SBI, along with Pantera, a long-established exchange, and GSR.

At the current price of $1.41, this XRP stash is worth around $660 million—more than twice the amount it raised.

But one accounting rule could make this new stock’s financial statements look worse than its peers’ forever ⚠️

Other crypto-holding companies can use fair-value accounting, recognizing unrealized gains when token prices rise. Evernorth, however, has to stick with the old cost-less-impairment approach.

The reason is simple: although it is no longer a wholly owned subsidiary of Ripple, management considers the two to still be related parties. And a 2023 rule from the Financial Accounting Standards Board happens to exclude tokens issued by related parties ⚖️

The result is a one-way street: if XRP falls below a certain level, Evernorth has to recognize an impairment and write down the value on its books. But no matter how much the token price rebounds afterward, those write-downs cannot be reversed.

For example, if a $100 million XRP position is written down to $70 million and later rises back to $150 million, its value on the books won’t automatically recover—and the company won’t recognize $80 million in unrealized gains either.

The merger documents already hint at this issue. Management says that between July 1 and October 9, the lowest observable price for XRP on a certain U.S.-compliant exchange was $0.99. At that price, another $6.9 million in impairment would be required, though the documents don’t confirm whether it was ultimately recognized.

This creates a pretty awkward situation: the company’s pitch is that it will increase the amount of XRP backing each share, but investors looking at its financial statements may see a pile of numbers disconnected from the token’s price.

Here’s how I see it: XRPN’s real appeal isn’t how many tokens it holds, but whether management can turn its holdings into a compounding machine through on-chain yield and capital-markets strategies. Simply holding tokens isn’t scarce; holding tokens that generate yield is.

One more thing: before the merger, the SPAC’s share price fell by more than 50% in a single day. If shareholders redeem heavily, the amount raised could shrink, leaving it with less firepower to buy tokens 💥

So after trading opens today, two things are worth watching: first, whether the actual cash proceeds are really as high as $300 million; and second, whether the company announces its first deployment of funds.

Let’s talk in the comments: would you treat a crypto-holding stock with an active-management commitment as a substitute for the token itself, or as a fund that pays dividends?

Every day, I bring you the latest crypto-market highlights—not just what’s happening, but also the logic and opportunities behind the news 👀🚀

#cftc拟将事件合约纳入掉期监管
39 states and 145 tribes join forces to push prediction market case to the doorstep of the U.S. Supreme Court

⚖️ ⏰ 消息群里第一时间说

Last week, a batch of amicus briefs was filed with the U.S. Supreme Court, urging the justices to take up a case asking whether sports event contracts qualify as swaps. Then on Friday, the CFTC put forward two proposals to formally bring event contracts under swaps regulation—one of them has already taken effect ⚖️

First, take a look at the heavyweight names behind the briefs: former Senator Chris Dodd; former CFTC and SEC Chair Gary Gensler; the NFL; 39 states plus Washington, D.C.; 145 tribes; and several industry associations. Most take the same position: sports prediction markets should be regulated by the states, not the federal government.

Dodd’s brief makes the point directly: the 2010 Dodd-Frank Act never intended to give the CFTC authority over the states’ regulation of these kinds of contracts. He cites combination contracts that link multiple games across different cities and sports: they don’t help with hedging or price discovery, so they don’t qualify as swaps under the Act 📉

Why is this worth watching? The federal appeals courts are split. Two circuit courts have ruled that sports prediction markets fall under state authority, while the Third Circuit ruled 2–1 that the CFTC has jurisdiction. On the other side of this regulatory clash are prediction markets that have grown through crypto-based settlement in recent years. Who sets the rules will determine whether they can continue to tap into sports—the biggest source of traffic 🦖

My take: On the surface, this is a fight over sports contracts. In reality, it’s about whether federal or state authorities get the final say—and it could open the door to future precedents on crypto event contracts. If the Supreme Court takes the case, the first to feel the impact won’t be everyday users, but platforms pitching event contracts as a new product ⚠️

Who do you think the Supreme Court will side with in the end—the states or the CFTC? Let’s discuss in the comments.

Tap the profile picture to watch the livestream.

Every day, we bring you the latest developments in the crypto market—not just what’s happening, but the logic and opportunities behind it 👀🚀

#以太坊突破2500usdt #以太坊etf连续9日净流出
Ethereum ETFs have seen outflows and no inflows for 9 straight days. $635 million has been pulled out in a month, yet ETH is still stubbornly holding above $2,500 🦖

📈 进群一起分析行情

U.S. spot Ethereum ETFs saw another $56.1 million in net outflows on Friday, extending their outflow streak to nine trading days. Redemptions totaled $635 million in October. The worst single day was October 6, when $201.9 million flowed out 📉

To put that in perspective, nearly $700 million has been pulled from these funds since the outflow streak began. Their cumulative net inflows since launch now stand at just $13.2 billion, with total net assets of $14.5 billion.

The contrast is striking: it’s not just one corner of crypto pulling back. U.S. Bitcoin ETFs recorded $386.3 million in net outflows over seven trading days in October, their worst week in three months. The worst day was Wednesday, with $484.9 million flowing out—the biggest daily outflow since June. But on Friday, they saw $21.1 million flow back in, while Ethereum ETFs have been left out in the cold for nine straight days ⚠️

Earlier, in September, Bitcoin ETFs had just come off a nine-day winning streak, taking in around $3 billion and pushing year-to-date flows back into positive territory. Then October brought a complete reversal.

Bitcoin is hovering around $83,000, with a sell wall of roughly $35 million stacked between $85,000 and $89,000. Ethereum first surged above $2,700 this week, then selling pressure knocked it down to $2,405 before buyers pushed it back to $2,500. Along the way, $165 million in leveraged long positions were liquidated 💥

The key level now is $2,550 to $2,600. Analyst Petar Jovanović sees this as Ethereum’s latest make-or-break zone. A move above it could open the way to $2,650 or even $2,700. If it fails to break through, ETH may keep chopping around within its current range.

One other detail: more than a third of Ethereum’s circulating supply is now staked. There are indeed fewer coins on exchanges, but analysts caution that lower balances and high staking yields don’t necessarily mean the price will rise.

My take: Ethereum’s problem this time isn’t on-chain—it’s that there’s less money coming in to buy it. Nine straight days of ETF outflows suggest institutional appetite for Ethereum is more fragile than for Bitcoin. ETH holding above $2,500 is more about bears being reluctant to chase it lower and supply being locked up than stronger buying demand. If it can’t clear the $2,550–$2,600 hurdle, this is still just a bounce.

Let’s talk in the comments: do you think this move in Ethereum is a reversal or just a rebound?

Tap the profile picture to watch the livestream.

Every day, I’ll help you follow the latest Ethereum news—not just what’s happening, but the logic and opportunities behind it 👀🚀

#以太坊etf连续9日净流出
Ethereum ETFs see net outflows for 9 straight days, with $542 million flowing out over 9 days—the worst stretch since January 💥

🔭 进群看资金去哪

Let’s get the facts straight: Over the past week, U.S. spot Ethereum ETFs saw approximately $542 million in net outflows, extending their streak of consecutive outflows to a full 9 days. That’s the longest run of outflows since January this year. Bitcoin ETFs and Solana ETFs weren’t spared either, with all three recording weekly net outflows ⚠️

Here’s the striking contrast: Solana’s outflows stand out even more. Its record 14 consecutive weeks of net inflows has officially come to an end. In other words, this isn’t simply money moving from Ethereum into Solana—investors are pulling money out of all three major ETFs at once 🦖

I’ve always thought of ETF flows as a thermometer for institutional sentiment. When all three are cooling off at the same time, it points to a more cautious conclusion: institutions aren’t rotating between sectors; they’re reducing their overall crypto exposure. In a rotation, the money would go somewhere. Right now, it’s leaving first, with its next destination still undecided.

The detail really worth watching is price. Ethereum is still holding around $2,505, and Bitcoin hasn’t broken down around $83,056. ETFs are selling, but the spot market is absorbing the supply. Who’s buying on the other side is the key question for the next few weeks. If the $2,500 level gives way, funds that flowed in over the previous 14 weeks may shift from holding to sitting on the sidelines 📉

One more comparison: $542 million is roughly on par with the peak outflows Ethereum ETFs saw in January this year. Markets don’t simply repeat, but they do rhyme. If outflows continue to build next week, Solana’s just-broken 14-week streak could well be the first sign that sentiment is truly turning. On the other hand, as long as Ethereum holds above $2,500 and returns to recording daily net inflows, this could still be just a shakeout.

Let’s talk in the comments: Do you think this wave of outflows across ETFs is a short-term shakeout, or are institutions really starting to pull out?

Every day, I bring you the latest on Bitcoin and Ethereum—not just what’s happening, but also the logic and opportunities behind the headlines 👀🚀

#ledger确认用户设备遭植入未授权硬件
A hardware wallet bought through an officially authorized channel was found to contain a chip that shouldn’t have been there. Estimated losses: $86 million 🦖

🕐 最新解读群里更新

Ledger confirmed in a post on Sunday, October 11, that an unauthorized hardware component had been found implanted in a user’s device. Investigator Specter estimates that losses in this incident could exceed $86 million, involving Bitcoin, Ethereum, and Tron ⚠️

The affected devices came from CryptoBilis, a Southeast Asian distributor and an authorized Ledger reseller in Indonesia, Malaysia, and the Philippines.

“Authorized,” “genuine,” and “official channel” are the kinds of words that make people feel safe. And yet the very thing that failed this time was one of those officially authorized channels 🔒

As for the parties’ responses, CryptoBilis has suspended sales of all hardware wallet inventory pending the investigation’s findings. Ledger, meanwhile, has stressed that the incident is limited to this one distributor and its market, and that its own infrastructure, systems, and services were not compromised. It has also issued two recommendations: don’t initialize devices that haven’t been set up yet; if you’ve already set yours up, consider moving your assets to a new signing device using a fresh recovery phrase.

The distinction here is worth noting: so far, Ledger has not confirmed how many customers were affected or the actual amount of the losses. The $86 million figure comes from a third-party investigator’s estimate, not an official figure.

Put simply, the security of a cold wallet doesn’t depend only on the chip itself. It also depends on every step along the way before the device reaches you. Buying through an official channel doesn’t guarantee that every link in the supply chain is free from tampering. That’s what we should be paying closest attention to. If this kind of hardware implant becomes part of a repeatable supply chain, the entire idea of self-custody will need to be reassessed 💥

One more thing: Tether has also frozen USDT connected to this case, showing that on-chain tracking is already underway. A hardware-level vulnerability ultimately still requires on-chain data to track down those responsible.

Would you buy a hardware wallet from a third-party distributor to save a few dozen dollars, or would you rather pay a little more and buy directly from the official store? Let’s talk in the comments.

Every day, we bring you the latest in crypto security—not just what happened, but the logic and opportunities behind the news 👀🚀

Tap the profile picture to watch the livestream

#ledger暂停cryptobilis销售
A hardware wallet sold by a distributor turned out to be a key in hackers’ hands. 315 wallets were drained, affecting 6 blockchains, with losses nearing $93 million 🦖

📢 ⏰ 消息群里第一时间说

It started with users in Southeast Asia. They bought hardware wallets from a distributor called CryptoBilis, then began reporting that the assets in their wallets had been wiped out. The distributor operates in Indonesia, Malaysia, and the Philippines.

Blockchain analytics firm Bitquery traced the losses across 6 blockchains: TRON, Bitcoin, Ethereum, Solana, BNB Chain, and Polygon. The latest tally is 315 wallets, with losses totaling around $93.2 million. Just a week ago, the figure was only $86 million ⚠️

How could an incident on one chain affect six? The key is the recovery phrase. A single recovery phrase can derive all the addresses associated with a wallet across every network. So if someone got hold of the seed phrase at the source, the attacker effectively had the same key—and could sweep assets from different chains all at once.

One other detail is especially alarming: Bitquery found small test transfers taking place over two weeks before the theft began in earnest. This looks more like organized, premeditated reconnaissance than a random opportunity.

Ledger’s official response was to confirm that it is investigating and ask CryptoBilis to suspend all hardware wallet sales and shipments. It also urged anyone who recently bought from the distributor not to initialize any device that hasn’t yet been activated. For devices that have already been activated, it recommends moving assets to a new device with a freshly generated recovery phrase.

As of now, the attack method has not been publicly confirmed. The available evidence has also not proven that Ledger’s core infrastructure was compromised. Whether the devices were refurbished, swapped, or tampered with in some other way is still under investigation.

Efforts to contain the damage are also underway. Tether has frozen around $10 million in USDT linked to the case. Another wallet associated with the incident transferred 464 ETH to the mixer Tornado Cash, apparently in an attempt to break the trail 💥

Put simply, what really stings about this incident is that it punctures the core sense of security people get from hardware wallets. We assume that putting our coins in cold storage is like locking them away. But if someone made a key for that lock before it ever reached you, no matter how many locks you have, they won’t help.

The supply chain is the real weak point of hardware wallets.

When buying a hardware wallet, what do you think is most important to verify: that you’re buying through an official channel, or the device’s setup process after it arrives? Share your thoughts in the comments.

Tap the profile picture to watch the livestream.

Every day, we bring you the latest in the crypto market—not just what’s happening, but the logic and opportunities behind the news 👀🚀

From $236 to $1: This veteran storage blockchain token is about to slash its issuance by 75% in one go 🦖

🕐 最新解读群里更新

First, the facts: FIL, or Filecoin, officially announced on September 4 that its vesting schedule will end on October 15. After that, the network’s gross issuance will drop by about 75%. In annualized terms, that means new issuance will fall from around 88 million tokens a year to about 22 million. The project says this is the biggest supply change since the mainnet launched in October 2020. In other words, the full six-year vesting cycle is coming to an end 📉

Just how stark is the contrast? Look at the price. The same FIL that reached a high of $236.84 in April 2021 is now worth just $1.079. That’s a drop of more than 99% from its peak. Its market cap is around $902 million, with about 835 million tokens in circulation and a total supply of roughly 1.957 billion. It ranks 84th by market cap. Yet it’s up about 37% over the past 30 days ⚠️

To be clear, the 75% cut applies to newly released tokens—not tokens already in circulation. When the mainnet launched, allocations for early investors, the team, and the foundation were scheduled to unlock in stages over six years. Once those unlocks end, the daily selling pressure from new issuance will fall sharply. But note: this is not a burn, nor is the total supply being reduced. Block rewards for miners will continue. So the more accurate way to put it is that new supply is hitting the brakes, not that supply is being removed 💥

On the other side, the project also highlighted Filecoin Onchain Cloud and Fil One, aiming to build up paid demand on-chain. Revenue from Filecoin Pay, an on-chain payment tool, is up around 88-fold year over year—from about $663 to roughly $59,000. The absolute amount is still small, but the direction is clear: new supply is shrinking while real paid demand is being pushed higher. If both happen at once, that’s when the balance between supply and demand can truly shift 📈

My take: this structural change on the supply side is worth watching, but don’t rush to treat it as a trigger for a huge rally. The market has already priced in some of the expectations. The real question is whether on-chain paid demand can keep growing after October 15. If issuance falls but nobody uses the network, the price can still go down. On the other hand, if demand really takes off, the impact of shrinking supply will be amplified.

Do you think this 75% cut in issuance marks the start of a long-term trend, or is it another bout of hype ahead of a “buy the rumor, sell the news” moment? Share your thoughts in the comments 👀

Tap the profile picture to watch the livestream

Every day, I’ll bring you the latest hot topics in the crypto market—not just what’s happening, but the logic and opportunities behind it 👀🚀

#以太坊etf连续9日净流出 #以太坊突破2500usdt
Three ETFs all turned lower this week. Ethereum saw $542.1 million in outflows in a single week, its worst since January 🦖

💬 群里一起聊行情

First, the numbers: U.S.-listed spot Ethereum ETFs saw net outflows of $542.1 million last week, their worst week since January. That also marked nine consecutive trading days of net outflows. This wasn’t just a single day of withdrawals—it was two full weeks of sustained redemptions ⚠️

Even more unusual, two other funds turned lower at the same time. Solana funds, which had attracted inflows ever since their launch, saw their largest weekly outflow since launch last week, ending a 14-week streak of inflows. Bitcoin funds also ended a three-week streak of inflows. All three major assets flipped from inflows to outflows at once—a first this year 📉

Prices are sitting right at key levels. Ethereum is currently around $2,508, down nearly 7% for the week, and is testing a support zone that has held several times before. Bitcoin is around $82,954, up a modest 0.4% over the past 24 hours. Solana is around $110, virtually unchanged. The broader market looks calm on the surface, but money is flowing out through the most convenient channel: ETFs 💥

Put simply, this isn’t just a routine sector rotation. The ETF machine itself has stalled in the short term. Over the past few weeks, ETFs were the main channel bringing off-exchange capital into the market. Now that channel is flowing in reverse, shrinking the pool of buyers. The same selling pressure must be absorbed by thinner liquidity, making support levels easier to break.

Two things matter now. First, can Ethereum close above this support zone on the daily chart? If it holds, this could be a shakeout. If it breaks, there’s no obvious technical floor below. Second, will ETF outflows slow next week? If they continue, that would suggest institutions are reducing exposure through redeemable products—and this would be more than just a technical issue.

My take: Ethereum’s position matters more than its price right now. Nine consecutive days of net ETF outflows suggest that natural buyers are thinning out, while funds in the staking queue are also cooling. The two trends weakening at the same time—that’s the real warning sign.

Do you think this move is a normal shakeout near support, or are institutions using ETFs to exit in an orderly way? Share your thoughts in the comments 👀

Tap the profile picture to watch the livestream

Every day, I bring you the latest on Ethereum and ETF flows—not just what’s happening, but also the logic and opportunities behind the headlines 👀🚀

#strk24小时上涨约20%
Up 90% in a week, up 40% in a day—and now it’s saying it isn’t secure enough 🦖

👉 进群看盘面

Starknet’s native token, STRK, rose about 90% in a week and another 40% in 24 hours, with its price climbing to around $0.10 and its market cap reaching about $768 million. For the first time in a year, it broke into the top 100 cryptocurrencies by market cap. And it all started with a short post published on October 8 by StarkWare CEO Eli Ben-Sasson 📈

There was just one sentence in the post, but it was reposted again and again: “We are actively considering becoming an independent Layer 1 chain.” The goal is to make Starknet the first fully quantum-resistant network, with 2027 as the target date ⚠️

Why would a coin that just surged come out and say that the foundations beneath it aren’t secure enough? That’s what makes this rally truly worth paying attention to.

Starknet is currently a Layer 2 on Ethereum, and it inherits its security from Ethereum. Transaction data, state commitments, and finality all depend on Ethereum’s consensus and settlement layers. The upside is that Starknet doesn’t have to build its own validator system from scratch. The trade-off is that it doesn’t get to decide the pace of security upgrades.

Ben-Sasson put the issue plainly: a Layer 2 can only be as quantum-resistant as its underlying layer. Ethereum must complete its transition to quantum resistance as soon as possible; otherwise, there’s little a Layer 2 can do on its own.

The timeline is indeed getting tighter. A study published in March this year by Google Quantum AI estimated that breaking 256-bit elliptic-curve cryptography would take only about 1,200 logical qubits—a figure well below earlier expectations. The U.S. National Institute of Standards and Technology plans to phase out ECDSA signatures by 2030 and ban them entirely by 2035. The Ethereum Foundation’s roadmap calls for quantum upgrades to the execution, consensus, and data layers to be completed by December 2029, progressing through a hard fork every 7.2 months on average.

Starknet wants to capitalize on that window. Its proof system, STARK, is based on hash functions, and there are currently no known quantum polynomial-time attack algorithms against it. Native account abstraction at the account layer means the signature algorithm can be changed without a network-wide hard fork. In August this year, the mainnet ran an experiment in which a contract account signed with Falcon-512 transferred real assets. The address stayed the same, and the fee was about 6 cents.

My take: that 90% rally isn’t a bet on the technology—it’s pricing in the race against time. The market is betting on one thing: whoever turns quantum resistance from a paper concept into a working mainnet first will get a ticket to the next big narrative. But there’s a cost. Becoming a Layer 1 means running your own validators, bearing the burden of consensus security, and dealing with every vulnerability yourself. The bill for that path will come due before 2027 🔐

Do you think quantum resistance is the next real-world need, or just another story being spun in this cycle? Let’s talk in the comments.

Tap the profile picture to watch the livestream.

Every day, we bring you the latest crypto market trends—not just what’s happening, but the logic and opportunities behind it 👀🚀