Headline
▌FTX Settles Lawsuit Against Bybit Exchange for $228 Million
The FTX bankruptcy group filed a legal document on October 24, agreeing to a $228 million settlement agreement with the Bybit exchange, which was initially filed by the FTX bankruptcy group in 2023 to recover funds to repay former clients and creditors.
According to the legal document, the settlement agreement will allow FTX to withdraw $175 million in digital assets held on Bybit and sell approximately $53 million worth of BIT tokens to Bybit's investment arm, Mirana Corp.
▌Over $60 Billion in Stablecoin Transfers in a Single Day
According to Artemis data, of the $60 billion in stablecoins transferred on October 26, the majority of the transfer volume came from Circle's USDC stablecoin, with a token value of $37.3 billion, accounting for over 62% of the total. Tether's USDT token came in second, with a value of nearly $18 billion, accounting for nearly 30% of the volume, while the Dai stablecoin ranked third, with a value of $4.5 billion, accounting for only 7.4% of the total.
Market
As of the time of writing, according to Coingecko data:
BTC's latest trading price is $67,942.81, with a daily change of +1.5%;
ETH's latest trading price is $2,504.59, with a daily change of +1.2%;
BNB's latest trading price is $588.61, with a daily change of +1.2%;
SOL's latest trading price is $176.60, with a daily change of +3.7%;
Doge's latest trading price is $0.1439, with a daily change of +4.9%;
XPR's latest trading price is $0.5163, with a daily change of +0.9%.
Policy
▌Biden Calls Musk Hypocritical: World's Richest Man Came to the US as an "Illegal Worker"
Biden singled out Musk, accusing him of hypocrisy on immigration issues. Biden pointed out that Musk started his long career in the US as an "illegal worker".
Blockchain Applications
▌Vitalik Buterin: RISC-V is an Important Component of the Ethereum Virtual Machine
Ethereum co-founder Vitalik Buterin stated that the Reduced Instruction Set Computer V (RISC-V) is an important component of the Ethereum Virtual Machine (EVM). Buterin pointed out that the open-source instruction set is crucial in the existing formal verification roadmap for proof-of-validity.
▌Base's Daily Stablecoin Transfer Volume Surpasses All Other Chains for the First Time
Data from analytics firm Artemis shows that Coinbase's Ethereum Layer 2 network Base has surpassed all other blockchain networks in daily stablecoin transaction volume.
Additionally, Peter Schroeder first pointed out on X that on October 26, Base's daily stablecoin transfer volume exceeded the typical leaders of Ethereum, TRON, and Solana, accounting for 30% of all stablecoin transfers.
▌Base Protocol Lead: Vitalik's Five Ethereum Protocol Future Development Papers Leave Room for Others to Fill the Gaps
Base protocol lead jesse.base.eth posted on X that Vitalik's "Possible Futures" writing is a masterpiece in terms of technical strategy. About 3 years ago, he defined the first real Ethereum technology strategy.
Now, he is deeply touching on the same pillars (Merge, Surge, Verge, Purge, Splurge), while leaving room for others to fill the gaps.
Cryptocurrencies
▌QCP Capital Analyst: Bitcoin Exhibits Consolidation Pattern Due to Persistent Institutional Demand
QCP Capital analysts observed that Bitcoin is exhibiting a consolidation pattern due to persistent institutional demand. Bitcoin (BTC) saw active market activity last week, with QCP's market strategist noting that Bitcoin attempted to break above its previous high of $69,500 and then stabilized around the $65,000 support level.
According to the QCP analyst, Bitcoin's dominance has risen to 59.75%, with net inflows of $997.7 million, reflecting strong interest from institutional investors. However, the ETH/BTC ratio has declined by 5.85%, indicating that the market's focus remains on Bitcoin as it approaches its all-time high.
▌Glassnode: Spot Arbitrage Trading Strategies Significantly Increase, Institutional Traders Leveraging CME Futures for Hedging and Generating Yields
Glassnode's analysis shows that spot arbitrage trading strategies have significantly increased, with institutional traders leveraging CME futures for hedging and generating yields. Given the current annualized basis yield of around 9.6%, nearly double the short-term US Treasury yield, the analysts believe that institutional interest in Bitcoin may continue to strengthen in the coming months.
▌Bitcoin ETF Net Inflows Reach $997.7 Million in the Past Week, Marking the Third Consecutive Week of Positive Growth
This week, Bitcoin ETF net inflows reached $997.7 million, marking the third consecutive week of positive growth. Aside from Bitcoin's return to $65,000 on Tuesday, the inflows have been positive throughout the week.
Furthermore, last week's demand for US spot Bitcoin ETFs reached a six-month high, with net inflows of around $4.4 billion over the past 30 days. Since January, Bitcoin ETF net inflows have reached $22 billion.
Important Economic Dynamics
▌97.7% Probability of 25BP Rate Cut by the Fed in November
According to the CME "Fed Watch": The probability of the Fed cutting 25 basis points in November is 97.7%, and the probability of maintaining the current rate is 2.3%. The probability of maintaining the current rate in December is 0.6%, the probability of a cumulative 25 basis point rate cut is 27.7%, and the probability of a cumulative 50 basis point rate cut is 71.7%.
Jinse Encyclopedia
Dynamic resharding is a relatively new term, with the NEAR Protocol marketing team calling it the "holy grail of sharding", but it has also created a new vocabulary that is not immediately understandable. Based on the concept of blockchain sharding, dynamic resharding occurs when the network adjusts the number of shards based on the load. Overloaded shards can be split into two, while two underutilized shards can be merged into one.
Disclaimer: Jinse Finance, as a blockchain information platform, publishes articles solely for informational purposes and does not provide any actual investment advice. Please everyone establish the correct investment concept and be sure to increase risk awareness.
