Headlines
▌JPMorgan Chase: Will allow customers to trade Bitcoin and cryptocurrencies, but has not yet launched custody services
JPMorgan Chase confirmed on CNBC that it will allow clients to trade Bitcoin and cryptocurrencies, but has not yet launched a custodial service.
CME launches SOL and XRP options trading
CME has launched Solana (SOL) and XRP options trading.
Market
As of press time, according to Coingecko data:
BTC price is $115,450, with a 24-hour change of +0.3% ;
ETH price is $4,250.58, up 2.6% in the past 24 hours.
BNB price is $1,293.85, with a 24-hour change of -0.5% ;
The price of SOL is $208.50, with a 24-hour change of +6.2% ;
DOGE price is $0.2146, up 3.4% in 24 hours;
XRP price is $2.61, up 3.4% in 24 hours;
TRX price is $0.3233, with a 24-hour change of +0.1% ;
WLFI price is $0.1526, up +8.3% in 24 hours;
HYPE price is $42.97, with a 24-hour increase or decrease of +8.2% .
policy
Source: Mike Selig, Chief Legal Counsel of the SEC Cryptocurrency Working Group, is still the top candidate for CFTC Chairman
According to Crypto In America, the White House is about to make a decision on the candidate to replace Brian Quintenz as Chairman of the Commodity Futures Trading Commission (CFTC). Two sources close to the process said that Mike Selig, chief legal counsel of the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Working Group, is still the government's top candidate. It is reported that the White House has also begun to review potential commissioners to rebuild the five-member committee. The committee is currently led by Acting Chair Caroline Pham. After Quintenz was dismissed last month, industry groups continued to pressure the White House to nominate a candidate who is friendly to cryptocurrencies. At the same time, Congress is about to pass a market structure bill to expand the CFTC's rule-making power over the cryptocurrency market. Sources said that the first conditions for the new candidate include understanding the policies of the SEC and CFTC and being able to help the government achieve the goal of coordinating and unifying the supervision of the two agencies. Selig, who is also a senior advisor to SEC Chairman Paul Atkins, began his career at the CFTC as a clerk to then-Commissioner Chris Giancarlo before spending ten years in private practice at the law firms Perkins Coie and Willkie Farr & Gallagher, where he was a member of the firm’s digital assets team.
Kenyan Parliament passes Virtual Asset Service Providers Bill to boost investment
Kenya's parliament has passed the Virtual Asset Service Providers Bill, which aims to promote digital asset and cryptocurrency investment by clarifying regulatory rules. The bill establishes the central bank as the licensing authority for the issuance of stablecoins and other virtual assets, while the capital markets regulator will be responsible for licensing crypto exchage and related platforms. The bill now requires President William Ruto's signature to take effect.
Blockchain Applications
Hyperliquid will enable HIP-3 upgrade, staking 500,000 HYPE to create a perpetual contract market without permission
Hyperliquid announced on its Discord channel that it will enable HIP-3 in its network upgrade. HIP-3 aims to enable the permissionless deployment of perpetual futures markets. HIP-3 is a major improvement proposal for Hyperliquiqui. Previously, only the core team could launch perpetual contract markets. HIP-3 now allows any user who stakes 500,000 HYPE (or $20 million at the current price of $40) to permissionlessly launch a perpetual contract decentralized exchange (perp DEX) on HyperCore. This initiative breaks the previous limitation of perpetual contract decentralized exchanges (perp DEXs), which were limited to trading major cryptocurrencies. Users can now create and list derivatives markets for a variety of assets, including stocks, commodities, foreign exchange, prediction markets, and more.
Singapore court approves WazirX restructuring plan
Bitinning founder Kashif Raza wrote on the X platform, "The Singapore court has approved WazirX's restructuring plan. I still believe Nischal (WazirX co-founder) should ensure: customers do not suffer losses as the market price has doubled since then; no more delays and excuses; no more forms to fill out; and withdrawals are enabled before Diwali."
Ant Group's acquisition of stablecoin-focused Bright Smart Securities has been approved by the Hong Kong Securities and Futures Commission (SFC).
According to Caixin on the 13th, Ant Group received approval from the Hong Kong Securities and Futures Commission (SFC) for its tender offer to acquire Hong Kong-based brokerage firm and stablecoin-focused firm Bright Smart Securities, six months after announcing it. While still awaiting approval from the National Development and Reform Commission, Bright Smart Securities' stock surged 30% during trading today. Ant Group announced its tender offer to acquire a 50.55% stake in Bright Smart Securities in April of this year, leading to market rumors that Ant was acquiring Bright Smart Securities in order to apply for a virtual asset trading platform license. Bright Smart Securities is a long-established Hong Kong-based brokerage firm, holding Hong Kong licenses 1, 2, 3, 4, 5, 7, and 9, covering Hong Kong and US stocks, the Shanghai-Hong Kong Stock Connect, financing, and futures trading. During the Hong Kong stablecoin craze of July and August, Bright Smart Securities was also a popular stablecoin-focused firm.
OpenAI announces multi-year chip partnership with Broadcom
OpenAI announced a multi-year chip partnership with Broadcom. The collaboration encompasses 10GW of computing power, and the two companies plan to establish a customized digital center by 2026.
Cryptocurrency
CoinShares: Digital asset investment products saw a net inflow of $3.17 billion last week
According to CoinShares' latest weekly data, digital asset investment products saw a net inflow of $3.17 billion last week, bringing the year-to-date inflow to a record $48.7 billion. Bitcoin led the way with $2.67 billion, followed by Ethereum with $338 million. Inflows into Solver and XRP slowed to $93.3 million and $61.6 million, respectively.
Citigroup plans to launch crypto asset custody services in 2026
Citigroup is planning to launch crypto asset custody services in 2026, a senior executive said in an interview. As Wall Street giants continue to expand their presence in the digital currency field, Citi's move shows that traditional financial institutions are accelerating their entry into this field. Biswarup Chatterjee, head of global partnerships and innovation for Citi's services business, said that the bank has been developing crypto custody services for the past two to three years and has made substantial progress. Chatterjee said, "We are exploring many aspects. We hope to launch a trusted custody solution in the next few quarters and provide it to our asset management clients and other institutional clients."
BitMine increased its holdings by 202,000 ETH last week, completing half of its goal of acquiring 5% of the ETH supply.
According to an update released on the 13th by BitMine, the Ethereum treasury company, BitMine increased its holdings by 202,000 ETH last week. BitMine now holds a total of 3.032 million ETH, representing 2.5% of the total ETH supply and halfway toward its goal of acquiring 5% of the total ETH supply. The average cost price of BitMine's ETH reserves is $4,154. Furthermore, BitMine revealed it has $104 million in unencumbered cash on hand.
Ethereum stablecoin activity hits new high, with unique sending addresses exceeding 1 million per week
In 2025, the number of unique stablecoin sending addresses on Ethereum reached an average of 720,000 per week, exceeding one million for the first time in the past two weeks. This number has grown exponentially over the past year, averaging over 1.7% per week since August 2024. Analysis indicates that this growth is primarily driven by increasing stablecoin adoption. Furthermore, perpetual swaps, prediction markets, and most real asset tokenization (RWA) projects all use stablecoins for fund settlement, and each new application generates a significant number of new addresses. As a primary settlement layer, Ethereum captures deposits, rebalancing, and payment flows, driving the growth of active addresses.
Strategy acquired 220 BTC for approximately $27.2 million last week
Strategy acquired 220 BTC last week for approximately $27.2 million, at a price of approximately $123,561 per Bitcoin, and achieved a 25.9% return on BTC so far in 2025. As of October 12, 2025, Strategy held 640,250 BTC, acquired for approximately $47.38 billion, at a price of approximately $74,000 per Bitcoin.
Bitcoin Treasury Firm Empery Digital Secures $100 Million in New Credit Line
Nasdaq-listed Bitcoin treasury company Empery Digital announced that it has reached an agreement with Two Prime Lending to obtain an additional credit line of US$100 million. In addition, the company also announced that it will increase its stock repurchase program to US$150 million. As of October 10, it has completed the repurchase of 6,740,482 shares of common stock.
BNB Chain and Four.Meme jointly launched a $45 million BNB airdrop event
BNB Chain and Four.Meme, in partnership with PancakeSwap, Binance Wallet, and Trust Wallet, will launch a $45 million Reload airdrop on BNB Chain for the Meme Coin community. This event will distribute $45 million in BNB to over 160,000 users/addresses that have traded Meme Coin in the past week. The airdrop amount will be randomly allocated. The first batch of airdrops will begin this week, and all 160,000+ addresses are expected to receive the airdrop by early November 2025.
Huaxing Capital is in talks to establish a $600 million fund to invest in BNB, with YZI Labs participating.
According to Bloomberg, China Renaissance Capital is in talks with investors to raise approximately $600 million and plans to establish a special investment vehicle to invest in BNB. YZI Labs is expected to participate in the project.
▌Xinhuo Technology CEO Weng Xiaoqi: There is no need to be overly pessimistic. A sharp drop and rebound are typical characteristics of a bull market.
Xinhuo Technology CEO Weng Xiaoqi told the media that after the sharp drop in the early morning hours of October 11th, major cryptocurrencies like BTC and ETH rebounded rapidly, with some even reaching new highs. Bull markets often feature sharp declines, often followed by rapid rebounds. This is a typical bull market characteristic. In contrast, bear markets are characterized by sustained declines. Amidst continued interest rate cuts and the expected release of liquidity, industry fundamentals have not reversed. Weng Xiaoqi also believes that the true scale of liquidations in this recent market crash far exceeds $20 billion, with many institutional and large investors facing margin calls and a short-term liquidity crisis for the industry. Considerable volatility cannot be ruled out in the short term, and historically, a second bottom has not been ruled out after a sharp drop. Non-professionals are discouraged from using leverage and should always maintain respect for the market. On the other hand, Weng Xiaoqi believes there is no need for excessive pessimism. Liquidations also present opportunities for the industry, weakening the forces of repeated market manipulation. After the market consolidates and establishes a direction, the momentum may even intensify. Currently, the prices of many crypto assets have fallen below the cost of DAT companies that previously held positions. For example, BMNR's average holding price for ETH is over $4,500, while the current ETH price is around $4,100. This is a positive development for DAT companies that haven't yet established a position. The recent sharp drop stems from an overreaction to Trump's TACO diplomacy. High volatility is likely in the short term, and market risks warrant attention. However, after experiencing continued political volatility, the market will desensitize to the stress, leading to a more stable development of the industry.
▌STBL will launch a buyback program at the end of October
STBL founder and CEO Avtar Sehra announced that the company plans to launch a buyback program in USST tokens at the end of October 2025. Holders can stake their USST in the upcoming Multi-Factor Staking (MFS) module to increase their returns. At the same time, STBL will also announce USST liquidity channels, allowing users to withdraw or continue staking.
Tether mints 1 billion USDT
According to Whale Alert monitoring, at around 04:40 Beijing time today, Tether Treasury minted an additional 1,000,000,000 USDT.
USDC Treasury mints 250 million USDC on Solana
According to Whale Alert monitoring, USDC Treasury minted 250 million USDC on Solana at 16:21:33 Beijing time yesterday.
Important economic developments
Paulson of the Federal Reserve supports two more interest rate cuts of 25 basis points each in 2025
Federal Reserve Chair Anna Paulson expressed support for two more interest rate cuts this year, each by 25 basis points. She stated that monetary policy should ignore the impact of tariffs on consumer prices, as she believes the conditions for tariff-induced price increases to become sustained inflation are not in place. While Paulson expects the economy to continue growing above trend in the third quarter, she noted that the foundations supporting growth are narrow, and some business contacts expressed doubts about where future demand will come from.
▌Federal Reserve's Paulson: Achieving a 2% inflation rate is very important
Federal Reserve Chairman Paulson said that if inflation soars, the Fed will have to take action and it is very important to achieve a 2% inflation rate.
The probability of the Federal Reserve cutting interest rates by 25 basis points in October is 98.3%.
According to CME's "Fed Watch," there's a 1.7% probability that the Fed will keep interest rates unchanged in October, a 98.3% probability of a 25 basis point rate cut, a 0% probability of keeping interest rates unchanged in December, a 4.5% probability of a cumulative 25 basis point rate cut, and a 95.5% probability of a cumulative 50 basis point rate cut.
Golden Encyclopedia
Is Bitcoin independent mining feasible?
Solo mining involves a single miner independently verifying Bitcoin transactions and adding new blocks to the blockchain without collaborating with others in a mining pool. This process requires significant computing power and resources, as miners compete with a global network of participants to find a hash that meets the Bitcoin network's current difficulty target. It involves repeatedly hashing the block header with different nonce values until a valid hash is found. The first miner to find this hash earns the right to add the new block to the blockchain and receives rewards in the form of newly minted Bitcoin and transaction fees.
Solo mining has the potential to yield lucrative returns. However, the chances of success are relatively low compared to collective mining, especially given the fierce competition and increasing difficulty of the mining process. Solo mining is like playing the lottery with a powerful computer, but instead of selecting numbers, you rapidly try different combinations to find the winning ticket. The rewards can be enormous, but the odds of success are low, especially with the rise of industrial-scale mining farms dominating the network. Factors affecting the viability of solo Bitcoin mining in 2025 include increasing mining difficulty, the high cost and energy consumption of ASIC hardware, competition from industrial mining farms, and the unpredictable nature of finding blocks independently. Alternatives to solo Bitcoin mining include pool mining (which offers more stable returns by sharing block rewards) and cloud mining (which eliminates hardware ownership but carries risks such as contract volatility and potential scams). Given the challenges of solo mining, individuals may want to consider alternatives that offer more stable returns and lower risks.
