Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 107,070.0 | −1.25% |
| Ethereum (ETH) | 3,819.10 | −1.95% |
| Bitcoin Spot ETF | −530.9M | Net Outflow |
| Ethereum Spot ETF | −56.8M | Net Outflow |
| Nasdaq (NAS100) | 24,420.4 | −0.80% |
| S&P 500 (SPX) | 6,629.08 | −0.63% |
| Russell 2000 (RUT) | 2,443.4 | −0.74% |
| U.S. Dollar Index (DXY) | 98.143 | −0.20% |
| VIX Volatility Index (VIX) | 25.30 | +22.64% |
| U.S. 10-Year Treasury Yield (US10Y) | 3.940 | −0.88% |
| Brent Crude Oil (BRENT) | 60.455 | −0.41% |
| LBMA Gold (XAU) | 4,359.055 | +0.76% |
| LBMA Silver (XAG) | 54.1865 | −0.10% |
“Prepared at UTC 06.45 am”
Today’s Key Events
- US SEC Chairman Atkins’ Speech
US Regional Bank Credit Shock
US regional banks fell sharply following Zions Bank and Western Alliance Bank’s disclosure of credit fraud and bad loans; the index fell 6.2%. Zions set aside $50 million against $60 million in loans, while Western Alliance has $98.6 million in loan risk. The bankruptcies of First Brands and Tricolor in the automotive sector also heightened concerns; Jefferies, JPMorgan, and Fifth Third Bancorp recorded hundreds of millions of dollars in losses.
Fed Chairman Waller: Cautious 25 bp Cut Appropriate
Fed Board Member and presidential candidate Christopher Waller said that gradual 25 bp cuts at each meeting are the most appropriate strategy, rather than aggressive steps. He stated that inflation is around 2.5% and has lost momentum. Waller said that his meeting with Treasury Secretary Bessent went well but that he has not yet met with Trump. Nick Timiraos of the WSJ reported that Trump’s demands for sharp cuts did not find support on the committee, and that the internal consensus was shaping up in favor of gradual easing.
US-China Trade and Industry Developments
- At a regular press conference, the Chinese Ministry of Commerce stated that they are open to consultations with the US based on mutual respect. It was announced that licensing processes for rare earth exports would be optimized and that harmonious trade would be encouraged.
- Beijing reacted to the 20 restrictive measures taken by the US against Chinese companies in the last 20 days. It was also stated that “measures would be taken to protect company rights” against the Netherlands’ intervention in Nexperia’s activities.
- Trade Minister Wang Wentao met with Apple CEO Tim Cook, emphasizing that US-China economic stability depends on dialogue and predictability.
Data Flow and Government Shutdown
- US Philadelphia Fed Manufacturing Index: At -12.8 in October, it fell well below the expected 10.
- Government Shutdown: The Senate rejected the temporary funding bill for the tenth time, with 51 votes against and 45 in favor. Delays in the flow of economic data are expected to continue.
Russia-Ukraine Peace Talks
Following a 2.5-hour meeting between Trump and Putin, the two sides agreed to hold peace talks in Budapest. Trump will meet with Zelensky on Friday to express hope for a ceasefire. Putin said that cruise missile shipments could jeopardize the process. Zelensky is expected to request advanced weapons support from Trump, including Tomahawk missiles. High-level preparatory talks will be held next week, led by Secretary of State Rubio.
US Vice President Vance: Russia and Ukraine Not Yet Ready for Agreement
US Vice President Cyril Vance said Russia and Ukraine are “not yet ready” to reach a peace agreement. In an interview with Newsmax, Vance said, “Despite the US’s intensive diplomatic efforts, both sides need to be willing to reach an agreement. Neither side is there at this point.”
Pudgy Penguins Launches Lobbying Efforts in Washington
NFT project Pudgy Penguins has formed a strategic partnership with bipartisan public relations firm Invariant. Under the agreement, the project will be introduced to U.S. policymakers and contribute to creating a more favorable regulatory environment for the crypto industry.
Bitfarms Completes $500 Million Bond Offering
North American mining company Bitfarms Ltd. has increased its convertible bond offering from $300 million to $500 million. The interest rate on the 2031-maturity bonds was set at 1.375%. The company is traded on the Nasdaq and Toronto stock exchanges and will grant investors an additional $88 million purchase option within 13 days.
Tether Freezes 13.4 Million USDT at 22 Addresses
According to MistTrack data, Tether froze 13.4 million USDT at 22 addresses on the Ethereum and Tron networks on October 17. Of these addresses, 10.3 million USDT were on Ethereum, and 1.4 million USDT were on the Tron network.
ETHShanghai 2025 Hackathon Begins
The ETHShanghai 2025 event will take place from October 18 to 22. The hackathon, running from October 18–21, will focus on AI and Ethereum integration, DeFi infrastructure, and public benefit areas. From 500 applications, 100 developers were selected for the competition, which has a $15,000 prize pool. On the summit day, October 22, figures such as Vitalik Buterin, Xiao Feng, and Hsiao-Wei Wang will take the stage.
Prediction Market “worm.wtf” Launches in Solana Ecosystem
The new Solana-based prediction market worm.wtf has officially launched, powered by $UMA. The platform includes a new bonding curve mechanism to reward early participants.
Newsmax to Create Bitcoin and Trump Token Reserve
US-based media company Newsmax announced it will create a digital asset reserve centered around Bitcoin and the $TRUMP meme coin. The company plans to purchase a total of $5 million worth of both assets, with the first transactions expected to take place “soon.”
167th Ethereum Core Developer Meeting (ACDC) Summary
The meeting covered Fusaka and Glamsterdam updates. No bugs were found in the Fusaka testnet; mainnet activation is tentatively scheduled for December 3. December 17 and January 7 emerged as dates for BPO upgrades. It was decided that the ePBS design would remain unchanged.
Bloomberg analyst Eric Balchunas revealed that 21Shares filed an application for a 2x leveraged $HYPE ETF on October 17. This product will be the first two-way ETF based on the HYPE token.
Tether Nominates Candidates for Juventus Board of Directors
Tether has nominated two new candidates for the board of directors as part of its 10.7% stake in Juventus: Zachary Lyons and Francesco Garino. The company aims to deepen its collaboration with the club and strengthen corporate governance mechanisms.
JPMorgan: Recent Crypto Correction Triggered by Crypto Natives
JPMorgan analysts stated that the sharp decline between October 10 and 14 was largely triggered by crypto native investors. While only $220 million flowed out of spot Bitcoin ETFs, open positions in the crypto futures market decreased by 40%. Compared to institutions and ETF investors, local traders aggressively reduced their positions.
