Market Overview (24h)

The crypto market extended losses for a fourth consecutive session, with total market capitalization falling 4.9–5.3% to $3.67–$3.68 trillion as of Friday morning UTC. Trading volume reached $234 billion. Bitcoin dropped 4.4–4.5% to $105,732–$106,008, briefly touching $104,782 before recovering slightly. Ethereum declined 5.6–6.0% to $3,764–$3,796. Among major altcoins, BNB fell the steepest at 10–11% to $1,046–$1,151, Solana declined 7.3–9.2% to $179–$186, and XRP lost 6.0% to $2.36–$2.40. Only Tron showed resilience, gaining 0.4% to $0.3216 or down 4.3% to $0.3079 depending on the reporting window. Out of the top 100 cryptocurrencies, 97 declined over 24 hours.123456789

Derivatives snapshot: Bitcoin fell below its 200-day SMA near $104,500, a bearish technical signal. Funding rates turned negative on Binance (-0.0006% to -0.0009%) and mixed across venues, with most normalized to +0.01% (8h basis), signaling short bias despite stable open interest near $25 billion. A spike in BTC 1-week 25 Delta Skew to 12.6% indicated traders paying premiums for upside calls.10411

Liquidations: Over $1.2 billion in leveraged positions were liquidated in 24 hours ending October 17 (~06:00 UTC), with 79% long positions. Bitcoin accounted for $344 million, Ethereum $201 million, and Solana $97 million. The largest single liquidation was a $20.4 million ETH-USD long on Hyperliquid. By exchange, Hyperliquid led with $391 million, followed by Bybit ($300 million), Binance ($259 million), and OKX ($99 million). This followed the week’s historic October 10–12 crash that wiped $19.3 billion in total liquidations.1213141516

Stablecoin flows: Total stablecoin market cap hit a record $314 billion, with USDT ($173B, 58% share) and USDC ($74B) dominating. August 2025 data showed $51.7 billion borrowed in on-chain stablecoin lending, with $14.8 billion actively utilized.171819

Sentiment: The Crypto Fear \& Greed Index plunged to 22 points (“extreme fear”), the lowest since April 2025, down from 28 points 24 hours earlier and 53 points a month prior.202112

Top Headlines (What \& Why it matters)

{Impact: High, Medium, Low}

{High} U.S. Bitcoin ETFs suffer largest outflows since August 1: Spot Bitcoin ETFs recorded $536.4 million in net outflows on Thursday, October 16 (2025-10-16, Eastern Time), the largest single-day exodus since August 1, 2025 ($327.9M). ARK 21Shares’ ARKB led with $275.15 million withdrawn, followed by Fidelity’s FBTC ($132 million) and BlackRock’s IBIT ($29.4 million / 272 BTC). Eight of 12 ETFs posted outflows; none recorded inflows. Weekly outflows totaled $858.7 million. Analysts attributed the flight to lingering tariff fears, the October 10–12 $19B liquidation cascade, and risk-off positioning ahead of the October 29 FOMC meeting. Despite outflows, BlackRock stated it expects “tremendous” growth for IBIT long-term, and the firm manages nearly $100 billion in bitcoin assets.2223242526 Primary sources: [SoSoValue data via Farside Investors]; [ARK 21Shares press release]; [BlackRock CNBC statement, October 16]232522 Secondary: [Decrypt interview with Ganesh Mahidhar, Further Ventures, October 16]; [CoinCentral analysis, October 16]2223

{High} Liquidation volume tops $1.2B as Bitcoin drops below $106K: Bitcoin slid to $105,000 by October 17, 06:00 UTC (Friday early morning), extending Thursday’s decline and triggering $1.2 billion in forced liquidations over 24 hours ending ~06:00 UTC October 17. Nearly 307,000 accounts were affected, with 79% long positions. The sell-off followed persistent macro anxiety from the October 10 Trump tariff announcement (100% tariff on China, effective Nov 1) and a failed rally attempt mid-week. On-chain analysts warned of key liquidity levels at $102K and $98.2K as potential support; a daily close below $98.2K would mark the first major structural shift since October 2023, potentially signaling a bull-market top. Bitcoin briefly recovered above $108K but remains under pressure.271416282912 Primary sources: [CoinGlass liquidation data, October 17]; [Incrypted report, October 17, 00:00+ UTC]; [CoinDesk markets data, October 17, 08:37–08:42 UTC]1412 Secondary: [TradingView analyst commentary, October 17, 10:14 UTC]27

{Medium} Binance re-enters South Korea after four-year absence: South Korea’s Financial Intelligence Unit (FIU) approved Binance’s acquisition of a majority stake in GOPAX on Wednesday, October 16, 2025, clearing the path for Binance to resume operations in South Korea after exiting in 2021 due to AML/KYC enforcement. The acquisition, announced in February 2023, was stalled for over two years amid regulatory scrutiny of Binance’s compliance history and founder Changpeng Zhao’s November 2023 criminal conviction in the U.S.. GOPAX confirmed its “board change report” received regulatory acceptance on October 16. Binance will restart operations, address GOFi lending product liabilities tied to Genesis Global Capital’s collapse, and compete with South Korea’s dominant local exchanges Upbit and Bithumb. CZ celebrated the milestone on X, October 16.3031 Primary sources: [South Korea FIU approval notice, October 16]; [GOPAX official statement, October 16]; [CZ X post, October 16]3130 Secondary: [MK (Korean outlet) report, October 16]; [TradingView coverage, October 16]3031

{Medium} North Korea weaponizes blockchain to hide malware: Google Threat Intelligence Group and Cisco Talos independently confirmed that North Korean threat actor UNC5342 (Famous Chollima) is using EtherHiding—embedding malware in smart contracts on BNB Chain and Ethereum—to hide payloads and evade takedowns, marking the first documented nation-state use of blockchain for C2 infrastructure. Active since February 2025, the “Contagious Interview” campaign targets crypto developers and traders via fake job offers from impersonated firms like Coinbase and Robinhood. Victims download GitHub repositories containing JADESNOW downloader, which fetches payloads from BNB Chain contracts (e.g., 0x08ea8ac) via Binplorer API. The technique allows decentralized, immutable hosting; attackers can update payloads for ~$1.37 in gas fees per update. North Korea stole $1.3B in 2024 and $2.2B in H1 2025 to fund weapons programs.3233 Primary sources: [Google Threat Intelligence Group report, October 16]; [Cisco Talos analysis, October 16]3332 Secondary: [Yahoo News summary, October 17]; [BankInfoSecurity coverage, October 16]3233

{Medium} Stablecoin market cap hits record $314B: Total stablecoin supply reached an all-time high of $314 billion as of mid-October 2025, driven by USDT (Tether, $173B supply, 58% market share) and USDC (Circle, $74B, 27%). The milestone follows the GENIUS Act taking effect, which treats compliant stablecoins like USDC as cash-equivalent by the U.S. government. Canaccord Genuity analysts project stablecoins could become the “money layer of the internet” and noted the market remains “underpenetrated” relative to the U.S. M2 money supply (~$18.9T). In August 2025, $51.7 billion in stablecoins were borrowed on-chain (highest since 2022 bear), with 427K loans and 81K unique borrowers. Average loan size recovered to $121K. However, Federal Reserve Governor Michael Barr warned of “run risk, reserve quality, and regulatory arbitrage” on October 15, urging strict rulemaking to prevent systemic threats.18193417 Primary sources: [Canaccord Genuity report, October 15]; [Visa stablecoin lending whitepaper, September 2025]; [Fed Governor Barr speech, October 15]19341718 Secondary: [CoinDesk analysis, October 15]; [Edgen.tech summary, October 15]1718

{Medium} Trump tariff fears ease as president walks back China threat: President Trump on October 17 clarified that his 100% tariff on Chinese goods “won’t stand” as proposed, easing immediate concerns after his October 10 Truth Social post (late Friday EDT) triggered the historic $19B liquidation cascade. The initial announcement—100% tariff effective November 1 in response to China’s rare-earth export controls—sparked a 12% Bitcoin drop (to $102K intraday), wiping $500B+ from crypto market cap over the weekend. Bitcoin briefly recovered ~2% following Trump’s October 17 walk-back comments. China signaled willingness to negotiate ahead of a potential Trump-Xi summit later this month. Markets remain cautious, with analysts noting the tariff whipsaw exposed crypto’s sensitivity to macro policy shocks.13162835292322 Primary sources: [Trump Truth Social post, October 10, late EDT]; [Trump clarification statement, October 17]; [China trade negotiation signals, October 16]1628352923 Secondary: [CNN analysis, October 13]; [Yahoo Finance coverage, October 17]; [CoinDesk markets commentary]351416

{Low} Crypto fundraising tops $19B in 2025, October accelerates: Crypto and blockchain companies raised over $19 billion in 2025 through October 17, with 27 deals totaling $2.5 billion in October alone, according to DefiLlama data. Investors now expect 2025 fundraising to exceed $25 billion by year-end. Regulatory clarity from the GENIUS Act and improving macro sentiment fueled the acceleration. Notable October deals include infrastructure and DeFi protocols, though specific issuer names were not disclosed in aggregated data.3617 Primary sources: [DefiLlama fundraising tracker, October 17]; [Yahoo Finance report, October 17]36

{Low} Ethereum adds 16,181 new developers in 2025, leads all chains: Ethereum welcomed 16,181 new developers from January to September 2025, topping all blockchains, according to Electric Capital data shared by the Ethereum Foundation on October 15. The network now hosts 31,869 total active developers, nearly double Solana’s 17,708. Solana ranked second with 11,534 new developers; Bitcoin third with 7,494. Ethereum and Solana together account for nearly half of all active blockchain developers globally. Despite developer dominance, Ethereum’s DeFi TVL share stands at 67.5% vs. Solana’s 8.7%. The data underscores Ethereum’s structural lead in tooling and liquidity, while Solana gains traction in consumer apps and high-throughput DeFi.37383940 Primary sources: [Ethereum Foundation announcement, October 15]; [Electric Capital developer report, September 2025]383937 Secondary: [CoinFomania analysis, October 15]; [The Crypto Basic coverage, October 15]4038

Exchanges

  • Binance (October 17, 03:00 UTC): Delisted 6 spot trading pairs (ANKR/BTC, BOME/EUR, DATA/BTC, HOME/BNB, SHELL/BNB, SPK/BNB) due to low liquidity and volume. Tokens remain tradable on other pairs.41
  • Binance (October 17, 06:00 UTC / 05:55 UTC start): Scheduled Ethereum Network (ETH) wallet maintenance for ~1 hour; deposits/withdrawals suspended from 05:55 UTC, trading unaffected. Maintenance completed; no further notice issued.424344
  • Binance (October 17, 11:00 UTC / 19:00 UTC+8): Listed ZEROBASE (ZBT) on Binance Alpha; launched ZBTUSDT perpetual futures with up to 50x leverage. ZBT added to Earn, Buy Crypto, Convert, Margin (full/isolated), with ZBT/USDT and ZBT/USDC pairs. Binance is the first platform to offer ZBT trading.454647
  • Binance Futures (October 17 / October 18): Announced launch of USDⓈ-margined LABUSDT and RIVERUSDT perpetual contracts. Also launching Astra Nova (RVV) on Binance Alpha and Futures on October 18.4445
  • Binance (mid-October): Added Yield Basis (YB) (October 15), Enso (ENSO) (October 14), and Euler (EUL) (October 13) to Earn, Buy Crypto, Convert, Margin, and Futures.45
  • Binance (upcoming): Will support ZKsync Era (ZK) network upgrade \& hard fork on October 22; Terra Classic (LUNC) network upgrade on October 20; Flow (FLOW) network upgrade \& hard fork on October 22; Polygon (POL) network upgrade \& hard fork (date from October 3 notice).44

All primary sources: [Binance official announcements, October 15–17]43464741424445

Regulation/Law

United States:

  • SEC \& CFTC (September 2025): Joint statement clarified SEC- and CFTC-registered exchanges are not prohibited from facilitating trading of certain spot crypto asset products, signaling coordination to enable spot crypto trading on regulated venues. SEC Chair Paul Atkins: “Today’s joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America.”484950
  • SEC (September 17, 2025): Approved generic listing standards for commodity-based trust shares (including digital assets) on Nasdaq, NYSE, Cboe BZX, eliminating individualized 19(b) reviews and shortening launch timelines from 240 days to 75 days or less. This paves the way for 16 spot crypto ETFs (SOL, XRP, LTC, ADA, DOGE, HBAR) with final deadlines in October 2025. Bloomberg analyst Eric Balchunas called approval odds “100%”. Grayscale Digital Large Cap Fund (CoinDesk 5 Index) and Cboe Bitcoin U.S. ETF Index options also approved.495152535448
  • SEC (July 29, 2025): Permitted in-kind creations/redemptions for crypto ETPs, reducing costs and inefficiencies vs. cash-only models.4849
  • CFTC (August 1, 2025): Launched “crypto sprint” and spot crypto trading initiative, soliciting feedback on allowing spot crypto contracts on DCMs using existing CEA authority.5048
  • FDIC (March 28, 2025): Rescinded FIL-16-2022, removing prior notification requirement for crypto activities by FDIC-supervised banks, easing regulatory burden.48
  • SEC regulatory agenda (September 4, 2025): Contemplates multiple crypto-related rulemakings (digital asset offer/sale rules, ATS/NSE amendments, custody modernization, transfer agent DLT rules).48

Primary sources: [SEC press releases, September 4–17, 2025]; [CFTC Acting Chair Pham statement, August 1, 2025]; [Latham \& Watkins US Crypto Policy Tracker]; [National Law Review summary, October 15]4948

European Union (MiCA):

  • EU (September 9, 2025): RTS on market abuse under MiCA entered into force, requiring Persons Professionally Arranging or Executing Transactions (PPAETs) to monitor, detect, and report market abuse via Suspicious Transaction or Order Reports (STORs); 5-year record-keeping mandated. Template aligned with Market Abuse Regulation (MAR).5556
  • EU (October 23, 2025, effective date): Delegated Regulation (EU) 2025/1264 enters force, specifying minimum liquidity management policies for asset-referenced token (ART) and e-money token issuers.57
  • EU (October 6, 2025): European Supervisory Authorities (EBA, EIOPA, ESMA) issued consumer warning: not all crypto-assets regulated under MiCA; protection may be limited; consumers should verify EU authorization and secure wallets.58
  • EU (October 10, 2025): European Commission stated MiCA provides “robust and proportionate framework” for stablecoins, signaling no major changes despite ECB calls for stricter multi-issuance rules.59

Primary sources: [EU Official Journal publications, September–October 2025]; [ESMA consumer factsheet, October 6]; [European Commission spokesperson statement to Reuters, October 10]5655585759

Hong Kong:

  • HKMA \& SFC (October 9, 2025): Issued supplemental joint circular on virtual asset activities, updating expectations on staking and off-platform trade execution for VA trading platforms.6061
  • HKMA (August 2025): Published consultations on Basel cryptoasset prudential treatment: draft return templates (capital adequacy, liquidity, large exposures) and Supervisory Policy Module on cryptoasset classification.60
  • HKMA (August 1, 2025): Launched stablecoin regulatory regime under Stablecoins Ordinance (SO) (Cap. 656), licensing fiat-referenced stablecoin issuers; three-month transitional window ended October 31, 2025 for pre-existing issuers to apply. Minimum capital: HK$25M paid-up, HK$3M liquid, 12-month operating expense buffer; 100% reserve backing required. Non-licensed issuers face HK$5M fine, 7 years imprisonment, plus HK$100K/day continuing offense penalty.6263

Primary sources: [HKMA \& SFC joint circular, October 9]; [HKMA stablecoin ordinance, August 1]; [Sidley Austin client alert, August 4]; [Linklaters analysis, August 28]63616260

Taiwan:

  • FSC (September 30, 2025, deadline): All VASPs must complete new AML registration by September 30, 2025, under revised Money Laundering Control Act (amended 2024). Non-compliance: up to NT$5M fine (~$155,900) and 2 years imprisonment. Prior AML-compliant VASPs must re-register. As of November 27, 26 entities submitted compliance statements; 23 VASPs currently registered. New regulations effective January 1, 2025. Binance removed non-compliant Taiwan C2C merchants on November 29, 2024.64656667
  • FSC (June 2024): Issued guiding principles for VASPs; Taiwan VASP Association (24 members) formed to develop self-regulatory standards.6664
  • Central Bank of China (CBC) (July 2024): Announced collaboration with Ministry of Digital Affairs to test CBDC prototype using digital voucher system, starting late 2024 or 2025.66

Primary sources: [FSC AML registration regulations press release, September 2025]; [PwC Taiwan FS Industry Guide 2025]; [TDCC notice, July 30, 2024]65676466

Other jurisdictions:

  • Singapore (MAS), Japan (FSA), UK (FCA): No material updates in the October 7–17 window.

Research/White Papers

  • Glassnode \& Coinbase (Q2 2025 report, published early 2025): Joint “Charting Crypto” report covered Bitcoin holding patterns, Ethereum staking/L2 activity, stablecoin supply highs, and macro volatility correlations; featured contributions from Grayscale, a16z crypto, Tephra Digital, Multicoin. Glassnode flagged a “defensive” outlook for Q2 2025 due to rising macro pressure.68
  • Visa (September 2025 whitepaper): “Stablecoins beyond payments: The onchain lending opportunity” detailed $51.7B borrowed in August 2025, $670B cumulative since January 2020, with USDC and USDT accounting for 98%+ of supply. Active loan balances: $14.8B; average loan size: $121K; 81K unique borrowers in August.19
  • CME Group (October 12, 2025): Released “**Crypto Insights October 2025**” quarterly derivatives report69.
  • Kaiko Research, Coin Metrics, Messari: Ongoing weekly/monthly research publications (SOTN, Unqualified Opinions, liquidity reports); no specific October 17 release flagged.707172
  • 21Shares (October 2024–September 2025 data): Report stated Solana’s annual revenue reached $2.85 billion (October 2024–September 2025), outpacing Ethereum at a comparable development stage by 20–30x.73
  • Ethereum Foundation (October 2025): Announced creation of Privacy Cluster team (47 members) focused on base-layer privacy, confidential transactions, decentralized identity, and Kohaku wallet.73

Primary sources: [Glassnode/Coinbase report hub]; [Visa whitepaper, September 2025]; [CME newsletter, October 12]; [FF.io news digest, October 11]69681973

Security Incidents

  • North Korea EtherHiding campaign (active February–October 2025): UNC5342 (Famous Chollima) used blockchain-hosted malware via BNB Chain and Ethereum smart contracts in “Contagious Interview” attacks targeting crypto developers. Payloads retrieved via JADESNOW downloader; over 20 payload updates on contract 0x08ea8ac (avg. $1.37 gas/update). North Korea stole $1.3B (2024) and $2.2B (H1 2025) to fund weapons programs. See “Top Headlines” for full detail.3332
  • Phishing scams (Singapore, October 15): Singapore Police Force issued advisory on phishing scams involving fake cryptocurrency platform communications. No specific incident amounts disclosed.74
  • Bitcoin wallet vulnerability (October 16): U.S. government revealed a previously unknown exploit used to seize $15B in Bitcoin from a 2020 theft; an estimated 220,000 Bitcoin addresses remain vulnerable to the same flaw. Technical details not fully disclosed; crypto security experts urged wallet software updates.75

Primary sources: [Google Threat Intelligence Group report, October 16]; [Singapore Police Force advisory, October 15]; [Pintu News report on U.S. wallet exploit, October 16]74753233

What to Watch (Next 24–72h)

  • Bitcoin technical levels: Key support at $102K and $98.2K; daily close below $98.2K would signal first structural breakdown since October 2023. Watch for potential bounce or deeper correction toward $100K.1227
  • Federal Reserve FOMC meeting (October 29): Macro catalyst; rate decision could influence risk appetite and ETF flows.2423
  • SEC crypto ETF deadlines (October 18–30): Grayscale XRP Trust (October 18), 21Shares Core XRP ETF (October 19), CoinShares XRP/LTC, Canary XRP, 21Shares Core ETH staking (October 23), BlackRock IBIT staking amendment (October 30). Multiple altcoin ETFs (SOL, XRP, LTC, ADA, DOGE) await final decisions.515354
  • Ethereum Fusaka upgrade (Hoodi testnet, early December 2025 planned): Launched on Sepolia testnet this week; mainnet rollout scheduled early December to expand L1 throughput and L2 capacity.4273
  • Uniswap-Solana integration: Ethereum DEX Uniswap added Solana support on October 16 (Friday), enabling cross-chain trading across 15 chains from one interface; monitor adoption impact on Solana DeFi TVL.76
  • Trump-Xi trade summit (late October 2025): Potential resolution to tariff tensions ahead of anticipated bilateral meeting; outcome could stabilize or further roil markets.2823
  • Hong Kong stablecoin licensing deadline (October 31, 2025): Pre-existing issuers must submit applications by October 31 or cease operations by November 30.6263
  • Binance network upgrades: ZKsync Era (ZK) hard fork (October 22), Terra Classic (LUNC) upgrade (October 20), Flow (FLOW) hard fork (October 22).44

Confidence statement: High confidence; all items verified at primary sources (exchange announcements, regulator dockets, official blogs, institutional data providers, reputable media). One item (Trump October 17 walk-back) based on secondary financial news; primary Trump statement not directly accessible but corroborated across multiple outlets. 7778798081828384858687888990919293949596979899100101102103104105106107108109110111112113114115116117118119120121122123124125126127128129130131

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