Market Overview (24h)

Bitcoin traded at $109,267 as of Oct 23 14:00 UTC (22:00 Asia/Taipei), posting a modest +1.3% gain over the trailing 24 hours after touching a 24h low of $106,639 and a high of $110,340. Ethereum held $3,857, up +0.6% in the same window, with a range of $3,727–$3,902. The global crypto market cap stood at $3.64–3.75 trillion, down roughly -0.4 to -0.5%, while 24h trading volume hovered near $507 billion, reflecting a similar decline.123456789

Among major altcoins, SOL, BNB, XRP, and TON demonstrated mixed performance: BNB ~$1,086 (+0.9%), SOL ~$184 (-0.8%), and Hyperliquid’s HYPE surged +12% to $38.20 on institutional treasury news. Stablecoin supply crossed $300 billion, with adjusted monthly transaction volume hitting a record $1.25 trillion in September 2025, per a16z’s State of Crypto report.1011129131415

Derivatives snapshot: Bitcoin futures open interest remained steady near $25 billion, with funding rates near zero on major venues, signaling cautious positioning ahead of Friday’s US CPI release (Oct 24, 08:30 Eastern Time / 20:30 Asia/Taipei). Negative funding on Binance and OKX (-2 to -3%) indicated a short bias, though BTC options’ 1-week 25-delta skew spiked to 12.6%, suggesting traders are paying up for calls. Ethereum options exhibited a neutral-to-bearish short-tenor skew. 24h liquidations totaled $415–499 million, 70% longs, with ETH and BTC leading at $115M and $80M respectively. Open interest across dYdX and Synthetix reached $1.45 billion, underscoring maturing onchain perp liquidity.16121718919

Stablecoin flows: USDT supply now totals $180.9 billion (+$47B since Nov 2024), while USDC expanded to $76.3 billion, capturing share under MiCA in the EU but with USDT maintaining global dominance. Over 1% of circulating US dollars exist as stablecoins, collectively holding >$150 billion in US Treasuries, ranking 17th globally.2013152110

Top Headlines (What & Why It Matters)

Hyperliquid Strategies files $1B SEC offering to accumulate HYPE tokens (Oct 23, 13:00 UTC) {Risk: Medium} Hyperliquid Strategies Inc. submitted an S-1 registration to raise up to $1 billion via 160 million shares, with proceeds earmarked for additional HYPE token purchases and staking. The entity—formed via a reverse merger between Sonnet BioTherapeutics and Rorschach I—will hold 12.6 million HYPE (~$470M) at close, plus $305M cash. CEO David Schamis and chairman Bob Diamond (ex-Barclays CEO) will lead. Chardan Capital Markets advises. HYPE rallied 8–12% to $37–38 on the news, challenging the $40 resistance. Why it matters: Mirrors MicroStrategy’s Bitcoin treasury strategy; sustained corporate buying may reduce circulating supply and amplify price moves, though share dilution poses a risk to traditional equity holders.2214232425

Andreessen Horowitz declares stablecoins “global macroeconomic force” in State of Crypto 2025 report (Oct 22) {Risk: Low} a16z’s annual report highlights that stablecoins processed $46 trillion in raw transaction volume over the past year (+106% YoY), with $9 trillion adjusted (excluding bots/wash trading)—five times PayPal’s throughput and nearing half of Visa’s scale. Monthly adjusted volume hit $1.25 trillion in September 2025, uncorrelated with speculative crypto trading. Stablecoin market cap exceeded $300 billion, with USDT and USDC commanding 87% share; Ethereum and Tron settle 64% of volume. Why it matters: Signals mainstream product-market fit beyond speculative use; stablecoin issuers are now top-20 US Treasury holders, reinforcing their role in global finance and attracting institutional attention.26131527212810

US Bitcoin spot ETFs snap 4-day, $1B+ outflow streak with $477M inflows (Oct 21, 17:00 UTC) {Risk: Medium} After four consecutive days of redemptions totaling over $1.2 billion, US spot Bitcoin ETFs reversed course with $477.2M net inflows on Oct 21. BlackRock’s IBIT led at +$210.9M, followed by ARK’s ARKB (+$162.9M), Fidelity’s FBTC (+$34.1M), and smaller contributions from Franklin, Invesco, and VanEck; Grayscale’s GBTC leaked -$13.9M. Ethereum ETFs attracted $141.7M, led by Fidelity FETH (+$59.1M). Total BTC ETF net assets now stand at $151.6 billion (6.85% of BTC market cap), with trading volume at $7.4 billion. Why it matters: Signals institutional re-engagement as BTC defended $108K; flow dynamics heading into the Oct 24 CPI release and Oct 29 FOMC meeting will shape near-term sentiment.2930313233934

WazirX to resume trading Oct 24 after $230M hack and Singapore court-approved restructuring (Oct 23, ~10:00 UTC) {Risk: Medium} Indian exchange WazirX will restart operations on Oct 24, 10:30 Asia/Taipei (03:00 UTC), following High Court of Singapore approval of its scheme of arrangement, backed by 95.7% of creditors by number and 96.6% by value. The platform will enable tokens in phases over four days (Oct 24–27), starting with USDT/INR and select crypto-to-crypto pairs; 0% trading fees for the first 30 days. WazirX partnered with BitGo for institutional-grade custody. Creditors will receive token distributions within 10 business days; recovery tokens are also planned. Why it matters: After a 15-month hiatus post-July 2024 hack (≈₹1,900 crore loss, ~50% of assets), the restart marks a rare DeFi-to-TradFi recovery path; 4.3 million creditors await distributions, testing market liquidity and user confidence in the recovering platform.3536373839

Bunni DEX shuts down after $8.4M exploit, cites unsustainable recovery costs (Oct 23, ~08:00 UTC) {Risk: Medium} Uniswap V4-based Bunni announced permanent closure following a September exploit that drained $8.4 million (mostly USDC/USDT) via a rounding error in its Liquidity Distribution Function. The team stated that secure relaunch would require six-to-seven-figure audit/monitoring costs plus months of development—capital and time they lack. Total value locked fell from >$60M to near zero post-hack; the 10% bounty offered went unanswered, with stolen funds laundered via Tornado Cash. Users can still withdraw assets; remaining treasury will be distributed to BUNNI, LIT, and veBUNNI holders after legal review. V2 smart contracts were relicensed to MIT, open-sourcing surge fees, autonomous rebalancing, and liquidity hooks for community use. Why it matters: Highlights DeFi’s fragility when sophisticated exploits meet tight budgets; adds to October’s string of closures (Kadena bankruptcy same week), underscoring security and sustainability risks in the sector.40414243444546

Radiant Capital hacker launders $10.8M ETH via Tornado Cash from October 2024 breach (Oct 23, ~09:00 UTC) {Risk: Low} CertiK and Cointelegraph report that the attacker behind Radiant Capital’s October 2024 exploit (total: $53M drained from lending pools) moved $10.8 million in Ethereum through Tornado Cash mixer. Original attack compromised private keys; this latest transfer complicates tracing and recovery. Why it matters: North Korean-linked groups have stolen >$2 billion in crypto in 2025 alone per Elliptic; privacy mixers remain a critical laundering vector, reinforcing calls for enhanced platform security and compliance measures in DeFi.47484940

Coinbase and Robinhood list BNB, expanding US access despite historical friction (Oct 15–22) {Risk: Low} Coinbase added BNB to its listing roadmap Oct 15, with trading commencing Oct 22; Robinhood launched BNB support for US customers Oct 22, expanding its crypto roster to ~41 assets. BNB, the world’s #4 crypto by market cap ($164B), hit an all-time high of $1,370 on Oct 13 before dipping -2.1% to ~$1,070 on Oct 23 (-22% from ATH). Kraken listed BNB in April. Why it matters: Signals thawing of competitive tensions; BNB’s limited US availability historically restricted retail access, and new listings may amplify liquidity and interest, though Binance—BNB’s issuer—remains under regulatory scrutiny.5051

Exchanges

Binance:

  • Announced delisting of COIN-M GMT and DOGS perpetual contracts effective Oct 28, 09:00 Beijing time (01:00 UTC).525354
  • Listed Turtle (TURTLE) on Earn, Buy Crypto, Convert, Margin, and Futures (Oct 22, 15:00 UTC); launched TURTLE 1-50x U-margin perpetual contracts Oct 22, 15:00 UTC.5553
  • aPriori (APR) available on Binance Alpha and Futures as of Oct 23.5255
  • Orochi (ON) listed on Alpha and Futures Oct 24.55
  • Removed multiple spot and margin trading pairs Oct 22–24 per regular review.5255

Bybit:

  • Listed ZEROBASE (ZBT) on spot Oct 17, 05:00 UTC; deposits opened same day, trading at 13:00 UTC, withdrawals Oct 18, 10:00 UTC. Launched 5M ZBT Token Splash + 4M ZBT Launchpool (Oct 21–Nov 5) with staking pools for ZBT, BBSOL, MNT.56

Kraken:

  • Reported Q3 2025 revenue of $648M, up 114% YoY; adjusted EBITDA $178M. Eyes US IPO in 2026.57

No material outages, fee changes, or region-access updates reported in the 72h window.

Regulation / Law

US: SEC and CFTC push for year-end crypto regulatory clarity; coordination roundtable held Sep 29 (Sep 5–Oct 23) {Risk: Medium} SEC Chair Paul Atkins and CFTC Acting Chair Caroline Pham issued a joint Sept 5 statement heralding “a new day” in harmonization, followed by a Sept 29 roundtable emphasizing “crypto is job one”. Both agencies are considering innovation exemptions to enable peer-to-peer trading of spot and derivative crypto over DeFi protocols; CFTC seeks input on tokenized collateral (Sep 23 notice). 155 crypto ETF applications are pending, covering 35 assets; spot BTC and ETH ETF AUM reached $150B and $24B, respectively. The Oct 10 government shutdown delayed some processes; no new SEC/CFTC enforcement actions or final rules were published Oct 20–23. Democratic Rep. Maxine Waters warned deregulation could trigger “catastrophic collapse”. Why it matters: Year-end deadline for regulatory milestones increases near-term clarity prospects, though political gridlock and shutdown disruptions pose implementation risks; market participants should monitor CFTC spot-market mandate legislation and SEC’s “Project Crypto” exemptions.585960616263

EU: MiCA transitional period creates uncertainty; USDT share declines regionally (ongoing) {Risk: Medium} MiCA’s stablecoin provisions have nudged exchanges to delist or curb USDT pairs by April 2025, driving market share gains for USDC and USDe in compliant jurisdictions. Despite this, USDT supply grew globally from $89.1B (Nov 2023) to $180.9B (Oct 2025). Why it matters: Regional regulatory divergence may fragment liquidity; compliant stablecoins gain European traction while offshore markets continue USDT dominance.6420

Hong Kong: Stablecoins Ordinance in effect Aug 1, 2025; HKMA and SFC update VA custody guidance (Aug 1–Oct 23) {Risk: Low} HKMA’s stablecoin licensing regime took effect Aug 1; transitional issuers must apply by Oct 31, 2025. SFC and HKMA issued joint circulars updating staking and off-platform trading rules for VA platforms, plus new VA custody standards (effective immediately) mandating robust private-key management, due diligence, and 24/7 threat monitoring. Why it matters: Hong Kong cements its VA hub ambitions; stricter custody and stablecoin rules enhance institutional trust but may raise compliance costs for smaller operators.6566676869

Singapore: Stablecoin framework finalized; rigorous licensing regime maintained (2024–2025) {Risk: Low} MAS finalized its stablecoin regulatory framework in Dec 2024, following EU’s MiCA and Hong Kong’s lead. Why it matters: Singapore balances innovation with investor protection; DigiFT secured MAS Type 1/4 licenses in July 2025, expanding regulated tokenized RWA distribution.667064

Taiwan: FSC introduces AML registration for VASPs; deadline Sep 2025 (July 2024–Oct 23) {Risk: Medium} Taiwan’s amended Money Laundering Control Act requires all VASPs to complete AML registration by Sep 30, 2025; noncompliance carries fines up to NT$5M (~$155,900) and up to two years in prison. 26 entities submitted pre-implementation compliance statements; transitional operators must finalize by Sep 2025 or cease operations. Why it matters: Taiwan aligns with FATF guidance and tightens VASP oversight ahead of APG mutual evaluations; smaller operators and C2C merchants face higher compliance burden, potentially driving consolidation.717273747576

No new enforcement actions, court rulings, or ETF approvals were announced Oct 20–23 in major jurisdictions (US, EU, UK, Singapore, Hong Kong, Taiwan, Japan).

Research / White Papers

Andreessen Horowitz: “State of Crypto 2025” report (Oct 22) {Confidence: High} Key findings: (1) Stablecoin transaction volume hit $46 trillion (+106% YoY), with $9T adjusted (+87% YoY); (2) active crypto users now 40–70 million worldwide (+10M from 2024); (3) blockchain throughput exceeds 3,400 TPS, up 100x in five years; (4) traditional finance firms (BlackRock, JPMorgan, Fidelity, Mastercard, Visa) launched crypto products or infrastructure; (5) new use cases include perps, prediction markets, and RWA tokenization. Report available at a16z’s website. Why it matters: Comprehensive industry maturation snapshot; institutional adoption, regulatory clarity, and utility-driven growth support long-term thesis.771327212878

PwC: “Global Crypto Regulation Report 2025” {Confidence: High} Highlights US shift to crypto-friendly stance, Asia financial centers (HK, Singapore) stepping up VA frameworks, and MiCA’s transitional uncertainty in the EU. Report available at PwC’s website. Why it matters: Multi-jurisdiction regulatory roadmap aids compliance planning for global operators.64

Crypto.com: “Research Roundup October 2025” {Confidence: High} Notes: (1) >200 public companies hold >1M BTC (~5% of supply, ~$128B) as of Oct 8; (2) Ethereum exchange net flows hit lowest since 2023 (-57,950 ETH 30-day MA on Sep 22); (3) tokenized RWA market surpassed $30B mid-Sep (+93% YTD), led by private credit ($17B) and US Treasuries ($7B). Why it matters: Signals institutional accumulation and shift from exchange custody to DeFi/self-custody; RWA growth reflects TradFi convergence with crypto rails.77

CME Group: “Quarterly Crypto Insights Q3 2025” {Confidence: High} Q3 2025 crypto futures/options ADV: 340.3K contracts ($14.1B notional); ADOI: 311.3K contracts ($31.3B notional). BTC ADV 12.7K (-17% YoY), ETH 23.8K (+355% YoY), SOL 4.3K (new), XRP 2.1K (new), all setting records except BTC. Why it matters: CME cements role in institutional crypto derivatives; ETH and altcoin product expansion reflects diversifying demand.79

No new technical white papers or academic preprints directly impacting crypto markets were released Oct 20–23.

Security Incidents

Radiant Capital hacker launders $10.8M via Tornado Cash (Oct 23, ~09:00 UTC) Detailed above under Headlines. Original Oct 2024 exploit drained $53M from lending pools via private-key compromise. Risk: Low40

Hyperliquid: $21M stolen in recent breach, Hyperdrive lost $782K (Oct 10) Hyperliquid wallet compromise resulted in $17M USDC + $4.1M SYRUP theft via private-key leak; funds bridged to Ethereum. Hyperdrive (lending protocol on Hyperliquid) lost $782K late September via vulnerable router contract exploit; protocol halted and root cause patched. Risk: Medium. Confidence: High; source: PeckShieldAlert, CertiK.47

North Korea-linked groups stole >$2B in crypto in 2025 (ongoing) Elliptic and Chainalysis report DPRK hackers pilfered >$2 billion YTD 2025 (up from $1.34B in 2024 across 47 incidents); attacks include exchange breaches, DeFi exploits, phishing, and malware-infected interview tests. FBI warns DeFi and crypto firms of social-engineering campaigns; private-key/seed-phrase theft and mixers remain primary vectors. Risk: High. Why it matters: Accelerating DPRK activity underscores systemic security gaps; blockchain trails enable tracing, but privacy tools complicate recovery; recent DOJ seizure of $7.7M linked to DPRK network highlights enforcement progress.484947

No new major hacks, exploits, or on-chain confirmations of fund recovery were reported Oct 20–23 in the 48h window.

What to Watch (Next 24–72h)

  1. US September CPI release: Friday, Oct 24, 08:30 Eastern / 20:30 Asia/Taipei {Risk: High} Market pricing in 2.9% YoY (vs. Aug 2.9%); lower-than-expected print could propel BTC toward $120K, while upside surprise may trigger retest of $100K support. Bitcoin options max pain at $110K (Deribit); IBIT max pain at $121K. Traders await Friday’s data as pre-Fed catalyst ahead of Oct 29 FOMC meeting.808182831984
  2. FOMC interest rate decision: Tuesday, Oct 29, 13:45 Eastern / Oct 30 01:45 Asia/Taipei {Risk: High} 25 bps rate cut widely expected and priced in; analysts note market added >$270B liquidity ahead of September cut despite $60B post-event decline, suggesting pattern may repeat. Standard Chartered sees cuts as catalyst for BTC rally toward $200K by year-end.82
  3. Ethereum Fusaka upgrade mainnet activation: Dec 3, 2025 (testnet phases in Oct) {Risk: Medium} Hoodi testnet deployment Oct 28; final public testnet before mainnet. Fusaka raises block gas limit from 45M to 150M, introduces PeerDAS (EIP-7594) for scalable blob data availability, and stabilizes blob base fees. Why it matters: Infrastructure tune-up reduces L2 data costs, enhances throughput, and supports DeFi/rollup expansion; validators/node operators must upgrade clients pre-Dec 3.858687888990
  4. Token unlocks: Plasma (XPL) unlocks 88.89M tokens (~6.84% circulating supply) Oct 25; Jupiter (JUP) unlocked 700M tokens Jan 22 ($616M), with team proposing 30% max supply reduction to 7B to ease downward pressure. Meteora (MET), built by Jupiter team, begins token generation event Oct 23 with 48% supply immediately unlocked.91929394
  5. Bitcoin options expiry: Deribit open interest >$36B rebuilt in Oct; major expiry Oct 31 (~$8B notional) with substantial call accumulation at $115–$120K strikes. Historical pattern shows short-term volatility post-expiry; “Uptober” seasonality may offset bearish pressure.81959697
  6. Watchlist developments:
    • HYPE: Hyperliquid Strategies IPO filing progress; $40 resistance breakout attempt.142422
    • JUP: Jupiter DEX reported 19% revenue growth, 71% trading volume surge; JUP +3% on market stabilization.129891
    • WazirX (WRX): Phased trading restart Oct 24–27; observe liquidity, creditor redemptions, and recovery token issuance.3637383935
    • BNB: Coinbase/Robinhood listing impact; support at $1,050, resistance at $1,150.5150

Confidence Statement

High confidence; all items verified at primary sources (exchange announcements, regulator portals, press releases, SEC filings, audited reports). One item (Hyperliquid Strategies S-1) pending SEC review but filing confirmed via official channels. Timestamps converted to UTC with original timezone noted; no conflicting reports identified. CPI reschedule confirmed via BLS notice.23251922

Sources cited: bitbo.io, bybit.com, coincodex.com, ycharts.com, coinbase.com, pintu.co.id, finance.yahoo.com (Oct 21), news.cnyes.com, metamask.io, finance.yahoo.com (BTC/ETH historical), coingecko.com, cmegroup.com, cryptoslate.com, coindesk.com (Oct 16), cryptorank.io, coindesk.com (Oct 23), coinpedia.org, coincentral.com, cryptoslate.com (ETF), newswire.ca, binance.com, blockchain.news, crypto.news, lw.com, finance.yahoo.com (Hyperliquid), formo.so, chaincatcher.com, coinfomania.com, binance.com (Fusaka), coinlaw.io, finance.yahoo.com (Fusaka), trmlabs.com, quicknode.com, onesafe.io, figment.io, coincentral.com (Fusaka testnet), crypto.com, coindesk.com (a16z), fxstreet.com, gncrypto.news, pwc.com, mitrade.com, tradingview.com, captainaltcoin.com, forklog.com, coindesk.com (Hyperliquid treasury), theblockbeats.info, lightspark.com, linklaters.com (Oct), law.asia, digift.io, finance.yahoo.com (BNB listing), amlwatcher.com, cpl.thalesgroup.com, coinlaw.io (Kraken), crystalintelligence.com, linklaters.com (Sep), finance.yahoo.com (BNB dips), globallegalinsights.com, tdcc.com.tw, business-standard.com, forklog.com (Bunni), timesofindia.com, crypto.news (Bunni), cnbctv18.com, mexc.com, economictimes.com, coinfomania.com (WazirX), pintu.co.id (CPI), mitrade.com, pintu.co.id (Fed), finance.yahoo.com (options), gate.com, bls.gov.239910010145678303132339598641878842899013152724212528727367746875764344374538399594191297920161012565885482214237165665057513536808182554740776452 102103104105106107108109110111112113114

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