Before a dollar can become a bitcoin, and before big funds dare to hold digital assets, the money has to pass through a trusted "gateway" and get locked in a "vault." This is the business that sells picks and shovels to the gold miners: the exchange that's the way in and out, and the custody provider that's the institutional safe. After 2024, when US law flipped from enemy to friend, institutional money started flowing in for real — and the game changed.
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Theme index· base 100 · USD total return
Why is Crypto Exchanges, Custody & Digital-Asset Infrastructure moving?
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Wall Street and Washington build crypto rails; EU squeezes USDT
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Wall Street's own settlement systems move on-chain DTCC launched a tokenization service with 50+ firms including BlackRock, Goldman and JPMorgan, while OKX and NYSE-parent ICE filed to trade 63 tokenized US stocks 24/7. Big exchanges and custodians gain new products and volume as mainstream settlement shifts onto blockchain rails.
This is the period's biggest new force: traditional market infrastructure itself is adopting tokenization, expanding the addressable market for exchanges and custodians.
US regulators bless crypto assets and stablecoin rails The CFTC and SEC jointly said Bitcoin, Ethereum and XRP are not securities in principle, and the CFTC proposed federal rules for retail crypto trading with proof-of-reserves. Citi linked its $6 trillion payment network to Coinbase stablecoin rails, and stablecoin settlement now runs on four live rails.
Clearer US rules plus bank-grade stablecoin plumbing directly lift trading, custody and payment volumes for exchanges and infrastructure providers.
New markets open: Russia licenses venues, more leverage products Russia's central bank licensed its first four crypto exchanges and five custodians, with Sberbank and VTB planning products from December. The SEC also cleared the first US 3x bitcoin and ether funds, and Strive bought 2,000 bitcoin, deepening institutional demand for trading and custody.
New licensed venues and leveraged products widen the customer base and trading volumes that exchanges and custodians earn from.
EU orders USDT delisting; laundering network exposed ESMA told EU platforms to stop offering unauthorized stablecoins like USDT by January 8, 2027, now including custody and transfers. Separately, ZachXBT exposed a Chinese network that laundered over $1 billion for North Korea's Lazarus Group, tying it to the Bitget and Kelp DAO hacks.
This is the real counterweight: EU compliance deadlines force delistings and custody changes, while laundering revelations raise security and regulatory costs across venues.
Ledger device asset drain traced to hidden rogue hardware, losses widen to $93.2 million
Ledger, the maker of cryptocurrency hardware wallets, announced on its official X account that an improperly installed device was found inside the unit of one user affected by an asset drain. In its investigation report, the research team Tibane Labs explained that the rogue device embedded in Ledger's Nano X reads the display data sent to the screen and transmits the recovery phrase used to restore assets to the outside via a mobile phone network. However, the device Tibane Labs examined was not purchased from CryptoBilis, and no link to the current asset drain has been confirmed. Mark Karpeles, former CEO of the cryptocurrency exchange Mt. Gox, also reported that a device he obtained had a spy device hidden behind its screen. The issue came to light after users who bought devices from Southeast Asian vendor CryptoBilis reported asset drains. The blockchain analytics firm Bitquery estimated the losses at $92.9 million, or about 14.68 billion yen at 158 yen to the dollar, as of October 9, and in an investigation report updated on the 10th it widened the tally to 315 wallets and $93.2 million, or about 14.73 billion yen. CryptoBilis has halted sales of all hardware wallets in its inventory until the investigation is complete, while Ledger said it is contacting victims and working with relevant authorities, and urged users who bought devices from CryptoBilis to hold off on initial setup, or if already set up, to consider moving their assets to a different device configured with a new recovery phrase.
Ledger SAS · Technology · Negative Rogue hardware inside a Ledger Nano X leaked recovery phrases, prompting Ledger to warn CryptoBilis buyers and urge moving assets to a new device.
CryptoBilis · Regulation · Negative CryptoBilis halted all hardware wallet sales pending investigation after devices it sold were linked to the asset drains.
Bitquery · · Neutral Bitquery is only cited as the analytics firm estimating the drain losses, not as an affected party.
One Year After Bitcoin's Crash, BTC and ETH Liquidity Recovers While Altcoins Remain in the Doldrums
One year has passed since the massive crash in the cryptocurrency market on October 10, 2025, and liquidity in Bitcoin and Ethereum is recovering, CoinDesk reported based on its analysis of buy and sell orders on major centralized exchanges. The study found that the value of buy and sell orders near the current prices of both assets exceeded levels on the day of the crash, while order values for the other altcoins examined continued to decline and spot trading volumes also fell below levels seen at the time, showing uneven recovery across the market. The sharp sell-off on October 10, 2025 came after U.S. President Donald Trump announced 100% tariffs on Chinese goods, with BTC falling from around $122,600 to briefly below $105,000, triggering the forced liquidation of more than $19 billion in leveraged positions in a single day. As of October 7, BTC orders within 1% above and below the current price totaled about $11.7 million, up roughly 75% from the day of the crash, while ETH also rose about 75% within the same range to reach about $5.3 million. Meanwhile, among the altcoins examined, order values within 5% above and below the price fell by about one-third from the start of 2025 to about $2 million, and orders within 1% declined by about one-sixth. Weekly spot trading volume on centralized exchanges averaged about $279 billion over the four weeks through September 27, down about two-thirds from about $801 billion in the week of the crash.
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Capital
BTC · Demand · Positive Bitcoin order-book liquidity near current prices has recovered ~75% above crash-day levels, indicating improving market depth and demand for BTC.
ETH · Demand · Positive Ethereum order-book liquidity within 1% of price rose ~75% versus the crash day, showing recovering demand and market depth for ETH.
Bitcoin Outperforms Ethereum as ETF Flows and Exchange Balances Diverge
In the first ten days of October, Bitcoin fell about 1.1% while Ethereum dropped 7.4%, marking a major shift in their relative strength. Three factors are behind this. First, according to Farside Investors data, spot Ethereum ETFs saw net outflows for nine consecutive trading days starting September 28, totaling 697 million dollars, while spot Bitcoin ETFs recorded inflows on six of those days, with outflows limited to 437 million dollars. Second, Justin Drake, a researcher at the Ethereum Foundation, warned on October 7 that advances in AI and mathematical methods could accelerate attacks on cryptographic systems, and co-founder Vitalik Buterin said the risk should be taken seriously. Third, according to Santiment data, between October 4 and 8, Ethereum exchange balances rose by more than 100,000 ETH, an increase of nearly 2%, while Bitcoin exchange balances fell by about 15,000 BTC. Ethereum's Fear and Greed Index dropped to 38 as of October 10, down more than 45% from its peak of 69 on September 21.
BTC · Demand · Positive Spot Bitcoin ETFs recorded inflows on six of the ten days while Ethereum ETFs bled, signaling stronger investor demand for Bitcoin exposure.
ETH · Demand · Negative Spot Ethereum ETFs saw nine straight days of net outflows totaling $697M, plus rising exchange balances and a falling Fear and Greed Index.
Startale Launches 5% Annual-Yield Digital Retail Bonds, Interest Paid in JPYSC
Startale Japan has begun offering digital retail bonds with a 5% annual interest rate. Interest payments and redemption will use JPYSC, a trust-type yen-denominated stablecoin. The bonds are managed on infrastructure built with Hyperledger Fabric, while JPYSC is issued on Ethereum, meaning the bonds and the funds for interest payments do not sit on the same blockchain. The company sees the connection costs of horizontal specialization as a challenge, and has set out a vertical integration strategy that provides everything from base layers such as Strium, a blockchain dedicated to on-chain finance, through to JPYSC and wallets. This initiative is positioned as the current form of efforts to promote the adoption of JPYSC.
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Technology
Digital Finance & Tokenization › Stablecoin Issuers & Distribution Technology
Digital Finance & Tokenization › Stablecoin Issuers Technology
Startale Labs / Startale Group · Technology · Positive Startale launched 5% annual-yield digital retail bonds with interest paid in its JPYSC stablecoin, advancing its vertical-integration strategy for on-chain finance.
ETH · Technology · Positive JPYSC, the stablecoin used for interest and redemption, is issued on Ethereum, giving it a concrete use case in Startale's digital bond product.
Ledger Finds Covert Hardware Implanted in Its Crypto Wallet Devices
Ledger, the maker of hardware cryptocurrency wallets, disclosed that it discovered covertly implanted hardware in its products, a security incident affecting holders of digital assets. The news was one of the standout topics in the crypto world for October 11, 2026, alongside developments involving Bitcoin ETF, CryptoBilis, Pump.fun, Robinhood Chain, TRON and XRP Ledger. This report was produced by Crypto Editorial.
Ledger SAS · Technology · Negative Ledger disclosed covertly implanted hardware in its crypto wallet devices, a security/product integrity failure affecting its products.
Startale to Offer Japan's First Digital Corporate Bond Paying Interest and Redeeming in JPYSC
Startale Japan, the Japanese arm of the Startale Group, and Hakuhodo Key3 announced on October 5 that they will begin soliciting subscriptions on October 6 for the "Stablecoin Adoption Bond," a digital corporate bond that pays interest and redeems in JPYSC, Japan's first trust-type yen-denominated stablecoin. The issuer is Startale Japan, the offering amount is 99.9 million yen, and the interest rate is 5% per year, with the bonds offered to individual investors. On October 7, the Financial Services Agency updated its caution page on transactions with unregistered operators, adding the operators of IZAKA-YA and Bybit and others to its warning list of crypto-asset exchange operators. On October 6, nine companies including Sumitomo Mitsui Banking Corporation announced that they had completed the first two phases of Project Trinity, a proof-of-concept experiment to settle digital securities with stablecoins, verifying a delivery-versus-payment method that transfers securities and payment simultaneously. On October 8, the Ministry of Finance held the first meeting of its Study Group on On-Chain Government Bonds, which discusses the tokenization of government bonds, as scheduled, and published explanatory materials organizing on-chain government bond initiatives into three categories. In an October 5 speech, Michael S. Selig, chairman of the U.S. Commodity Futures Trading Commission, explained the joint interpretation of crypto assets compiled by the CFTC and the U.S. Securities and Exchange Commission, expressing the view that Bitcoin, Ethereum, XRP and others are "in principle not securities."
Over $51 Million in Solana Returned to Coinbase as Crypto Market Turns Bearish
More than $51 million in Solana has been returned to Coinbase, according to on-chain data, as momentum across the broad crypto market has turned extremely bearish over the last few days and Solana has also had its share of the downturn. The transfers point to large holders moving tokens back onto the exchange, a move typically associated with selling pressure. The article does not name the specific wallets or entities behind the transfers, leaving open the question of who is selling. The scale of the return to Coinbase comes amid the wider bearish turn in crypto markets that has weighed on Solana alongside other digital assets.
SOL · Supply · Negative Large holders returning over $51M in Solana to Coinbase amid a bearish crypto market points to potential selling pressure on SOL.
COIN · Supply · Negative Over $51M in Solana returned to Coinbase, signaling large holders moving tokens onto the exchange, typically a precursor to selling pressure.
XRP Ledger Patches Vulnerability That Allowed Creation of Non-Existent XRP
The XRP Ledger development team announced on October 9 that it had fixed a critical vulnerability that could allow the fraudulent issuance of XRP that does not exist. Exploiting the flaw would have let an attacker send or sell fraudulently issued XRP, according to the team. The fix was included in a software update released on September 25, and no evidence has been found that the vulnerability was exploited on the public network. The bug involved the failure to correctly calculate the total when processing multiple trade orders together; instead of triggering an error when the total exceeded the limit, the amount would wrap around to a small figure, so the seller was paid in full while only a small amount was deducted from the buyer's balance, with the difference in XRP fraudulently issued. The vulnerability was reported on September 22 by a researcher participating in the bug bounty program, and it may have existed since 2015. Normally, validator voting and two weeks of sustained support are required, but given the severity, an exceptional measure was taken so that the fix would apply as soon as each server updated to the patched version, and by September 25 more than 80 percent of validators on the standard trusted list had completed the update.
XRP · Technology · Positive Critical XRP Ledger vulnerability allowing fraudulent XRP issuance was patched, with no evidence of exploitation on the public network.
Crypto a Year After $19 Billion Crash: Bitcoin Still Down 30% From Peak
A year after October's historic crash wiped out a record $19 billion in leveraged bets in a single day, Bitcoin remains more than 30% below its record high and traders have been slow to rebuild the leveraged positions that once powered crypto's biggest booms. Total open interest in Bitcoin-linked perpetual futures stood at about $45 billion a year ago, according to CryptoQuant data, and more than halved in the six months after the crash; Bitcoin's recent rally above $80,000 restored some confidence, but open interest in the world's biggest token remains well off its peak. Meanwhile, open interest in perpetual futures for real-world assets, virtually non-existent a year ago, today stands at more than $17 billion, according to DefiLlama data, much of it driven by Hyperliquid, the offshore crypto exchange that was an early mover in tying perps to stocks and commodities. In a report released this week, QCP Capital said it expected Bitcoin to be stuck in a range of $80,000 to $90,000 in the fourth quarter, writing that the structural case for crypto remains intact but flows alone aren't enough without a dominant catalyst. Galaxy Digital said in a report Friday that the market looks fundamentally different a year out, and that despite the failure of US crypto regulation in September, federal regulators are moving ahead with plans to strengthen trading with guidelines over the use of collateral and margin.
Digital Finance & Tokenization › Crypto Exchanges, Custody & Digital-Asset Infrastructure Capital
BTC · · Neutral Bitcoin remains over 30% below its record high with open interest still well off peak, a price/positioning recap with no single stated cause.
GLXY · · Neutral Galaxy Digital report says market looks fundamentally different a year out and regulators are advancing collateral/margin guidelines, but no clear directional driver for the company.
QCP Capital · · Neutral QCP Capital forecasts Bitcoin stuck in an $80,000-$90,000 Q4 range, a neutral outlook with no clear directional impact.
Cardano-Linked Midnight's NIGHT Token Lists on OKCoinJapan
Cardano-linked privacy network Midnight has expanded its foothold in Japan with the listing of the NIGHT token on OKCoinJapan, the Japan branch of OK Group, the global cryptocurrency exchange conglomerate that includes OKX and OKCoin. The listing gives the Midnight network's NIGHT token a trading venue on a Japanese exchange operated by OK Group. OKCoinJapan is the Japan-facing arm of OK Group, whose broader exchange business spans OKX and OKCoin. No financial terms, trading volumes, or dates were disclosed in the announcement.
Bitcoin ETF Inflow Streak Ends as Over $680 Million Withdrawn
Bitcoin has just closed a negative ETF trading week as its funds continue to see substantial withdrawals from investors on most days of the last week. The week's outflows totaled more than $680 million, breaking a three-week streak of inflows into the Bitcoin exchange-traded funds. The withdrawals came on most trading days of the week, marking a sharp reversal in investor demand for the funds.
BTC · Demand · Negative Bitcoin ETFs saw over $680 million in withdrawals, ending a three-week inflow streak and signaling a sharp reversal in investor demand for the funds.
The Wall Street Journal reported on October 9 that a "VIP customer" of the cryptocurrency exchange Binance is suspected of involvement in a funding network for an Iranian military organization. The customer was reportedly the head of a crypto-related company run by a fundraiser for the Iranian government. According to explanations from U.S. and Israeli authorities, the fundraiser who ran the company is said to have directed a secret payments network for the Islamic Revolutionary Guard Corps. The first sign of suspicious transactions emerged from dealings between this customer and Iranian money changers, after which U.S. and Swiss law enforcement authorities questioned Binance about the customer's account. The account was reportedly accessed repeatedly from Tehran, Iran's capital. According to Binance's internal records, this customer received preferential trading fees and personalized service, and investigators needed approval from senior management to terminate the business relationship. Binance told the WSJ that it halted transactions on the related accounts in late 2025 and closed the last related account in May 2026.
Coinbase Relaunches Coinbase Pro With Deribit Integration in Unified Global Exchange
Coinbase Global is relaunching Coinbase Pro with Deribit integration as part of a unified Coinbase Global Exchange. The revamped Coinbase Pro will combine U.S. and international crypto derivatives, including options and perpetual futures, under one regulated platform. Institutional clients are expected to see consolidated spot and derivatives trading with shared liquidity and centralised risk management tools. The relaunch connects one of the deepest crypto options venues into Coinbase's existing institutional stack, from Prime to the new CFTC cleared Coinbase Clearing LLC scope. The test now is how quickly Coinbase reports take-up of Deribit options and perpetuals through Coinbase Prime once the unified exchange is live, and whether derivatives share of total transaction volume is broken out and starts to carry more weight in quarterly updates over the next few earnings cycles.
COIN · Technology · Positive Coinbase relaunches Coinbase Pro with Deribit integration, unifying spot and derivatives on one regulated platform to deepen its institutional offering.
Deribit · Demand · Positive Deribit's options and perpetuals venue is integrated into Coinbase's unified exchange, channeling institutional flow through its platform.
OKJ to Offer Order Book Trading for NIGHT, a First in Japan
Crypto asset exchange OKJ announced on October 10 that it will begin handling NIGHT from the 13th. It is the first time a crypto asset exchange operator in Japan has offered NIGHT through order book trading. Order book trading sets prices through buy and sell orders placed between users, a different mechanism from a sales office where the exchange operator acts as the counterparty to trades. NIGHT itself was first handled in Japan by Sony Group's S.BLOX, which began offering it on August 24, making OKJ the second company in the country to do so; OKJ will offer it across four services: exchange, sales office, accumulation, and deposits and withdrawals. Amid growing interest in privacy-focused tokens, the price of NIGHT has more than doubled over the past month, with CoinMarketCap data showing a gain of about 133% in the month through early October. NIGHT is the token of Midnight, a privacy-focused blockchain whose development is led by Charles Hoskinson, the founder of Cardano.
SEC opens public consultation on revising digital asset disciplinary committee criteria until 16 October 2026
The Securities and Exchange Commission (SEC) has opened a public consultation on revising the criteria for disciplinary committees in the digital asset business, aiming to raise standards, transparency, and operational efficiency to align with other panels of qualified experts. Comments may be submitted until 16 October 2026. This revision stems from a resolution of the SEC board meeting in October 2026, which approved in principle the cancellation of the disciplinary committee stipulated in Notification No. 18/2561 and the establishment of a mechanism for opinion-giving panels at the SEC office level instead, so as to standardise practice with the criteria for other panels of qualified experts tasked with providing opinions to support the SEC's deliberations. The revision also maintains clarity in the division of roles between the office's initial consideration and ordering authority and the SEC board's authority at the appeal stage. The SEC has published the consultation document on its website and on the central legal system, and interested parties may submit their comments via the website or by email from today until 16 October 2026, so that the new approach can be applied to ongoing matters continuously, promptly, and efficiently.
Blockchain.com Files for Two CFTC Licenses for Prediction Markets and Crypto Derivatives
Blockchain.com, a crypto asset services company, told CNBC on the 9th that it has applied to the U.S. Commodity Futures Trading Commission for two licenses to offer prediction market event contracts and crypto derivatives to U.S. retail and institutional investors. In a statement, co-founder and CEO Peter Smith said users should be able to easily manage digital assets, trade derivatives, and take positions on real-world events without switching between multiple apps, and explained that the application aims to achieve this in the United States through an appropriate regulatory framework. Specifically, the company asked the CFTC to obtain a Designated Contract Market license to be designated as a futures exchange and to register as a Futures Commission Merchant. This year, the company began offering prediction markets through a partnership with Polymarket and perpetual futures based on Hyperliquid to some overseas customers. Regarding Designated Contract Market licenses, 11 other companies have applied for approval this year alone in addition to Blockchain.com, and the CFTC has approved six new Designated Contract Markets. The company also confidentially filed for an initial public offering with the U.S. Securities and Exchange Commission in May, and Bloomberg reported last month that it is targeting a listing this year with a valuation of 4 billion to 6 billion dollars. Prior to this application, on September 23, Blockchain.com signed a memorandum of understanding with the New York Stock Exchange outlining a plan to eventually allow users to access tokenized U.S.-listed stocks and exchange-traded funds through the NYSE platform, with the launch of the service awaiting regulatory approval.
Blockchain.com · Regulation · Positive Blockchain.com applied to the CFTC for two licenses (DCM and FCM) to offer prediction markets and crypto derivatives in the U.S., a regulatory approval step that would expand its product offerings.
Thailand's SEC Approves Cryptocurrency Spot ETFs Limited to Bitcoin and Ethereum
Thailand's SEC announced 11 notifications on the 8th permitting the domestic establishment of cryptocurrency spot ETFs. In the initial phase, the only eligible cryptocurrencies are Bitcoin and Ethereum, and the rules take effect on the 16th. The move comes against the backdrop of mutual funds and private funds having been able to invest only in overseas cryptocurrency spot ETFs, and the SEC explained that it aims to expand investor opportunities and strengthen operators' capabilities by adding domestic cryptocurrency spot ETFs as permissible investment targets within existing investment limits. The notifications require funds to pursue passive management aimed at tracking the price of the target cryptocurrency, and mandate that the average net exposure to a single cryptocurrency over the fiscal year be at least 80 percent of total net assets. Asset custody is limited to digital asset custodians regulated by the SEC, listing and trading are restricted to the Stock Exchange of Thailand only, and securities companies are not permitted to lend funds for the purchase of spot ETFs. In the initial phase, the SEC did not permit the issuance or sale of alternative products such as depositary receipts referencing overseas cryptocurrency ETFs, and also prohibited securities companies from brokering investments in overseas cryptocurrency ETFs for customers other than institutional investors and ultra-high-net-worth individuals.
Robinhood Chain Weighs PGA Model That Lets Users Pay Fees to Prioritize Trades
Robinhood Chain, the layer-2 network operated by Robinhood, is considering a mechanism that would let users pay fees to prioritize specific transactions, CoinDesk reported on the 9th, citing people familiar with the matter. The mechanism under consideration is the Priority Gas Auction, or PGA, a new system developed by Arbitrum, which provides the chain's infrastructure. Robinhood Chain is an Ethereum-compatible layer-2 that Robinhood launched on July 1, built on Arbitrum technology and designed for tokenized real-world financial assets; according to DefiLlama, its total value locked stood at about 1 billion dollars as of the 10th, ranking ninth among blockchains. The chain currently processes on-chain transactions in order of arrival, and paying a priority fee does not change the ordering, but PGA splits a 250-millisecond block into two 125-millisecond rounds and orders transactions by priority determined by priority fees; Arbitrum introduced it on Arbitrum One on September 24, replacing Timeboost. According to Arbitrum, PGA priority fees are designed to flow into the Arbitrum DAO treasury, and in the first week after launch they contributed more than 120,000 dollars to Arbitrum's revenue, while Offchain Labs co-founder Steven Goldfeder explained that Robinhood keeps about 90 percent of sequencer revenue, with the remaining roughly 10 percent flowing to the Arbitrum ecosystem.
HOOD · Technology · Neutral Robinhood Chain is weighing adopting Arbitrum's Priority Gas Auction mechanism for transaction ordering, a product/tech development with unclear net benefit.
ARB · Capital · Positive PGA priority fees are designed to flow into the Arbitrum DAO treasury, having already contributed over $120,000 in the first week after launch.
Offchain Labs · Technology · Neutral Offchain Labs co-founder explained the sequencer revenue split, but the company is only mentioned as context, not a subject of the news.
Two DWF Labs Subsidiaries Sue BitGo for About 22.3 Billion Yen
Two subsidiaries of crypto firm DWF Labs have sued crypto custody service BitGo in London's High Court, the Financial Times and other outlets reported on October 9. The claim amounts to 141 million dollars, or roughly 22.3 billion yen, alleging breach of contract over token sale restrictions. The subsidiaries claim that BitGo sold tokens it had bought at a discount before the sale-restriction deadline, causing market prices to fall and the value of the tokens they continued to hold to decline as well. The lawsuit concerns Falcon Finance's token FF and the gaming-related token ESPORTS. The sale contracts initially included a three-month sale restriction followed by a phased release, but the subsidiaries argue the tokens were moved to exchanges about two months before the first restriction was lifted. DWF Labs is a company that invested in World Liberty Financial, which is backed by U.S. President Donald Trump and his family, and it reportedly purchased 25 million dollars' worth of WLFI tokens in 2025.
US Justice Department reviews Binance's compliance with settlement, additional fines in the billions possible if violated
Taisen Dube, head of the US Justice Department's Criminal Division, said in an interview this week that the department is scrutinising whether Binance, the world's largest cryptocurrency exchange, is complying with its 2023 settlement agreement, Bloomberg reported. The division chief avoided discussing specifics and did not say that Binance has violated the agreement. US federal prosecutors have been examining whether Binance failed to stop certain transactions linked to violations of sanctions against Iran. The US Attorney's Office for the Southern District of New York, which is leading the investigation, is working with the Justice Department's Criminal Division, and in September sought the forfeiture of 61 million dollars that it alleges was earned from oil sales in Iran's black market and laundered through Binance. Under the November 2023 settlement, Binance pleaded guilty to violations of anti-money-laundering laws, unlicensed money-transmitting rules and sanctions-related laws, agreeing to pay about 4.3 billion dollars in penalties and to strengthen its compliance systems. Bloomberg noted that if Binance is found to have breached the agreement, it could be prosecuted for the criminal conduct resolved in the settlement, potentially leading to re-indictment and additional fines in the billions of dollars.
Tokenized Stocks Hit Record September Trading Volume as Robinhood Surges to Top
On-chain trading volume for tokenized stocks rose 16.4% month-on-month in September to 15.6 billion dollars, a record high. CoinDesk reported the figure in a report published on October 6, noting it surpassed the previous peak of 15.4 billion dollars set in July. US brokerage app Robinhood took the top spot by trading volume, with its volume jumping 407% month-on-month to 6.57 billion dollars, lifting its market share from 9.7% in August to 42.0%. bStocks, which had led the previous month, saw its September volume fall 45.5% month-on-month to 5.42 billion dollars, giving it a 34.7% share and dropping it to second place behind Robinhood. Beyond trading, the market itself expanded, with the total market capitalization of tokenized stocks rising 13.7% month-on-month to a record 4.87 billion dollars.
Digital Finance & Tokenization › Digital Wealth & Robo-Advisory ▲Demand
HOOD · Demand · Positive Robinhood's tokenized stock trading volume jumped 407% month-on-month to $6.57B, lifting its market share to 42.0% and taking the top spot.
SoFi Technologies Partners With Orbi and Mastercard on Crypto Payment Cards in Mexico
SoFi Technologies is working with Orbi and Mastercard on new crypto-linked payment cards in Mexico, with the Orbi program using SoFi Tech Solutions infrastructure to support crypto-to-fiat card spending for Mexican consumers. The partnership plugs SoFi Tech Solutions into issuing, authorization, processing and compliance for the cards, with SoFi providing Mastercard BIN sponsorship and connectivity to the Mexico Domestic Switch. Orbi customers can spend from either fiat or crypto balances, with SoFi's stack handling point-of-sale conversion so merchants are always paid in local currency. The launch creates a potential path for stablecoin-powered remittance products built on SoFi's technology in Latin America, and the company said the Orbi and Mastercard program in Mexico only captures part of what SoFi is building out. A key factor to watch will be whether SoFi Tech Solutions secures additional Latin American card programs or remittance products that also adopt SoFiUSD, especially through Mastercard's network, with multiple issuers going live over the next 12 to 24 months indicating that Orbi is a template rather than a one-off experiment.
SOFI · Demand · Positive SoFi Tech Solutions infrastructure powers Orbi's crypto-to-fiat card program in Mexico, with potential for additional Latin American card and remittance products adopting SoFiUSD.
MA · Demand · Positive Mastercard's network is used for the new crypto-linked payment cards in Mexico, with SoFi providing BIN sponsorship and connectivity, expanding card program volume.
CoinShares Report: Hedge Funds Cut Bitcoin in Q2 as Brokerages Double Holdings
Professional investors increased their Bitcoin holdings in the second quarter even as overall U.S. spot Bitcoin ETF holdings declined, according to a CoinShares report published Friday. 13F filers held 264K BTC at the end of June, up 1.3% from 261K tokens in the first quarter, while total U.S. spot Bitcoin ETF holdings fell 6.3% and non-13F holders reduced their exposure by 8.3%. The dollar value of 13F filers' holdings fell 13% to $15.5B as Bitcoin's price declined 14% during the quarter, but their share of total U.S. spot Bitcoin ETF AUM rose to 22.4% from 20.8%, marking the first increase since second-quarter 2025. Hedge funds recorded the largest reduction, cutting their Bitcoin exposure by 10.8K coins, or 22%, to 37.8K BTC, with DE Shaw exiting its 3.7K BTC position and Millennium Management reducing its holdings from 14.4K BTC to 7.3K BTC. Investment advisors also trimmed exposure by 4.6K BTC, or 3%, to 145.7K BTC, with Brevan Howard cutting its position by 9.6K BTC to 4.1K BTC, though the advisors still accounted for roughly 55% of all reported 13F Bitcoin holdings. At the same time, brokerage holdings more than doubled to 38.5K BTC from 17K BTC, as Jane Street added 10.9K BTC to reach 16.9K BTC and Morgan Stanley held 10.4K BTC, though Morgan Stanley's Q1 filing was excluded from the earlier comparison, partly affecting the increase.
Binance Founder CZ Urges Wallet 'Quarantine' After $86 Million Ledger Reseller Hack
Binance co-founder Changpeng Zhao, known as CZ, is urging crypto investors to impose a strict "quarantine" period on new hardware wallets. The warning followed an incident in Southeast Asia in which users lost more than $86 million after a local Ledger distributor was compromised. CZ did not specify the length of the quarantine period or name the distributor involved. The incident highlights the risks of supply-chain attacks on hardware wallet buyers.
Ledger SAS · Supply · Negative A compromised local Ledger distributor led to over $86 million in user losses, highlighting supply-chain attack risks for Ledger hardware wallets.
Binance · · Neutral CZ, Binance co-founder, is quoted urging wallet quarantine after the Ledger reseller hack, but the news is not about Binance itself.
JPMorgan Forecasts $50 Billion in Crypto Inflows This Year
JPMorgan Chase forecasts roughly $50 billion in crypto inflows for this year, with momentum building into the fourth quarter. The bank extrapolated an annualized pace of about $66 billion, a figure it said could rise further if the bull market progresses. The estimate combines fund flows, futures-based movements, venture funding, and purchases by corporate treasuries, miners, private companies and government-related entities, rather than exchange-traded funds alone. Separately, bitcoin life insurer Meanwhile raised $37.5 million in a round led by Bain Capital Crypto and has signed 15 brokers serving high-net-worth clients in Switzerland, Singapore, Hong Kong and the UAE. Ledger said it is investigating a reported theft of more than $86 million from users across several blockchains, with on-chain analyst Spectre estimating losses involving hundreds of wallets on Bitcoin, Ethereum and Tron.
JPM · Capital · Positive JPMorgan forecasts roughly $50 billion in crypto inflows this year, extrapolating an annualized pace of about $66 billion.
Ledger SAS · Regulation · Negative Ledger is investigating a reported theft of more than $86 million from users across several blockchains.
Meanwhile · Capital · Positive Meanwhile raised $37.5 million in a funding round led by Bain Capital Crypto and signed 15 brokers serving high-net-worth clients.
Wells Fargo in Talks With Kraken Parent Payward for Crypto Trading Liquidity
Wells Fargo & Company is planning to expand its cryptocurrency trading capabilities and is in talks with Payward, the parent company of cryptocurrency exchange Kraken, to obtain liquidity for crypto trading, a development first reported by CoinDesk. If finalized, the arrangement could strengthen the bank's relationships with crypto-market participants and create opportunities to serve their financial needs, with Payward's Payward Services division offering trading and financial infrastructure that serves banks, fintechs, brokerages and payment companies, potentially letting Wells Fargo offer crypto trading services without building its own exchange infrastructure. Wells Fargo already offers spot Bitcoin exchange-traded funds to eligible wealth-management clients and has backed crypto compliance firm Elliptic and trading technology provider Talos. The bank is also advancing blockchain-based payments through plans to launch tokenized deposits for corporate and commercial clients, scheduled for an initial rollout this year, initially supporting select U.S. dollar-to-British pound transactions. The deal remains unconfirmed, and its financial benefits will depend on the agreement's terms, trading activity and associated costs, while regulatory uncertainty, counterparty exposure, market volatility and operational challenges remain key risks.
Digital Finance & Tokenization › Payments Modernization & Rails Technology
WFC · Demand · Positive Wells Fargo is in talks with Payward/Kraken to obtain crypto trading liquidity, expanding its crypto trading services and client relationships.
Kraken (Payward Inc.) · Demand · Positive Payward's Kraken/Payward Services division could supply crypto trading liquidity and infrastructure to Wells Fargo, a new institutional client.
Morgan Stanley Double Upgrades Cboe Global Markets, Downgrades Gemini Space Station
Morgan Stanley double upgraded Cboe Global Markets to Overweight from Underweight, citing a stock it considers more durable than feared, while cutting Gemini Space Station to Underweight from Equal Weight. Cboe shares rose 3.03% to $303.00 in Friday morning trading, and Gemini fell 1.34% to $4.41. Analyst Michael Cyprys said an S&P renewal, durable options growth and KPI predictions support a re-rating, with broker cash and AI fears looking overdone as earnings improve. The research note said the S&P renewal removes a key overhang and that 2027 and 2028 EPS rise 16% and 18%, with a price target of $358 and KPI contracts adding upside outside estimates. On Gemini, Morgan Stanley said a better crypto backdrop may not resolve scale and distribution challenges or deliver profitable growth, and LPL Financial remains its top pick among brokers and exchanges.
CBOE · Capital · Positive Morgan Stanley double upgraded Cboe to Overweight with a $358 price target, citing an S&P renewal, durable options growth and rising 2027-2028 EPS.
GEMI · Capital · Negative Morgan Stanley downgraded Gemini to Underweight, saying a better crypto backdrop may not resolve its scale and distribution challenges or deliver profitable growth.
Coinbase Partners With Samsung to Bring USDC to Samsung Wallet
Coinbase Global is expanding its stablecoin distribution through a partnership with Samsung that will bring USD Coin to Samsung Wallet users in the United States, with the service expected to launch in the last week of October 2026 and USDC as the default dollar stablecoin. Coinbase will provide subcustody through Coinbase Prime, alongside licensed infrastructure partner Bastion. The company said average USDC balances held in Coinbase products reached a record $20 billion in the second quarter of 2026, up 44% year over year, with more than 30% of circulating USDC held in Coinbase products at quarter-end. Coinbase cautioned that greater adoption will not automatically translate into higher earnings, since the financial impact will depend on customer activity, transaction volumes, operating costs and revenue-sharing arrangements. Among competitors, PayPal Holdings is broadening the reach of its PYUSD stablecoin through its consumer and merchant network, while Circle Internet Group announced a partnership with Tereina on Oct. 7, 2026 to integrate USDC and EURC into enterprise workflows starting with the SAP ecosystem. Shares of Coinbase have lost 55.5% in the past year compared with the industry decline of 27.9%, and the stock trades at a price-to-earnings ratio of 74.44 against an industry average of 15.11.
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Competition
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Competition
Digital Finance & Tokenization › Payments Modernization & Rails ▲Competition
COIN · Demand · Positive Coinbase partners with Samsung to bring USDC to Samsung Wallet users, expanding distribution and adoption of its stablecoin products.
CRCL · Competition · Neutral Circle is mentioned as a competitor, announcing a separate partnership with Tereina to integrate USDC and EURC into enterprise workflows.
PYPL · Competition · Neutral PayPal is mentioned as a competitor broadening reach of its PYUSD stablecoin through its consumer and merchant network.
JPMorgan Launches Tokenized Money Market Fund JLTXX on Ethereum
JPMorgan Chase has launched JLTXX, a tokenized US money market fund on Ethereum aimed at institutional clients, as the bank moves to build reserve infrastructure for future US stablecoin issuers. The bank is working alongside BlackRock to provide tokenized money market products that could support stablecoin reserves, with both groups building fund infrastructure aligned with new GENIUS Act rules that require regulated backing for US stablecoin issuers by 2027. JPMorgan, a US bank and financial holding company with a reported market value of about $876.1b, already runs a global payments, markets, and custody network that gives it a ready-made base to plug tokenized money market funds into real world transaction flows. The push adds to an already heavy technology and AI expense line, while players like Citigroup and Bank of America are also pursuing digital asset infrastructure.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Regulation
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Regulation
JPM · Technology · Positive JPMorgan launched JLTXX, a tokenized US money market fund on Ethereum, building reserve infrastructure for stablecoin issuers.
ETH · Demand · Positive JPMorgan chose Ethereum to launch its tokenized money market fund, adding institutional on-chain activity.
BLK · Demand · Positive BlackRock is working with JPMorgan to provide tokenized money market products that could support stablecoin reserves.
Securitize launches tokenized US stocks with dividends and voting rights on Solana
Securitize has begun offering tokenized US stocks with dividends and voting rights on Solana, and its share price rose more than 11% to trade around $12.70, giving it a market capitalization of about $2 billion. Through the new service, Securitize Stocks, eligible investors can invest in shares of major US listed companies via the blockchain, with the initial lineup including Apple, Nvidia, Microsoft, Tesla and eight other companies. The tokenized securities are backed one-to-one by physical shares, and the right to receive dividends is preserved, along with voting rights where the underlying shares carry them. For now, trading takes place through Securitize's registered broker-dealer platform with extended trading hours, settlement uses USD Coin on Solana, and Jump Trading provides liquidity through market making. Meanwhile, SOL posted the biggest decline among the top ten cryptocurrencies by market capitalization in Thursday trading, falling about 4.39% to $110.
SECZ · Technology · Positive Securitize launched tokenized US stocks with dividends and voting rights on Solana, a new product offering that lifted its shares over 11%.
Crypto Liquidations Top $1 Billion as 181,077 Traders Wiped Out
Cryptocurrency traders lost more than $1 billion over the last 24 hours, with CoinGlass reporting $1.09 billion in liquidations across 181,077 traders. The largest single order came on Hyperliquid, an ETH position worth $19.98 million. The scale of the wipeout has raised the question of whether the move marks a short squeeze or the start of a bearish market.
ETH · · Negative Ethereum's price drop triggered $1.09B in crypto liquidations, including a $19.98M ETH position on Hyperliquid, with the article questioning whether this is the start of a bearish market.
CoinGlass · · Neutral CoinGlass is only cited as the data source reporting the $1.09 billion in liquidations, not as a subject of the news.
Gulf Labs Partners with Injective as Institutional Validator to Build Thailand's Onchain Financial Infrastructure
Gulf Labs has announced a strategic partnership with Injective, a blockchain developed specifically to support financial services, and has officially begun operating as an Institutional Validator on the Injective network to lay the infrastructure for an onchain financial system for institutional players in Thailand and to extend growth opportunities across Asia. The two parties will jointly study development in several areas, including tokenization, stablecoins, expanding channels to reach users at the national level, education and events, as well as data centers and infrastructure for AI. Gulf Labs will connect Injective with the business ecosystem of the GULF group, which covers energy, telecommunications, banking, digital assets, cloud services, and data centers. The GULF group currently has a market capitalization of approximately 27 billion US dollars, an energy business portfolio with total installed generating capacity of more than 24 gigawatts, and a telecommunications business serving more than 46 million mobile subscribers. This partnership builds on Injective's Asia strategy after its operations in South Korea and Japan. In South Korea, POSCO International and LG CNS selected Injective for a tokenization pilot project for trade receivables, while Four Pillars launched an Institutional Validator on Injective. In Thailand, there is M-INJ, an Injective fund management strategy by Merkle Capital that invests in INJ and stablecoins such as USDC. Gulf Labs may also partner with Binance TH through Binance TH Academy to organize roadshows, university network programs, and campaigns within the digital asset trading platform. The details and direction of the partnership are still to be determined.
Gulf Labs · Demand · Positive Gulf Labs announced the strategic partnership with Injective and began operating as an Institutional Validator to build Thailand's onchain financial infrastructure.
INJ · Demand · Positive Gulf Labs becomes an Institutional Validator on Injective and will jointly develop tokenization, stablecoins, and AI infrastructure, expanding Injective's Asia adoption.
GULF.BK · Demand · Positive Gulf Labs will connect Injective with the GULF group's business ecosystem, extending the group's reach into onchain financial infrastructure and tokenization.
Japan's FSA Urges Crypto Exchanges and Others to Phase Out ID Photo Verification Early
On October 9, Japan's Financial Services Agency asked financial institutions and others to move early from identity verification methods that involve sending images of driver's licenses and similar documents to methods that read IC chip information. The move follows a string of unauthorized accesses to customer-facing services and business systems, as well as leaks of customer information including images of driver's licenses, and it also covers account-opening procedures at crypto asset exchanges. The conventional image-sending method is scheduled to be abolished on April 1, 2027, but the FSA is calling for action before that effective date. The FSA's cybersecurity guidelines include crypto asset exchange operators among financial institutions and related entities, so the request also presses exchanges to speed up the shift in their identity verification methods. The IC chip reading method being adopted reads the name, address, date of birth, and facial photo recorded inside the card using a smartphone or similar device, and combines that with an image of the applicant's face. What is being abolished is the method of sending document images, and methods that involve photographing the face will remain after the transition. The FSA explained that reading IC chip information is extremely effective as a countermeasure against fraud, and in this notice it also calls for reviewing risk management for outsourced contractors and other parties, as well as response readiness in the event of a cyberattack, in addition to identity verification.
Binance to Delist 22 Tokens for Brazilian Customers
Binance, a top cryptocurrency exchange, has decided to delist 22 cryptocurrencies for Brazilian customers. The exchange confirmed the move affecting its Brazil-based user base, though it did not specify a timeline or the individual tokens involved. The delisting covers 22 tokens in total, a subset of the exchange's broader global listing. No reason was given for the decision, and Binance did not say whether the tokens would remain available to users outside Brazil.
Bitcoin Exposed to Quantum Risk Rises to 6.26 Million BTC, 31.2% of Supply: Glassnode
Rafael Schultze-Kraft, co-founder of on-chain analytics firm Glassnode, said on X on October 8 that Bitcoin whose public keys are visible on the blockchain has reached 6.26 million BTC. That equals 31.2% of the issued supply, up from 24.8% in early 2021. The tally is based on a report Glassnode published in May and takes into account the possibility that quantum computers could derive private keys from public keys. In the breakdown, exposure from address reuse, where addresses that have already been used to send funds continue to be used, is the largest at 4.33 million BTC, and this would be resolved by moving coins to new addresses. The remaining 1.94 million BTC is exposed because its public keys are visible by design: the early P2PK format accounts for 1.71 million BTC and Taproot for 222,000 BTC, with 1.1 million BTC of the P2PK total classified as holdings belonging to Satoshi Nakamoto. Exchange exposure stands at 1.79 million BTC, or 57% of exchange balances; by operator, Coinbase accounts for 10%, Binance for 83%, and holdings by the U.S. and U.K. governments for 0%.
BTC · Technology · Negative 6.26 million BTC (31.2% of supply) have public keys exposed and could be vulnerable to quantum computers deriving private keys.
COIN · Technology · Negative Coinbase accounts for 10% of the 1.79 million BTC exchange exposure vulnerable to quantum key derivation, a technology risk to its custodied coins.
Binance · Technology · Negative Binance holds 83% of the 1.79 million BTC exchange exposure at risk from quantum computing key derivation.
Bitcoin Rebounds to Stand at $82,000 After Trump Shelves Iran Strike Plan
Bitcoin bounced back to $82,000 on Friday after the cryptocurrency market recovered from its late-Thursday low, lifted by remarks from President Donald Trump that eased fears of a U.S. strike on Iran. In a post on Truth Social at 12:17 p.m. Eastern time, Trump said the United States will definitely not attack Iran before the midterm elections on November 3, describing talks with Iran as productive, though the U.S. blockade will remain in full and complete effect. Bitcoin selling lost steam near $80,300 after the post, and the price has since recovered to touch $82,000, with Ether, XRP, Solana and other major coins also paring their losses. The selloff had begun roughly 24 hours earlier amid fears of a fresh escalation in military conflict between the United States and Iran, after Axios reported on October 7 that the Pentagon had ordered U.S. Central Command to prepare for a return to major military operations in Iran, driving WTI crude futures from $89 to $93.20 before they fell sharply after Trump's post and were last trading at $90.69. Meanwhile, concern over Bunker Mode, proposed by Ethereum Foundation researcher Justin Drake, is being contested, with Yehuda Lindell, a leading cryptographer at Coinbase, calling the worry mere FUD, while Hasib Qureshi of Dragonfly described it as a genuinely sober warning, and Ethereum co-founder Vitalik Buterin said the risk from AI-accelerated mathematics is real but pointed to lattice structures rather than elliptic curve cryptography. Analysts are watching the $81,000 level as key support for Bitcoin, with Vikram Subburaj, chief executive of India-based exchange Giottus, telling CoinDesk that a break below $81,000 could send the market down to $80,000 and then to a more important on-chain support near $77,200, while BitDelta said $82,000 is a key resistance level and a drop below $80,316 would increase downside risk.
BTC · Geopolitics · Positive Bitcoin rebounded to $82,000 after Trump said the U.S. will not attack Iran before the midterms, easing conflict fears that had driven the selloff.
ETH · Geopolitics · Positive Ether pared losses alongside Bitcoin after Trump's remarks eased fears of a U.S. strike on Iran.
Nasdaq CEO Friedman Says Tokenization Could Free Tens of Billions in Trapped Collateral Capital
Nasdaq CEO Adena Friedman said tokenization could unlock tens of billions of dollars in capital tied up in assets used as collateral across the global financial system. Speaking to CNBC at the TOKEN2049 conference in Singapore, Friedman said tokenizing treasuries, equities, money market funds and the flow of money itself would make collateral far more fluid. She pointed to the passage of the Genius Act in the U.S., which established a regulatory framework for stablecoins, as one sign of growing institutional interest over the past year, and said that interest is converging with retail demand for round-the-clock trading, an ecosystem she described as roughly 10 years ahead. Friedman cautioned that moving to a fully 24/7 market would be a major undertaking, with the exchange infrastructure being the easiest part, and said Nasdaq has launched digital agents within its risk management platform that initially offer recommendations and could eventually take more direct action for banks. Kraken co-CEO Arjun Sethi also told CNBC that non-U.S. companies are showing interest in tokenization and access to American capital markets, citing a company generating roughly $25M in revenue that was exploring ways to access capital markets.
NDAQ · Technology · Positive Nasdaq CEO touts tokenization and launches digital agents in its risk management platform, positioning the exchange for tokenized collateral and 24/7 trading.
Kraken (Payward Inc.) · Demand · Positive Kraken co-CEO says non-U.S. companies are seeking tokenization and access to American capital markets, signaling client demand for Kraken's services.
SBI, Money Forward and US-based Mesh to Establish New Crypto Payment Company in 2026
SBI Holdings, Money Forward and US-based Mesh Connect announced on October 7 that they have reached a basic agreement to establish a joint venture in Japan. The new company aims to develop services that simplify the purchase, transfer and settlement of crypto assets, as well as a payment infrastructure utilizing blockchain. Subject to the conclusion of a final contract and dealings with relevant authorities, the company aims to be established during 2026, with Japan as its main business target and capital of 100 million yen. The ownership ratio is planned to be 60 percent for Mesh, 26 percent for the SBI Group and 14 percent for Money Forward. Mesh provides a payment infrastructure that connects more than 300 crypto asset exchanges and wallets through APIs, and the joint venture will combine Mesh's connectivity technology with the SBI Group's financial services infrastructure and regulatory expertise.
Bitkub Confirms No Involvement with Illegal Gambling Sites
Bitkub Exchange has issued a statement confirming that it has no involvement in any illegal activity, following reports about financial transactions alleged to be linked to online gambling sites. The company stated that it has always strictly complied with the law and has been regularly audited by regulatory authorities with legal jurisdiction. Regarding the case in the news, Bitkub Exchange has already coordinated closely with the relevant government agencies and asks all users to please trust in Bitkub's operational standards and service quality.
Bitcoin slips below $81,000 as $1.16 billion in crypto liquidations hit the market
Bitcoin fell through a key support level at $81,000, logging an intraday low near $80,000 and trading at around $80,744 at the time of reporting, down 3% over 24 hours and roughly 4% over the past week, after its latest attempt to reclaim $87,000 failed. The slide triggered $1.16 billion in forced selling across the crypto derivatives market over the past 24 hours, according to CoinGlass data, with long positions accounting for $1 billion of that total versus just $108 million in shorts, and 166,769 traders liquidated within 24 hours. Ethereum suffered the heaviest liquidation losses among major cryptocurrencies, with about $324 million liquidated versus $240 million for Bitcoin. Ethereum broke below $2,500, down 4% over the same period, extending its weekly decline to about 9.3%. Solana dropped 7.2% to around $108.61, XRP fell 5.7% to $1.35, BNB lost 4.9%, and Zcash plunged as much as 14%. On-chain data from CryptoQuant showed short-term Bitcoin holders moved more than 50,000 BTC into exchanges during the peak of the 24-hour window, with over 29,500 BTC moved at a loss, about 59% of that group's exchange inflows, marking the largest such loss in nearly four months. Glassnode noted that buy orders clustered between $81,000 and $81,250 on Binance's spot order book, with dense liquidation-prone price levels between $81,700 and $83,300, and another significant cluster near $75,000.
