Coinbase Completes $2.9 Billion Deribit Integration, Launches Coinbase Global Exchange

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.

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.

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.

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."