Summary
gm, BlackRock explores tokenization of exchange-traded funds (ETFs) on public blockchains to enhance trading capabilities and improve access for global investors. Meanwhile, Gemini's highly anticipated IPO debuted with a valuation of approximately $4.4 billion, as shares surged up to 45% above their initial offering price, highlighting growing Wall Street interest in cryptocurrency firms. On the asset front, Solana experienced a notable rally, jumping above $240 after Galaxy Digital purchased over $700 million in SOL tokens as part of an investment in Forward Industries. Additionally, Tether announced its entry into the U.S. market with a new stablecoin called USAT, designed to comply with regulatory frameworks, further legitimizing stablecoins which have collectively approached a $300 billion market capitalization.

News Headlines
šŸ’° Crypto Bull Market Still Has Legs, According to Coinbase Analysis

  • Coinbase analysts predict the crypto bull market will continue into Q4 2025, driven by strong liquidity, favorable macroeconomic conditions, and supportive regulatory signals.
  • Public digital asset treasuries now hold over $130 billion in Bitcoin, Ethereum, and Solana, creating significant demand for large-cap tokens and changing typical seasonal patterns.

šŸ” New ModStealer Malware Targets Cryptocurrency Browser Wallets

  • Security researchers have discovered ModStealer, a sophisticated malware targeting browser wallets across Windows, Linux, and macOS that evaded detection by major antivirus software for nearly a month.
  • The malware is distributed through fake job ads targeting Web3 developers and can extract sensitive data from 56 browser wallet extensions, capture clipboard data, and execute remote commands.

šŸ’³ Real-World Asset (RWA) Tokens Hit $76B Record High as Tokenization Surges

  • RWA tokens have increased 11% in the past week, reaching a market capitalization near $76 billion, with onchain value of real-world assets nearly doubling since the start of the year to $29 billion.
  • The tokenization trend is dominated by private credit and U.S. treasuries, with notable players including Chainlink, Avalanche, and Ondo Finance experiencing significant market activity.

šŸ¤ Chainlink, UBS, and DigiFT Launch Hong Kong Pilot for Automated Tokenization Fund

  • Chainlink, UBS, and DigiFT have launched a pilot project in Hong Kong to automate the tokenization of real-world assets, focusing on distribution, settlement, and lifecycle management.
  • The initiative aims to enhance operational efficiency, reduce manual errors, and potentially lower costs for fund operators while benefiting investors through streamlined processes.

āš–ļø Father of Crypto Bills, French Hill, Says Market Structure Effort Should Tweak GENIUS Act

  • U.S. Representative French Hill and Senator Cynthia Lummis are working to revise the GENIUS Act governing stablecoin laws as part of the upcoming Senate market structure bill.
  • Proposed amendments include increasing CEO and CFO accountability, preventing non-financial companies from entering the stablecoin market, and enhancing digital asset security for U.S. investors.

Market Metrics

Fundraising & VC
1. Rapyd (Series F, $500M) - Global fintechā€‘asā€‘aā€‘service platform
2. Sensible (M&A, Undisclosed) - High yield savings account for Bitcoin

Regulatory
šŸ”“ Coinbase Alleges SEC Destroyed Gensler's Texts, Seeks Sanctions

  • Coinbase has filed a motion seeking sanctions after discovering the SEC permanently erased nearly a year of former Chair Gary Gensler's text messages during a critical enforcement period.
  • The company is demanding expedited discovery and immediate production of relevant texts, highlighting the SEC's failure in record-keeping despite fining private firms for similar violations.

āš–ļø US Court Sets Nov. 4 Hearing for Sam Bankman-Fried Appeal

  • Sam Bankman-Fried's legal team will present arguments at the US Court of Appeals for the Second Circuit on November 4, marking the first significant event in his criminal proceedings since his 2023 conviction.
  • The appeal, filed in April 2024, argues that Bankman-Fried was never presumed innocent and that prosecutors misrepresented the situation regarding FTX user funds.

šŸ”® Massachusetts AG Sues Prediction Market Kalshi Over Gambling Laws

  • Massachusetts Attorney General Andrea Joy Campbell has filed a lawsuit against prediction market Kalshi, alleging it violates state gambling laws by offering sports event contracts without proper licenses.
  • The lawsuit seeks to halt Kalshi's offerings in the state, enforce licensing requirements, and obtain monetary relief, focusing specifically on the platform's sports betting products.

šŸŒ UK Trade Groups Urge Government to Include Blockchain in US Cooperation

  • UK trade associations have urged the government to include blockchain and digital assets in the upcoming "Tech Bridge" collaboration with the United States ahead of President Trump's visit.
  • The coalition, which includes the UK Cryptoasset Business Council and UK Finance, warned that excluding digital assets could leave Britain behind as other regions advance in setting financial standards.

šŸ” FTC Launches Investigation Into AI Chatbot Child Protections

  • The Federal Trade Commission has ordered seven major tech companies, including OpenAI, Alphabet, and Meta, to disclose how their AI chatbots safeguard children within 45 days.
  • The investigation follows incidents where AI companions suggested inappropriate content to minors, emphasizing the urgent need for improved online safety protocols for children.

Technical Analysis
Bitcoin - Bitcoin is in a falling trend channel in the short term. This shows that investors over time have sold at lower prices to get out of the currency, and indicates negative development for the currency. The currency is approaching resistance at 117400 points, which may give a negative reaction. However, a break upwards through 117400 points will be a positive signal. Volume tops and volume bottoms correspond well with tops and bottoms in the price. This weakens the falling trend and could be an early signal of a coming trend break. RSI above 70 shows that the currency has strong positive momentum in the short term. Investors have steadily paid more to buy the currency, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically slightly negative for the short term.

Ethereum - Ethereum is in a rising trend channel in the short term. This shows that investors over time have bought the currency at higher prices and indicates good development for the currency. The currency is testing resistance at points 4800. This could give a negative reaction, but an upward breakthrough of points 4800 means a positive signal. RSI above 70 shows that the currency has strong positive momentum in the short term. Investors have steadily paid more to buy the currency, which indicates increasing optimism and that the price will continue to rise. However, particularly for big stocks, high RSI may be a sign that the stock is overbought and that there is a chance of a reaction downwards. The currency is overall assessed as technically positive for the short term.