Son Min

Galaxy Digital (Galaxy Digital) has launched the consumer platform 'GalaxyOne (GalaxyOne)', which integrates virtual assets (cryptocurrencies) and stock trading across the United States. On the 6th (local time), The Block reported that Galaxy Digital unveiled the trading platform GalaxyOne in an official announcement. Galaxy Digital said, "It supports custody and trading of cryptocurrencies, commission-free trading of U.S. stocks and ETFs, and high-yield deposit accounts all within a single app." It is available to all U.S. residents who complete KYC (identity verification), and they can buy and sell Bitcoin (BTC), Ethereum (ETH), Solana (SOL), etc. Supported assets are expected to be expanded in the future. The platform's base deposit account offers an annual interest of 4%, and accredited investors meeting certain qualifications can obtain an annual 8% return through investment notes issued by Galaxy. However, the 8% product is not protected by the FDIC. Galaxy Digital founder and CEO Mike Novogratz (Mike Novogratz) said, "We have built world-class institutional-grade infrastructure over several years," adding, "Now is the time to extend that experience and technology to individual investors."

Gold, Bitcoin (BTC), and stocks are surging simultaneously, creating an unusual 'asset rally.' Experts warn that distrust in the falling value of the dollar, rather than productivity improvements, is driving the rise in asset prices. On the 6th (local time), BeInCrypto reported that gold, silver, and Bitcoin, along with the US S&P500 index, continue to be on the rise. In particular, Bitcoin, amid the 'Uptober' rally, surpassed 125,000 dollars, rising more than 10% in a week, while gold has set record highs 40 times this year alone, reaching a market capitalization of 26.3 trillion dollars. Silver has also risen more than 60% so far this year. Financial analysis firm The Kobeissi Letter analyzed, "The correlation coefficient between gold and the S&P500 reaches 0.91, meaning the two assets have moved in the same direction 91% of the time this year," calling it "an abnormal phenomenon in which safe-haven assets and risk assets rise simultaneously." Market experts point out that this simultaneous rise is due to weakened confidence in the value of the US dollar, not real economic growth. The Kobeissi Letter reported, "The dollar is recording its worst annual performance since 1973, falling 10% just this year." The dollar's purchasing power has declined by about 40% since 2020. The US Federal Reserve (Fed)'s accommodative monetary policy has also influenced this trend. According to the CME FedWatch tool, the market is pricing in a 95.7% chance of an additional rate cut at the October meeting. The Kobeissi Letter said, "The Fed is cutting rates while inflation remains high," and called it "a move reflecting assets entering a new era of monetary policy." Market analyst Shanaka Anslem Perera said, "In a phase of inflation amid rate cuts, the simultaneous rise of gold, Bitcoin, stocks, and real estate is a sign of a 'slow-moving currency panic,'" adding, "This indicates a collapse in the currency's purchasing power rather than an increase in asset values." Ultimately, experts diagnose that this rally is not a sign of economic growth but the result of declining fiat currency values and asset-protection psychology. Perera added, "This is not a boom, but the final stage of a system held together by paper."

The global major centralized exchanges (CEX) spot trading volume in September fell to $1.67 trillion for the month, marking the lowest level since June. According to blockchain outlet The Block, the monthly spot trading volume across global crypto exchanges in September was $1.67 trillion, down 9.7% from August ($1.85 trillion). The world's largest exchange, Binance, recorded $636.5 billion in September, maintaining first place but down from $737.1 billion in August. It was followed by Bybit with $132.1 billion, Gate.io with $124.0 billion, and Bitget with $117.9 billion. Decentralized exchange (DEX) volume also slightly decreased from $368.8 billion in August to $363.4 billion in September. Uniswap (UNI) fell from $143.0 billion to $106.5 billion, while PancakeSwap (CAKE) rose from $58.7 billion to $79.8 billion. Meanwhile, while exchange spot volumes declined, U.S. Bitcoin (BTC) spot exchange-traded funds (ETFs) turned to net inflows. According to crypto data platform SoSoValue, net inflows to U.S. Bitcoin spot ETFs in September were $3.53 billion, a clear rebound from August's net outflow of $751.1 million.

Allegations of money laundering have been raised against decentralized derivatives exchange Aster (ASTER). On the 6th (local time), according to The Block, on-chain data platform DefiLlama removed Aster from its data tracking list. This was because Binance's perpetual futures trading volume and Aster's trading volume showed an abnormally high correlation. 0xngmi, co-founder of DefiLlama, said, "In recent days, Aster's trading volume has shown an abnormally high correlation with Binance's futures trading volume," and "Since last weekend, Aster's and Binance's volumes have moved in almost identical patterns." He went on to raise suspicions about money-laundering trades, saying, "Verification is difficult because access to lower-level data such as who places and executes orders is impossible." Accordingly, DefiLlama also said, "We will exclude Aster's derivatives trading volume from the data platform until verification," and added, "The people who made this decision do not hold Aster or competing platform Hyperliquid (HYPE)."

China Financial Leasing Group, listed on the Hong Kong Stock Exchange, said it will raise about 11 million dollars to build a crypto asset (cryptocurrency) and artificial intelligence (AI) investment platform. According to CoinDesk on the 6th (local time), the leasing group entered into a contract to issue 69.38 million new shares at 1.25 Hong Kong dollars per share to Innoval Capital, an investment firm registered in the Virgin Islands. The deal represents about 20% of the existing issued shares. The company said, "The funds raised will be used to establish an in-group crypto asset investment platform and invest in various crypto asset-related businesses, including stablecoins, Bitcoin (BTC) and Ethereum (ETH), real-world assets (RWA), and non-fungible tokens (NFT). We also plan to build a digital asset management platform in the future."

Last week, global crypto asset (cryptocurrency) investment products saw net inflows of $5.95 billion (₩8.4157 trillion). On the 6th (local time), CoinShares said in a report, "Last week crypto asset investment products saw net inflows of $5.95 billion," adding, "This is the largest weekly inflow on record." It added, "This reflects increased interest in crypto assets after weak employment data and a U.S. government shutdown," and "the total assets under management (AUM) of global investment products also reached an all-time high of $254 billion." By asset, Bitcoin (BTC) products recorded the largest inflows. Bitcoin saw $3.55 billion come in, setting a record for weekly inflows. The report added, "Last week Bitcoin's price rose significantly, but investors still are not buying short (sell) Bitcoin products." Ethereum (ETH) received $1.48 billion. Year-to-date (YTD) inflows have surged to $13.7 billion. Major altcoins showed a positive trend. Solana (SOL)-based investment products had net inflows of $706.5 million last week. XRP also saw $219.4 million come in, showing a positive trend. However, the report said, "Inflows to other altcoins, excluding those two assets, were negligible." By country, inflows originating from the U.S. were strong. U.S.-based crypto products alone had net inflows of about $5.034 billion, while Switzerland and Germany saw $565 million and $312 million, respectively. Sweden, on the other hand, experienced an outflow of $8.6 million.

As U.S. national debt grows by $70,000 every second, analysts say investors are moving en masse into 'safe-haven' assets such as Bitcoin (BTC) and gold. According to Cointelegraph on the 6th (local time), U.S. debt increased by about $69,890 per second over the past year, nearing $37.9 trillion. This is larger than the GDP of more than 30 countries. As a result, Bitcoin and gold are being seen as alternative assets in the era of 'de-dollarization'. JPMorgan analyzed in a recent report that "both Bitcoin and gold have rapidly emerged as hedges against 'currency debasement (debasement)' ." In fact, Bitcoin hit an all-time high of $125,506 last week, and gold reached $3,920 per ounce. Larry Fink, BlackRock CEO, also said earlier this year that "the greater the concern about government currency debasement, the greater Bitcoin's potential," and set a Bitcoin price target of $700,000. Ray Dalio, founder of Bridgewater Associates, the world's largest hedge fund, also advised that "allocating 15% of a portfolio to physical assets such as Bitcoin and gold is optimal in terms of risk-adjusted returns." Meanwhile, if current trends continue, U.S. debt is projected to exceed $50 trillion within the next 10 years.

Whale investors appear to have purchased large amounts of Ethereum (ETH). On the 6th (local time), Ali Martinez, a cryptoasset (cryptocurrency) analyst, said on X (formerly Twitter), "Last week, whale investors accumulated more than 800,000 Ethereum." This is about 3.7 billion dollars (5.2 trillion won) at current prices. As of 4:15 PM, Ethereum is trading at 4571 dollars on the Binance USDT market, down 0.12% from 24 hours earlier.

Over the past 24 hours, the size of position liquidations in the crypto (cryptocurrency) perpetual futures market was recorded at $256,890,000. On the 6th (local time), according to CoinGlass data, a total of $256,890,000 worth of futures positions were liquidated in the crypto market over the past 24 hours. Specifically, long positions worth $177,130,000 were liquidated, and short positions worth $79,760,000 were liquidated. The asset with the largest liquidation was Bitcoin (BTC). Over 24 hours, Bitcoin saw $66,190,000 in position liquidations, of which long and short positions accounted for $48,740,000 and $17,450,000 respectively. Ethereum (ETH) saw $51,740,000 in liquidations during the same period, of which long positions were $32,240,000 and short positions were $19,500,000.

Nomura, Japan's largest investment banking group, is aiming at the virtual asset (cryptocurrency) market for Japanese institutional investors through its subsidiary Laser Digital. On the 3rd (local time), according to Cointelegraph, a Laser Digital spokesperson said, "We are currently conducting pre-consultation with the Japan Financial Services Agency (FSA) and plan to provide virtual asset trading services for institutions through a license application." However, the timing of the application has not yet been decided, and it said this may vary depending on the outcome of the consultations. If approved, Laser Digital will provide broker-dealer services to traditional financial firms and cryptocurrency exchanges in Japan. Laser Digital is a Swiss entity under Nomura Holdings, and this move is interpreted as a strategy to respond to the surging institutional demand in Japan. This move coincides with a trend of major Japanese securities firms rolling out virtual asset-related services. Earlier, large Japanese securities firm Daiwa Securities Group launched a cryptocurrency lending service that allows borrowing yen using Bitcoin (BTC) and Ethereum (ETH) as collateral.

Standard Chartered Bank said Bitcoin (BTC) could record a new all-time high as early as next week. The bank identified macroeconomic factors and inflows into spot Bitcoin exchange-traded funds (ETF) as the main drivers of the rally. According to Crypto Briefing on the 3rd (local time), Standard Chartered said in a recent report, "Bitcoin is likely to surpass its previous peak in the short term," and "it could set a new all-time high as early as next week." Bitcoin set an all-time high last August at about $124,128. That rally was led by rapid adoption by institutional investors. Standard Chartered has repeatedly issued optimistic outlooks on Bitcoin throughout this year, and in particular analyzed that the Trump administration's digital-asset-friendly policies are supporting mainstream adoption. The report added, "With macroeconomic uncertainty, inflation concerns, and increased preference for alternative assets, Bitcoin's appeal is further strengthening." The spot Bitcoin ETF has, since its launch in January last year, encouraged the traditional financial sector's market entry and has played a key role in strengthening Bitcoin's price momentum this year.

Nasdaq-listed Pitel has purchased 216,800,000 native tokens of the Solana (SOL)-based meme coin issuance platform 'PumpDotFun (PUMP)'. It is about $1.5 million in size. According to The Block on the 3rd (local time), Pitel said in a press release that it had purchased 216,800,000 PumpDotFun. Sam Lu, Pitel's chief executive officer (CEO), said, "We want to be deeply involved in Solana's growth story while diversifying our crypto asset treasury to secure long-term growth opportunities." Earlier, Pitel signed a convertible bond (CB) facility agreement worth up to $100 million with a U.S.-based institutional investor. An initial $10 million will be used to buy Solana. Meanwhile, Pitel has announced its transition from an online distributor of fitness equipment to a digital asset treasury company and is seeking to change its name to 'Solana Australia Corporation' in the future. The company also plans to generate additional revenue by operating structured products using its held Solana.

The U.S. Securities and Exchange Commission (SEC) is facing final deadlines in October for a total of 16 crypto asset exchange-traded fund (ETF) applications, bringing Solana(SOL), XRP(XRP), and Litecoin(LTC) ETF approvals into focus for the market. On the 3rd (local time), according to Cointelegraph, the SEC approved 'generic listing standards' for spot commodity-based exchange-traded products (ETPs) in September, substantially streamlining individual reviews and rule-change procedures. As a result, it is assessed that an institutional foundation has been established that could further accelerate ETF approvals. The political environment has also changed. Zach Pandl, Grayscale's head of research, said, "Since the start of the Trump administration, demands for a clear regulatory framework for the cryptocurrency industry have intensified across the White House, Congress, and regulatory authorities," adding, "With bipartisan support, confidence has grown that virtual assets will establish themselves in the United States over the long term." Market demand is a variable. James Seyffart, a Bloomberg ETF analyst, said, "Solana and XRP have futures markets that can somewhat support ETF demand, but it's hard to expect inflows on the level of Bitcoin," and predicted, "In the long term, index-style products containing multiple assets or basket ETFs will be growth drivers." If ETFs are approved, the expansion of the derivatives market is also expected to accelerate. Seyffart explained, "Various structures, such as Solana staking ETFs, covered-call ETFs, leveraged·inverse products, could be launched quickly," noting, "There is also a possibility that market volatility could increase."

Walmart-backed fintech company OnePay plans to offer trading and custody services for Bitcoin (BTC) and Ethereum (ETH) within the year. On the 3rd (local time), CNBC, citing people familiar with the matter, reported, "OnePay plans to allow customers to directly hold and trade Bitcoin and Ethereum using its apps starting at the end of the year," adding, "This will enable users to convert their crypto assets to cash and use them to pay at Walmart stores or to repay card balances." OnePay was founded in 2021 by Walmart and venture capital firm Ribbit Capital, and has been expanding its services with the goal of becoming a "super app that contains all financial services." This expansion of cryptocurrency services comes amid a shift in the U.S. government's stance toward crypto-friendly policies following President Trump's election. As a result, large banks that previously found it difficult to offer cryptocurrency services are also preparing related products. Last month, Morgan Stanley announced plans to offer direct cryptocurrency trading services to retail investors through its subsidiary E-Trade.

U.S. spot bitcoin (BTC) exchange-traded funds (ETFs) recorded net inflows of $2.25 billion this week alone. Since the first trading day of October, expectations for 'Uptober' have been growing. On the 3rd (local time), The Block reported that BlackRock's bitcoin spot ETF, IBIT, saw more than $1 billion flow in on the 2nd (local time) alone, marking three consecutive days of net inflows. U.S. bitcoin ETFs also achieved weekly net inflows of $2.25 billion. Cumulative inflows since January last year have approached $60 billion. IBIT also stood out in trading volume and the options market. Its daily trading volume on the 2nd was $4.3 billion, accounting for most of total bitcoin ETF trading volume ($5.6 billion), and it ranked in the 'top 10 by trading volume' alongside traditional large ETFs such as SPY, QQQ and GLD. Open interest in options also reached $38 billion, surpassing Deribit's $32 billion for the first time; Deribit had dominated the market since 2016. The global bitcoin options market share was reorganized to IBIT 45%, Deribit 41.9%. Coupled with strong ETF inflows, bitcoin rose nearly 10% this week, regaining $120,000. Timothy Mishi of BRN Research said, "October is traditionally a bullish period, having posted positive returns 10 times out of the past 12 years," and added, "This year too, the rally is expected to gain momentum alongside ETF inflows."

Solana (SOL)-based digital asset treasury company (DAT) Sharps Technology announced a share repurchase program of up to $100 million. On the 2nd (local time), The Block reported that Sharps said in a statement, "Through this stock repurchase program, we will be able to repurchase shares through the open market and individual negotiations." When management deems its holdings undervalued, share repurchases are commonly used as a means to try to boost the stock price. Sharps Technology is a Nasdaq-listed small medical device company, and last August conducted a $400 million private investment (PIPE) aiming to be the "world's largest Solana digital asset treasury company." At the time, ParaFi Capital (ParaFi Capital), Pantera Capital (Pantera Capital), and others participated. The company currently holds about 2 million SOL, which is about $448 million. However, the stock price, which surged to $16 at the end of August, has since declined and is currently trading around $6.52. Meanwhile, Solana treasury firm DeFi Development (DeFi Development) also recently announced it is expanding its share repurchase program from $1 million to $100 million.

The stablecoin market size has surpassed $300 billion for the first time. Analysts say that a rebound across the virtual asset (cryptocurrency) market and regulatory tailwinds have combined to accelerate steady capital inflows. On the 3rd (local time), The Block reported that the total stablecoin market capitalization was $301 billion, up 6.5% in one month. Tether (USDT) ranked first, recording a market cap of $176.3 billion, accounting for 58% of the total. Following it were Circle's USDC at $74 billion (24.5% share) and ENA's USDe at $14.8 billion. Stablecoins play the role of a key currency in the virtual asset market for trading, payments, and decentralized finance (DeFi) use, and are used as an alternative to 'safe-haven' assets even in volatile market conditions. The industry views the expansion of stablecoin supply as a key indicator of capital inflows. This growth is seen as the result of regulatory momentum and increased institutional demand. The stablecoin market in Q3 2025 grew 20% quarter-on-quarter, outperforming traditional asset classes. In particular, the passage of the U.S. 'Genius bill', which promised to clarify regulations for dollar-pegged tokens, is said to have spurred institutional participation. At the same time, the rebound in the virtual asset market also had an effect. Bitcoin (BTC) rose 9.6% in the past week to $119,972, with a market capitalization of $2.4 trillion. Ethereum (ETH) also jumped 13.3% in the same period to $4,498, with a market cap of $542 billion, continuing its strength.

JPMorgan said Bitcoin (BTC) could reach $165,000 by year-end. It said Bitcoin remains undervalued on a volatility-adjusted value versus gold, and that a retail investor-led 'debasement trade' (trades to avoid currency value decline) is driving the market rally. On the 3rd (local time), The Block reported that JPMorgan said in a report, "The volatility ratio between Bitcoin and gold has fallen below 2.0, leaving Bitcoin undervalued against gold by about $46,000." It said that with Bitcoin's current market capitalization of $2.3 trillion, matching the private investment size in gold (about $6 trillion) would require a rise of about 42%, which corresponds to a Bitcoin price of $165,000. The report noted that Bitcoin was about $36,000 overvalued versus gold at the end of last year, but has now entered the opposite undervalued phase. "This mechanical calculation alone suggests significant upside potential for Bitcoin," it added. JPMorgan also diagnosed that the 'debasement trade' is spreading in the market. With government fiscal deficits, inflation, geopolitical risk, weakening confidence in central banks, and emerging market currency instability combining, retail investors are pouring large amounts of capital into gold and bitcoin exchange-traded funds (ETFs). Bitcoin ETFs recorded large inflows earlier this year and then slowed somewhat after August, but recently gold ETF inflows have been rising sharply, narrowing the gap. The report explained that institutional investors participate in the market via Chicago Mercantile Exchange (CME) futures, but the size of futures positions has not kept pace with ETF inflows, making the retail-led nature more evident. With gold prices having risen sharply recently, JPMorgan analyzed that Bitcoin could be a relatively more attractive investment. As of last August it had set a year-end Bitcoin target of $126,000, but it raised the outlook to $165,000 reflecting the rebound in gold prices.

Chainlink(lINK) new wallet creation has surged. On the 3rd (local time), Ali Martinez, a virtual asset (cryptocurrency) analyst, said on X (ex-Twitter), "Chainlink saw 1,963 new wallets created in one day," adding, "The Chainlink network is gradually growing." As of 3:43 PM, based on the Binance USDT market, Chainlink is trading at $22.49, down 1.32% from 24 hours ago.

Over the past 24 hours, the liquidation volume of positions in the virtual assets (cryptocurrency) perpetual futures market amounted to $385,540,000. According to CoinGlass data on the 3rd (local time), a total of $385,540,000 worth of futures positions were liquidated in the virtual assets market over the past 24 hours. Specifically, long positions worth $128,860,000 were liquidated, and short positions worth $256,680,000 were liquidated. The asset with the largest liquidation volume was Ethereum (ETH). Ethereum saw $101,610,000 in position liquidations over the 24-hour period, of which long positions and short positions accounted for $25,020,000 and $76,590,000, respectively. Bitcoin (BTC) saw $95,770,000 in liquidations during the same period, of which long positions accounted for $18,200,000 and short positions accounted for $77,570,000.

US Nasdaq-listed VisionSys (VisionSys) announced a Solana (SOL) strategic reserve plan. The project will be carried out in collaboration with the Solana staking protocol Marinade Finance (Marinade Finance). On the 1st (local time), The Block reported that VisionSys said its subsidiary Medintel Technology has signed a partnership with Marinade and will pursue a Solana-based crypto strategic reserve business. In this collaboration, Marinade will serve as VisionSys's 'exclusive staking and ecosystem partner,' handling staking operations, security, compliance, and so on. VisionSys explained, "This project aims to strengthen the company's financial structure, increase liquidity, and create long-term shareholder value." VisionSys has set a goal to build a Solana strategic reserve of up to 2 billion dollars in the long term. In the initial phase, it plans to purchase and stake 500 million dollars worth of Solana within 6 months, but specific funding methods were not disclosed. Regarding the collaboration, Scott Gralnick (Scott Gralnick), Marinade's Head of Institutional Growth, said, "The partnership with VisionSys, a leading AI-based blockchain solutions company, is a perfect match," adding, "It will be an important milestone for the expansion of the Solana ecosystem."

Bitcoin (BTC) has surpassed 117,000 dollars. As of 11:02 p.m. on the 1st, based on the Binance USDT market, Bitcoin is trading at 117,003 dollars, up 3.23% from 24 hours earlier.