Son Min

World Liberty Financial (WLFI) is conducting an airdrop worth approximately $1.2 million for its stablecoin users. On the 29th (local time), World Liberty Financial said on X (formerly Twitter) that it will airdrop a total of 8.4 million WLFI tokens to early participants in the USD1 points program. The distribution will take place across six exchanges — Gate.io, KuCoin, LBank, HTX Global, Flipster, and MEXC — and it explained that specific distribution criteria and reward amounts vary according to each exchange's rules. Two months ago, WLFI launched a points-earning program to encourage trading of the USD1 stablecoin. Participants could earn points by trading USD1 pairs on partner exchanges or by maintaining a certain balance. World Liberty said, "Payment criteria and methods may vary by exchange," and added, "This distribution is only the initial stage of rewards."

Bitcoin (BTC) has been trading around $113,000 as it enters the Federal Reserve (Fed)'s week of rate decisions. With liquidity tightening and a stronger dollar weighing on risk assets, the market is focusing on the results of this Federal Open Market Committee (FOMC) meeting. On the 29th (local time), CoinDesk reported that Bitcoin held around $113,000 in the Asian market. It was up 4.5% for the week but down 0.7% over 24 hours. Ethereum (ETH) fell 1.4% to $4,028, while Solana (SOL) and Binance Coin (BNB) were each down around 2%. By contrast, XRP was strong at $2.62 and entered the top ranks in trading volume. Market attention is currently focused on the FOMC meeting held on the 28th~29th. The market expects the Fed to cut the benchmark interest rate by 25bp to 4.00~4.25%. Thomas Perfumo, Kraken global economist, said, "Macroeconomic volatility in this cycle has a major impact on crypto assets," adding, "This week's 25bp cut has already been priced in, and there is a strong possibility of further cuts in December." He also analyzed that Bitcoin's short-term momentum has slowed, but ETF inflows remain strong. Alex Kuptsikevich, an FxPro analyst, said, "Bitcoin is trading above both the 50-day and 200-day moving averages, maintaining an uptrend," and "after rebounding from the $108,000 support level, the $117,000~$120,000 range will act as strong resistance."

Bitmain Emergence Technologies has withdrawn approximately $113 million worth of ETH. On the 29th (local time), CoinDesk reported that Arkham said in a report, "Bitmain withdrew about $113 million worth of ETH from custody firm BitGo," and "is clearly pursuing a 'buying the dip (buying the dip)' strategy." Bitmain said in a press release the day before that its total assets amount to $14.2 billion. These included 3,313,069 ETH (about $13.7 billion), 192 BTC, $305 million in cash, and a $88 million stake in Eightco. The company holds about 2.8% of Ethereum's circulating supply and aims to secure 5% of the total supply in the long term. According to CoinDesk technical analysis, Ethereum is seeing strong buying around $4,000 and is forming a 'double bottom (double bottom)' pattern. Short-term resistance levels were at the $4,050~$4,080 and $4,200 ranges. Investment flows were mixed. Ethereum investment products saw net outflows of $169 million for the first time in five weeks, but 2x leveraged ETPs (exchange-traded products) still showed strong demand as moves to increase leveraged exposure continued.

Open interest (OI) in perpetual futures for XRP and Solana (SOL), listed on the U.S. Chicago Mercantile Exchange (CME), has reached an all-time high. According to CoinDesk on the 29th (local time), total open interest for XRP and Solana futures on the CME approached $3 billion. The number of open contracts for XRP standard and micro contracts was 9,900, and for Solana standard and micro contracts it was 15,600. Tim McCourt (Tim McCourt), CME global head of equity and FX products, said, "This record shows that investors seeking exposure to digital assets prefer regulated futures markets to manage risk and capture market growth opportunities." Solana futures were listed on the CME in March this year and surpassed $1 billion in open interest last August. In the case of XRP, futures exceeded the same level within three months of launch. The record is interpreted as a sign that the derivatives market centered on Bitcoin (BTC) and Ethereum (ETH) is gradually expanding to major altcoins. The outlet assessed, "There is strong investment demand for regulated crypto asset products."

Over the past 24 hours, the scale of position liquidations in the virtual assets (cryptocurrencies) perpetual futures market reached $512.33 million. According to CoinGlass data on the 29th (local time), a total of $512.33 million worth of futures positions were liquidated in the virtual assets market over the past 24 hours. Specifically, long positions totaling $354.75 million were liquidated, and short positions totaling $157.58 million were liquidated. The asset with the largest liquidation volume was Ethereum (ETH). Ethereum saw $156.06 million in position liquidations over 24 hours, of which long and short positions accounted for $109.82 million and $46.24 million respectively. Bitcoin (BTC) saw $112.29 million in liquidations during the same period, of which long positions were $70.84 million and short positions $41.44 million.

Global asset manager BlackRock accounted for the majority of inflows into U.S. spot Bitcoin (BTC) exchange-traded funds (ETFs) this year, raising concerns about the growth potential of the altcoin ETF market. According to CoinDesk on the 28th (local time), K33 Research said in a report, "BlackRock accounted for $28.1 billion of this year's U.S. spot Bitcoin ETF inflows ($26.9 billion)," adding, "excluding BlackRock, the remaining ETFs actually experienced net outflows of $1.27 billion." It continued, "If BlackRock had not been present, the investment flow into Bitcoin ETFs would have turned negative," and "this could limit the growth of altcoin ETF markets in which BlackRock does not participate." It described this as "No BlackRock, no party." Meanwhile, despite BlackRock's absence, some experts offered optimistic forecasts for initial inflows into altcoin ETFs. Ryan Lee, a Bitget analyst, predicted, "The U.S.'s first Solana staking ETF could see up to $6 billion of inflows in its first year."

Strive, a Bitcoin (BTC) reserve company, has purchased additional Bitcoin using funds raised through the exercise of warrants. On the 28th (local time), CoinDesk reported that Strive purchased a total of 72.3BTC for about $8.26 million. The average purchase price was $114,303 per BTC. This Bitcoin purchase was made using funds raised through the exercise of warrants linked to a prior $750 million PIPE financing. Approximately 6.11 million warrants were exercised at $1.35 per share, bringing in about $8.26 million. Strive's total Bitcoin holdings now stand at 5958BTC. The average purchase price per coin is $116,032.

U.S. securities firm Benchmark raised its target price for Bitcoin (BTC) miner Hut 8 from $36 to $78, more than doubling it, and maintained a 'Buy' rating. On the 28th (local time), according to CoinDesk, Benchmark said in a report, "Hut 8 has transformed from a simple Bitcoin mining company into an energy infrastructure company targeting demand from artificial intelligence (AI) and high-performance computing (HPC)," calling it "a flexible 'call-option-like' stock that can bet on growth in both AI and Bitcoin." Palmer presented a sum-of-the-parts valuation reflecting, as reasons for the target increase, the energy infrastructure expansion pipeline; a 64% stake in U.S. subsidiary American Bitcoin (ABTC); and holdings of 10,264 BTC as of June 30. He said, "Under the strategy of CEO Asher Genut, who took office in February 2024, Hut 8 is shifting to a model that controls low-cost power infrastructure and supplies power to the most profitable workloads," and added, "It is currently developing a total generation capacity of 1,530 megawatts (MW), centered on AI and HPC data centers." Benchmark said investors are viewing CEO Genut's strategic shift positively, noting that Hut 8's share price has risen more than fourfold over the past six months. However, it analyzed that "the current market capitalization still falls short of intrinsic value." It cited the possibility of signing a lease for the River Bend site in Louisiana as a near-term catalyst, and the replicability of the Vega facility model in Texas as a mid- to long-term growth factor.

U.S. investment bank H.C. Wainwright has upgraded its investment rating on Bitcoin (BTC) miner Core Scientific from 'neutral' to 'buy'. On the 28th (local time), according to CoinDesk, Wainwright upgraded its investment opinion on Core Scientific from neutral to buy. In addition, it set a target price of $25. It added, "Core Scientific is one of the few companies that simultaneously has experience in cryptocurrency mining and building AI high-performance computing (HPC) infrastructure," and "it has a structural competitive advantage in the phase of expanding demand for AI-dedicated data centers." The report estimates fiscal 2026 revenue at $424 million, and said the $25 target price corresponds to a market-cap-to-sales multiple of about 19x. Wainwright explained that "considering the clear growth potential through 2027, this valuation is justified." Wainwright also said, "there are risks specific to the virtual asset (cryptocurrency) mining industry, hashrate volatility, digital asset prices, and regulatory exposure," but added that "Core Scientific's scale and rapidly increasing HPC revenue offsets much of these risks."

Citi said recently that Bitcoin (BTC) and Ethereum (ETH) are once again moving together with the U.S. stock market and gold prices, and analyzed that the correlation with traditional financial markets is strengthening. According to CoinDesk on the 28th (local time), Citi said in a report, "The correlation between digital assets (cryptocurrencies) and U.S. stocks has increased in recent weeks," adding, "This is a phenomenon that was reconfirmed after the 'Black Friday' incident earlier this month when stocks and cryptocurrencies plunged simultaneously due to U.S.-China trade tensions." It added, "Regulatory factors could form independent price drivers for cryptocurrencies in the long term, but their effects have not yet appeared," and explained, "So far, the stock market still acts as a major macro variable for cryptocurrency price movements." It also said the correlation with gold remains. The report added, "The correlation with gold also remains at a high level; although it has declined slightly recently, it still tends to move together amid market uncertainty." According to the report, both Bitcoin and Ethereum are experiencing increased short-term volatility, with one-month volatility levels exceeding the three-month average. Bitcoin's volatility is lower than the one-year average but still responds sensitively to changes in stock and gold prices. On the other hand, the report analyzed that Ethereum has continued to show higher short-term volatility than Bitcoin since late last year, when expectations for a Bitcoin spot ETF were growing.

Circle, issuer of the world's No. 2 stablecoin USDC, has launched the public testnet for Arc, a payment-focused blockchain. The test reportedly involved around 100 major financial institutions and global technology companies. On the 28th (local time), CoinDesk reported that Circle said major institutions such as BlackRock, Visa, HSBC, and Anthropic are experimenting with the network via the Arc testnet. Jeremy Allaire, Circle's chief executive officer (CEO), said, "Participating companies process assets and payments worth hundreds of trillions of dollars for billions of users worldwide and make up the core infrastructure of the global economy." Arc is designed as infrastructure to on-chain real-world financial activities such as tokenized asset payments, cross-border remittances, and foreign exchange (FX) settlement. The network offers a U.S. dollar-based fee system, payment speeds under one second, optional privacy features, and direct integration with Circle's stablecoin and payment systems. Participants in the testnet include traditional financial firms such as State Street, Deutsche Bank, Invesco, and Société Générale; cryptocurrency exchanges like Coinbase and Kraken; and fintech and technology companies such as AWS, Mastercard, Nuvei, and Brex. HSBC is using Arc to improve the transparency and speed of international transfers, and BlackRock is using it to experiment with stablecoin-based capital markets settlements. Circle said its goal is to develop Arc into a long-term decentralized community governance network. While Circle will lead initially, it plans to open validator participation and introduce a public governance framework to gradually decentralize the network.

As Bitcoin (BTC) prices have risen to levels increasingly difficult for retail investors to access, questions have been raised about whether this rally can continue beyond the existing four-year cycle. On the 28th (local time), CoinDesk reported that 10X Research analyzed that Bitcoin "has become so expensive that it is difficult to maintain sustained retail buying" and that "the likelihood of the rally continuing is decreasing." 10X Research said, "Bitcoin has entered a structure of diminishing returns," adding, "while this can be seen as a natural process of asset maturation, it fundamentally calls into question the validity of the 'Bitcoin cycle theory.'" It added, "Bitcoin is only 16 years old as an asset, so the sample size is very small to draw statistical conclusions." According to the report, Bitcoin is expected to peak at about $125,000 by the end of this year. This is far lower than the $1,000,000 target predicted by the stock-to-flow model. Previously, 10X Research accurately predicted the bear-market bottom in October 2022. Meanwhile, Jeff Kendrick, head of digital asset research at Standard Chartered, predicted that "Bitcoin could rise to $200,000 by the end of 2025," and that "the recent $19 billion worth of large liquidations could instead be a buying opportunity." In a February interview, he also said, "By the end of President Trump's second term in 2028, Bitcoin could reach $500,000."

MetaPlanet, the largest publicly listed holder of Bitcoin (BTC) in Asia, has initiated a share repurchase program equivalent to 13% of its total shares. The company has secured a $500 million credit facility backed by Bitcoin to be used for share repurchases and additional Bitcoin purchases. According to CoinDesk on the 28th (local time), MetaPlanet has begun the share repurchase program. Through this program, MetaPlanet may acquire up to 150,000,000 shares, which represents 13.13% of the total issued shares (excluding treasury shares). The repurchase period runs until October 28, 2026. The company said the program aims to enhance shareholder value and improve capital efficiency. It also explained the measure is intended to raise the per-share Bitcoin yield (BTC Yield), noting that recent market volatility and a decline in market capitalization relative to corporate value have prevented the stock price from fully reflecting intrinsic value. MetaPlanet currently holds approximately 30,823 Bitcoin, valued at about $3.5 billion. The company said it will use the financing to accelerate Bitcoin purchases and maintain its long-term goal of securing a total of 210,000 BTC by 2027.

Asset manager Bitwise is listing the world's first spot Solana (SOL) staking exchange-traded fund (ETF) on the New York Stock Exchange (NYSE). On the 28th (local time), Bitwise said on X (formerly Twitter), "The Bitwise Solana Staking ETF (BSOL) will list on the New York Stock Exchange today," and "This product is the first ETF with 100% direct exposure to Solana." It added, "Solana is now entering mainstream finance, and this is just the beginning." Kristin Smith, head of the Solana Policy Research Institute, said, "BSOL, the first U.S. spot Solana ETF launch, shows that Solana's role as the financial infrastructure of the digital economy is widely recognized," and "The rails of global finance are being reconfigured around Solana." This launch comes amid a wave of cryptocurrency ETF listings. Canary Capital plans to list a Litecoin (LTC) ETF and a Hedera (HBAR) ETF on Nasdaq the same day, and Grayscale's Solana Trust ETF is set to list on the 29th (local time).

Nasdaq-listed health science company Prenetics Global raised $48 million to accumulate Bitcoin (BTC). On the 28th (local time), The Block reported that Prenetics said it raised $48 million to accumulate Bitcoin and to accelerate growth of its dietary supplement brand 'IM8'. This week's share issuance was oversubscribed (over-subscribed), with crypto-focused investors such as Kraken, Exodus, Jihan Wu's GPTX, DL Holdings, and American Ventures participating. If all related warrants are exercised, it is expected to secure up to $216 million in funds. Danny Yeung, Prenetics CEO, said, "This investment will be used to accelerate IM8's global expansion and at the same time to pursue a more systematic Bitcoin treasury strategy," and emphasized, "The goal is to accumulate $1 billion worth of Bitcoin within five years."

Ethereum (ETH) treasury company 'ETHzilla' sold approximately $40 million worth of Ethereum to raise funds for a share buyback. On the 28th (local time), The Block reported that the ETHzilla board sold 40 million Ethereum as part of the $250 million share buyback program approved last August. It added, "the remaining proceeds from the sale of held ETH will be used for additional share buybacks, and it plans to continue purchases as long as the company's shares trade at a large discount to net asset value (NAV)." According to Google Finance that day, ETHzilla's stock closed up 14.5% intraday, and at the time of reporting was up an additional 9%, topping $22.50. That is about one-fifth of the peak (about $107) at the time of the fundraising announcement earlier this year. ETHzilla currently holds about $400 million worth of Ethereum, and Peter Thiel's Founders Fund acquired a 7.5% stake in the company last August. Meanwhile, SharpLink Gaming (SBET), the second-largest Ethereum treasury holder, also approved a share buyback program and plans to carry out up to $1.5 billion in purchases if its shares trade below crypto net asset value.

Over the past 24 hours, position liquidations in the crypto assets (cryptocurrencies) perpetual futures market totaled 318,570,000 dollars. On the 28th (local time), according to CoinGlass data, a total of 318,570,000 dollars in futures positions were liquidated in the crypto asset market over the past 24 hours. Specifically, long positions of 224,330,000 dollars were liquidated, and short positions of 94,230,000 dollars were liquidated. The asset with the largest liquidation amount was Ethereum (ETH). Over 24 hours, Ethereum saw 92,350,000 dollars in position liquidations, of which long and short positions accounted for 69,260,000 dollars and 23,090,000 dollars respectively. Bitcoin (BTC) saw 75,740,000 dollars liquidated over the same period, of which long positions accounted for 43,250,000 dollars and short positions 32,490,000 dollars.

Michael Saylor-led Bitcoin-holding listed company Strategy purchased 778 BTC during October, marking its slowest buying pace so far this year. This was a 78% decrease compared with September purchases (3,526 BTC). On the 27th (local time), Cointelegraph reported that Strategy last week bought 390 Bitcoin at an average price of $111,117, investing a total of $43.3 million. With this purchase, Strategy's total holdings rose to 640,808 BTC, cumulative purchases amount to approximately $47.4 billion, and the average price is $74,032. However, on a monthly basis, this was the lowest purchase volume in 2025 so far. Compared with large-scale purchases in May (26,695 BTC) and July (31,466 BTC) this year, the pace of investment has significantly slowed. JA Maartun, a CryptoQuant analyst, said, "The slowdown in Strategy's purchase pace is related to deteriorating capital raising conditions," and analyzed that "the equity issuance premium plunged from 208% to 4%, making large-scale purchases difficult." He added, "The scale has decreased, but the buying stance is still being maintained." So far this year, Strategy has invested a total of $19.5 billion in Bitcoin purchases, already marking the largest-ever investment even with two months remaining. Last year's total investment was $21.7 billion.

Bitmain, a company specializing in treasury holdings of Ethereum (ETH), said it has recently increased its holdings to more than 3.3 million ETH. This is approximately $13.7 billion and represents about 2.8% of the total circulating supply of Ethereum. On the 27th (local time), The Block reported that Bitmain purchased an additional 77,055 ETH over the past week since October 20. Bitmain did not disclose the purchase price, but the purchase amount is estimated at approximately $319 million. Tom Lee, chairman of Bitmain, said, "Recent progress in U.S.-China trade talks is a positive signal for Ethereum and the overall cryptocurrency market," adding, "When the stock market rises, Ethereum and cryptocurrencies have shown better returns through a 'risk-on' flow." He also said, "Current ETH open interest is at a level similar to before this year's recent Ethereum surge," and assessed, "The current price is in an attractive risk-reward range."