1. Popular CEX currencies
Top 10 CEX trading volume and 24-hour price changes:
- BTC: -1.03%
- ETH: +1.32%
- BNB: -1.24%
- SOL: +5.28%
- DOGE: +2.24%
- ASTER: -2.87%
- CAKE: +7.39%
- EUL: +26.58%
- XPL: +5.19%
- DATA：+6.54%
24-hour price increase list (data source: OKX):
- OM: +20.23%
- CFG: +12.84%
- RSR: +11.61%
- XPL: +11.17%
- CRV: +9.26%
- CVX: +9.11%
- LINEA: +8.50%
- ENA: +8.17%
- BAND: +7.72%
- DYDX: +7.29%
24-hour cryptocurrency stock price increase list (data source: MyStonks ):
- Canaan Inc. American Depositary Shares(CAN.M): 41.28%
- Bitfarms Ltd. Common Stock (BITF.M): 37.86%
- ASP Isotopes Inc. Common Stock (ASPI.M): 33.17%
- Rigetti Computing, Inc. Common Stock (RGTI.M): 29.46%
- Cipher Mining Inc. Common Stock (CIFR.M): 29.05%
- MP Materials Corp. (MP.M): 26.73%
- BigBear.ai Holdings, Inc. (BBAI.M): 25.62%
- Tron Inc. (TRON.M): 20.82%
- Mawson Infrastructure Group Inc. Common Stock (MIGI.M): 18.54%
- Nano Nuclear Energy Inc. Common Stock (NNE.M): 19.46%
2. Top 5 popular memes on the chain (data source: GMGN ):
- META
- ENSO
- ADELOS
- KMNO
- USELESS
Headlines
Binance Alpha Launches Chinese Memes "Xiu Xian" and "Hakimi"
According to the official website, Binance Alpha has launched the Chinese memes "Xiu Xian" and "Hakimi".
benmo.eth wrote an article revisiting the USDe depegging incident on October 11th from the perspective of lending and leveraged trading. He noted that Binance offered three high-leverage products during the event: VIP Loans, Easy Deposit and Loan, and Margin Trading. The margin trading sector was the hardest hit. Due to the real-time liquidation mechanism triggering a chain reaction, users of 5x revolving loans lost nearly all of their principal, becoming the primary battlefield of the depegging.
The article analyzed that the fuse of the incident was the market plunge caused by macro news, which in turn triggered the liquidation of BTC and ETH leveraged positions, resulting in a large amount of USDe being sold; and Binance's ETH hot wallet automatically stopped withdrawals when the Gas was too high, making USDe unable to be redeemed (redeem) on the chain, the arbitrage channel was blocked, and the price fell all the way to US$0.66.
Benmo.eth pointed out that Binance's compensation announcement clearly identified the price anomaly between 5:36 and 6:16 (ET) as non-market behavior, and compensation has already been initiated. He suggested improving redemption efficiency through an on-site mint-redeem mechanism or adjusting multi-sig limits to prevent similar incidents from happening again.
In a market report released on October 13, Matrixport pointed out that Trump's remarks on imposing a 100% tariff on China triggered a historic plunge in the crypto market, and this impact coincided with high leverage and overheated market sentiment.
The report states that the price drop triggered a chain reaction of automatic liquidations on decentralized exchanges (DEXs), further amplifying selling pressure due to tight liquidity and insufficient trading volume. During this period, Ethereum's funding rate plummeted to -39%, one of the sharpest corrections in recent years, and overleveraged positions in the market were nearly completely eliminated.
Matrixport stated that this round of "capitulation selling" is of historic significance. It not only marks the end of the high leverage cycle, but also completely reshapes the current position structure of the crypto market.
Industry News
According to Coinglass data, the total COAI contract transactions on the entire network had a 24-hour liquidation of more than 31.1403 million US dollars, with long positions liquidated for 11.7834 million US dollars and short positions liquidated for 15.3969 million US dollars. The liquidation amount is only less than BTC, ETH and SOL.
MARA Holdings purchased another 400 BTC, bringing its total holdings to 52,900 BTC.
According to Onchain Lens monitoring, MARA Holdings purchased another 400 Bitcoins (BTC) through FalconX two hours ago, with a transaction amount of approximately US$46.31 million.
The institution currently holds a total of 52,850 BTC, with a total value of approximately US$6.12 billion based on current prices.
According to Globenewswire, Nasdaq-listed company AlphaTON Capital Corp. (stock code: ATON) disclosed that it had purchased an additional 300,000 TON tokens on the open market on October 12. Together with the 1.1 million tokens purchased in the previous week, the cumulative increase in holdings has exceeded 1.4 million tokens.
The company stated that no liquidation events occurred during the period, most of its TON assets were uncollateralized, and its debt-to-asset ratio remained at a low level of 0.07.
Qualigen Therapeutics (QLGN), a Nasdaq-listed company, announced that it has completed the construction of infrastructure such as US dollar cash settlement, bank accounts, and cryptocurrency custody accounts in the past two weeks, and will officially begin purchasing the first batch of strategic assets this week, mainly investing in the top 10 cryptocurrencies by market capitalization, with investment priorities including "blue-chip" crypto assets such as BNB, ETH, and SOL.
According to previous news, FF has made a strategic investment of US$41 million in Nasdaq-listed company QLGN, with Jia Yueting investing US$4 million. QLGN will be renamed CXC 10.
According to on-chain analyst Aunt Ai’s monitoring, the address 0xCC8...d7B03 received 100,000 LINK (approximately US$2 million) transferred from the address 0xbc1...C6A2C on October 11, and then the address deposited all the tokens into the Tadle: Jorro contract.
Analysis indicates that the contract belongs to Tadle, a DeFi aggregation protocol within the Chainlink ecosystem, and that the related interactions may be preparations for integration with Chainlink before the Monad mainnet launch. On-chain data indicates that the sender address belongs to the Monad team, who have been frequently interacting with $MON over the past week.
Furthermore, the Monad testnet activity rankings show Tadle ranking second in terms of 1D/7D/30D account numbers and trading volume. Currently, both Binance and OKX have listed Monad contract trading pairs, and the airdrop query interface is expected to open tomorrow.
Project News
HyperSwap has opened airdrop inquiries
HyperSwap, the DEX project of Hyperliquid ecosystem, has launched an airdrop query page, but the application is not yet open (TGE is expected to be October 20).
Monad: The airdrop claim portal will open at 21:00 today
Monad officially announced that the airdrop claim portal will be opened at 21:00 on October 14th, Beijing time.
BscScan will be undergoing server maintenance on October 14th
BscScan posted on the X platform that it will undergo server maintenance at 7:00 AM UTC on October 14, 2025, for an estimated duration of three hours. During this maintenance period, the website and API services may be unavailable.
The ASTER team announced that an internal investigation confirmed that the abnormal airdrop claiming time was caused by an incorrect time zone setting. To ensure fairness, the team will open claims to all eligible users in advance.
The latest schedule is as follows:
1: ASTER airdrop claim opening time: October 14, 03:00 Beijing time;
2: Transaction fee refund: will be initiated after the application is opened and will be completed before 20:00 on October 14th, Beijing time.
3: The team stated that the multiple adjustments to the second phase of the airdrop schedule have caused inconvenience to users, and a comprehensive internal review will be conducted to prevent similar problems from happening again.
Flying Tulip has officially disclosed the details of its public offering, which will be divided into four rounds: Early Access, Supporter Whitelist, Intent Whitelist, and Open Public. The fundraising terms for each round are the same.
The public offering will support six chains including Ethereum, Avalanche, Sonic, Base, BSC, and Solana, and will set different limits on the amount of funds received for each chain.
Synthetix (SNX) surged over 100% in 24 hours, possibly due to the upcoming launch of Perp DEX.
OKX market data shows that Synthetix (SNX) rose by 1.9255 USDT in the short term, with the maximum short-term increase exceeding 100%.
Earlier in late September, Synthetix announced that it would launch the first Perp DEX on the Ethereum mainnet and would launch a trading competition for testing before the launch.
ZEROBASE announces ZBT token economics, with a total supply of 1 billion and 8% airdropped
ZEROBASE announced on the X platform that ZBT is a key asset of the ZEROBASE Prover Network, used to access network services and incentivize participation. Its total supply is fixed at 1 billion. The distribution is as follows:
43. 75% is allocated to node stakes, and will be released linearly starting one month after the TGE.
11. 25% for early investors, with a 1-year lock-up period followed by 24-month linear vesting;
2% is used for liquidity and is fully unlocked on TGE.
8% will be airdropped to early adopters;
15% belongs to the ecological fund and is fully unlocked at TGE;
20% vests to the team and advisors, with a 1-year lockup period followed by 48 months of linear vesting.
STBL CEO: STBL plans to start buyback at the end of October
STBL CEO Avtar Sehra announced on the X platform that STBL.IO plans to launch a token buyback at the end of October. USST will be used for payment, and holders can stake it in the Multi-Factor Staking (MFS) module. STBL.IO will also announce USST liquidity channels at that time, allowing users to choose to cash out or stake their USST.
In addition, STBL.IO plans to launch the multi-factor staking (MFS) function in October, start repurchase (paid in USST) and provide USST liquidity.
Investment and Financing
House of Doge, the commercial arm of the Dogecoin Foundation, announced that it will list on the Nasdaq through a merger with Brag House Holdings, Inc. (NASDAQ: TBH), becoming the first institutional-focused Dogecoin ecosystem management platform. Both boards of directors have unanimously approved the merger agreement, and the transaction is expected to close in early 2026.
Meanwhile, House of Doge has secured over $50 million in investment capital and holds approximately 837 million Dogecoins, including 107 million DOGE in a Swiss Dogecoin ETP in partnership with 21 Shares and 730 million DOGE held in custody by the official treasury.
CipherOwl, founded by the team building Coinbase's on-chain data and compliance platform, announced today that it has secured $15 million in seed funding, led by General Catalyst, Flourish Ventures, and Enlight Capital, with participation from Coinbase Ventures, OKX Ventures, Road Capitals, and Sancus Ventures.
CipherOwl reportedly provides an enterprise-grade compliance intelligence layer for exchanges, custodians, payment providers, and DeFi institutions. Through AI-driven automated review, institutions can scale their on-chain operations without expanding their compliance teams, reducing overall operating costs by 60%. Its core product, SR 3, leverages its proprietary Evidence Graph technology, integrating multi-chain transaction data with global intelligence in real time to generate a complete, auditable chain of evidence for every transaction. It can review millions of transactions daily, scans API responses in under 10 milliseconds, and supports 98% of mainstream public chains by market capitalization, meeting high-frequency scenarios such as stablecoins and tokenized assets.
Huaxing Capital plans to raise $600 million to invest in BNB, and YZI Labs may participate
China Renaissance is in talks with investors to raise approximately $600 million and plans to establish a special investment vehicle to invest in BNB. YZI Labs is expected to participate in the project.
Regulatory trends
The White House is close to announcing its nominee for the new chairman of the U.S. Commodity Futures Trading Commission (CFTC), with Mike Selig, chief legal counsel for the SEC's crypto task force, currently the most likely successor.
Sources indicate that Selig remains the administration's preferred choice, and the White House has begun reviewing potential commissioners to rebuild the five-member commission, currently led by Acting Chair Caroline Pham. The nomination is seen as a crucial milestone in the crypto regulatory landscape, coming as Congress moves forward with the Market Structure Act, which would expand the CFTC's oversight of the crypto market.
Selig, currently a senior advisor to SEC Chairman Paul Atkins, previously served as an associate commissioner at the CFTC and spent ten years in the digital assets group at Perkins Coie and Willkie Farr & Gallagher.
Character Voice
Binance founder CZ posted on the X platform that while others chose to ignore, hide, shirk responsibility, or attack competitors, key BSC ecosystem participants (including Binance, Venus, etc.) had paid hundreds of millions of dollars out of their own pockets to protect users, reflecting a "different value system."
Previously, Hyperliquid co-founder Jeff.hl wrote that the fully on-chain clearing mechanism is transparent and verifiable, while some centralized exchanges (CEX) have serious underreporting of clearing data.
OKX CEO Star: USDe is not a 1:1 pegged stablecoin, but a tokenized hedge fund
OKX CEO Star stated in a post on the X platform that Ethena Labs excels in portfolio and risk management, and its transparency should set an industry benchmark. OKX has already listed the ENA token and may support USDe in the future. It is also one of Ethena's early angel investors.
Star pointed out that the market should not regard USDe as a 1:1 anchored stablecoin. Its essence is a tokenized hedge fund that usually adopts relatively low-risk strategies such as delta-neutral basis trading or money market investment, but there are still inherent risks, including automatic deleveraging (ADL), exchange failures and custody security vulnerabilities.
He emphasized that labeling USDe as a "stablecoin" or calling its price fluctuations "depegging" is misleading. USDe was not originally designed to maintain a fixed peg to the US dollar. If exchanges plan to include it in their collateralization system, they must establish a comprehensive and dynamic risk control mechanism.
Garrett Jin explains his bearish outlook before the October 11 crash
Garrett Jin, a major BTC whale who previously publicly sold over $4.23 billion worth of BTC to switch to ETH, tweeted to explain his bearish stance before the October 11th flash crash. He stated that technical analysis showed overbought signals in US tech stocks, A-share tech stocks, and major cryptocurrencies, such as MACD divergences. Historical data shows a high positive correlation between cryptocurrencies and US tech stocks, suggesting a potential shift in risk. Over the past week, the US stock market has shifted from risk-on to risk-off, and the crypto market has exhibited a similar pattern. Furthermore, trade tensions between the US and China have intensified since September 26th, but bullish market sentiment has kept investors relatively inactive. Last Friday, before the crash, China announced that it would impose "special port fees" on US ships docking at Chinese ports, effective October 14th, with plans to increase annually. China also launched an antitrust investigation into Qualcomm and other companies. In response, President Trump called for a ban on Chinese aircraft flying over Russian airspace.
It noted: "These events indicate that trade tensions are escalating, and as a result, A-shares and US stocks have shifted to risk-averse mode before the October 11th plunge. Although it is impossible to predict when Trump will retaliate against China, our internal quantitative system has raised risk alerts."
TD Cowen: The US Crypto Market Structure Bill may be postponed until after the midterm elections
TD Cowen analysts said in their latest report that the U.S. Senate has been slow in advancing legislation on the structure of the cryptocurrency market, and the passage of the bill may be delayed until after the midterm elections.
The report points out that fundamental disagreements between Democrats and Republicans over the division of regulatory authority and restrictions on DeFi are major obstacles to the current review. Among them, the Democratic Party's proposal to ban senior government officials from holding crypto assets is considered a sensitive issue, involving the controversy surrounding the Trump family's profits from projects such as World Liberty Financial.
TD Cowen analyst Jaret Seiberg said it's not impossible for senators to take action within the next 12 months, but given political considerations and the limited session timeframe, "they have far more reasons to delay than to move quickly."
- 核心观点：市场经历高杠杆清算引发历史性抛售。
- 关键要素：
- USDe脱锚因清算与提现受阻。
- 以太坊资金费率跌至-39%。
- 机构持续增持BTC与TON。
- 市场影响：重塑持仓结构，推动去杠杆化。
- 时效性标注：中期影响。
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