1. Popular CEX currencies

Top 10 CEX trading volume and 24-hour price changes:

• BTC: -0.12%
• ETH: -0.93%
• SOL: -2.74%
• XRP: -2.15%
• BNB: +1.69%
• DOGE: -1.80%
• SUI: -3.71%
• TRX: -0.09%
• ADA: -2.59%
• WAL: -3.31%

24-hour price increase list (data source: OKX):

• YB: +18.55%
• ULTI: +17.01%
• DEP: +12.75%
• SOPH: +10.69%
• AUCTION：+6.73%
• ZKJ: +6.85%
• ICE: +6.69%
• RACA: +4.23%
• DOOD: +3.40%
• CATI: +3.25%

24-hour cryptocurrency stock price increase list (data source: msx.com ):

• T-Rex 2X Inverse MSTR Daily (Symbol: MSTZ.M): +13.9%
• GraniteShares ETF Trust GraniteShares 2x Short COIN Daily ETF (ticker: CONI.M): +12.27%
• ProShares UltraShort Ether ETF (ETHD.M): +9.95%
• TSLA Daily 2x Short (Ticker: TSLQ.M): +9.44%
• Direxion Semiconductor Triple Short ETF (ticker: SOXS.M): +8.67%
• ProShares UltraShort Bitcoin ETF (SBIT.M): +7.93%
• Sui Group Holdings Limited (SUIG.M): +5.31%
• Verb Technology Company, Inc. (VERB.M): +4.18%
• Fundamental Global Inc. (FGNX.M): +3.54%
• Nasdaq 100 Triple Short (SQQQ.M): +3.48%

2. Top 5 popular memes on the chain (data source: GMGN ):

• TRIOLET
• Miri
• Bitcoinius
• TOOOOOLY
• TLM

Headlines

Mrs. Trump is embroiled in a pump-and-dump lawsuit for endorsing the meme coin MELANIA.

A meme coin called MELANIA has garnered attention for its self-proclaimed "official" status and promotion by US First Lady Melania Trump. The coin launched in January, coinciding with President Donald Trump's inauguration. In April, several crypto traders filed a class-action lawsuit accusing the project teams of several meme coins, including M3M3, LIBRA, ENRON, and TRUST, of engaging in a "pump and dump" scheme, manipulating token issuance for personal gain and causing investor losses. On Tuesday, the plaintiffs updated their lawsuit to include MELANIA as an alleged project.

The lawsuit does not accuse Melania Trump of fraud, but rather alleges that she inadvertently endorsed the project and acted as a "front." The plaintiffs emphasize that if the First Lady's team learned of any illegal activity in the project, they would have immediately withdrawn any authorization. The White House and the defendants' lawyers have not yet responded to requests for comment.

Fed loses access to separate employment data from third-party provider

Nick Timiraos, known as the "Federal Reserve's mouthpiece," wrote that Federal Reserve officials recently lost access to employment data from a third party. Since 2018, payroll processing company ADP has been providing the Fed with a dataset containing anonymous employment and income information, covering 20% of the private sector workforce in the United States. The Fed typically receives this data after a delay of about a week, making it a timely and comprehensive measure of labor market conditions. People familiar with the matter revealed that ADP stopped providing this data to the Fed after Federal Reserve Governor Waller gave a speech in late August, drawing public attention to the Fed's long-term use of ADP employment data. The specific reasons for this change are unclear. In Waller's speech, he cited ADP data in an accompanying footnote, further illustrating his concerns about a slowing labor market. The footnote noted that preliminary estimates showed that hiring continued to deteriorate over the summer, and that the data covered a period beyond the coverage period of the latest government data.

Industry News

T. Rowe Price files for actively managed crypto ETF

According to a post by ETF Store President Nate Geraci, T. Rowe Price, a traditional asset management firm founded in 1937, has submitted an application for an actively managed cryptocurrency ETF. The firm, which currently manages approximately $1.8 trillion in assets and only officially entered the ETF market in 2020, is seen as a significant turning point for the traditional asset management giant.

a16z: Stablecoin annual transaction volume reaches $46 trillion, 20 times that of PayPal

The a16z report, "State of Crypto 2025," notes that the crypto market continues to expand, exhibiting a "price-developer-user" feedback loop. Crypto adoption is global, but the fastest-growing on-chain activity is in developing countries. Developers are most active in multi-chain ecosystems such as Ethereum (including L2), Solana, and Bitcoin. Furthermore, stablecoins have become a widely discussed topic, with annual transaction volume reaching $46 trillion, 20 times that of PayPal and 3 times that of Visa.

a16z Crypto: Over 13 million Meme coins have been issued this year, indicating a regulatory vacuum in the crypto space

In its "2025 State of Cryptocurrency Report" released on Wednesday, a16z Crypto, a digital asset venture capital fund under Andreessen Horowitz, pointed out that the issuance of more than 13 million memecoins in 2025 indicates that there is a regulatory vacuum in the cryptocurrency field and the United States urgently needs to pass market structure legislation.

a16z Crypto emphasized that the passage of regulations will provide a clearer framework path for cryptocurrency builders and investors. The passage of the Digital Asset Market Clarity Act, currently being considered in Congress, would protect consumers by adding safeguards, enable oversight of blockchain-based intermediaries, and create a clearer regulatory path for digital commodities.

Coinbase to List BNB

Coinbase announced that it will add support for BNB on the BNB Smart Chain. When liquidity conditions are met, the BNB-USD trading pair will begin to open in regions where trading is supported.

Project News

Binance Alpha updates its points system: A balance of 0 will result in the trading volume and task points being reset to zero.

According to an official announcement, Binance Alpha has updated its points system: if a user's daily balance reaches 0, their trading volume points and task points will also be reset to zero. The new rules are effective immediately.

Polymarket is seeking funding at a valuation of up to $15 billion.

Decentralized prediction market platform Polymarket is seeking a new round of financing with a target valuation of up to $15 billion.

Crypto KOL: The Limitless team sold 5 million tokens for a profit of $2.3 million and transferred another 10 million tokens to dump the market.

According to a post on the personal channel of crypto KOL @ManaMoonNFT, the Limitless team transferred 5 million LTMS tokens to a wallet and sold them all within a few hours, making a cumulative profit of US$2.3 million; just when the market thought the market crash was over, the team transferred another 10 million tokens to start the market crash.

Initial team wallet with 40 million tokens: 0x3c583Be48D2796534f8FC8EA214674Ff055d01d7

Dumping wallet: 0xBF3132977d9801506deF8E927c4Ff06E5b0801d1

Hyperliquid launches pre-market contracts for MegaETH (MEGA)

According to market news: Hyperliquid pre-market contracts have launched MegaETH (MEGA).

Kraken's third-quarter revenue was $648 million, a 114% year-over-year increase.

Kraken, a cryptocurrency exchange, said its third-quarter revenue more than doubled year-on-year as it prepares for a public listing in the United States next year. Kraken's revenue reached $648 million, up 114% year-on-year, according to the statement. Adjusted pre-tax earnings for the third quarter were $178.6 million, a significant improvement from a slight loss in the same period last year. Total trading volume on the platform increased by 106% to $561.9 billion, and the total number of funded accounts on the platform increased by 46% to 5.2 million. Assets under custody on the platform increased by 89% to $59.3 billion, the company said. Kraken is making frequent moves as its IPO approaches. On October 16, the company expanded its presence in the U.S. derivatives market through an acquisition, one of several acquisitions it has made this year. The exchange has also begun supporting various CME futures contracts, from stock indices to energy and metals.

MEGAETH plans to conduct ICO in the form of auction, with a starting valuation of US$1 million

According to market news: MEGAETH will conduct IC0 in the form of an auction, with a starting full circulation valuation (FDV) of US$1 million, and will sell 5% of the token supply.

Aave DAO proposes $50 million annual budget to support token buyback program

According to market news: Aave DAO proposed to allocate an annual budget of US$50 million to support a token repurchase program, which will enable Aave DAO to make strategic capital deployments to further accumulate AAVE tokens and extend the existing repurchase program indefinitely.

Investment and Financing

Hyperliquid Strategies Files S-1, Intends to Raise Up to $1 Billion, Possibly for Purchasing HYPE

Hyperliquid Strategies has filed an S-1 prospectus for an IPO, seeking to raise up to $1 billion, according to a U.S. Securities and Exchange Commission (SEC) filing. The proceeds will be used for general corporate purposes, including potential purchases of HYPE tokens.

Mercer Park and Cube reach merger agreement and plan to acquire SOL for $500 million

Mercer Park Opportunities, a special purpose acquisition company listed on the Toronto Stock Exchange in Canada, announced that it has reached a $300 million business merger agreement with digital asset exchange Cube Group. After the merger is completed, the new company will use stock as consideration and spend $500 million to acquire SOL tokens to establish the Solana treasury, and optimize fund management through staking income.

Payments firm Modern Treasury acquires stablecoin startup Beam for $40 million

Payment company Modern Treasury announced that it has acquired stablecoin startup Beam for $40 million. According to a person familiar with the matter, the acquisition is an all-stock transaction. Beam was founded in 2022 and provides software to banks and other companies for sending and receiving stablecoins (cryptocurrencies pegged to underlying assets such as the US dollar).

Regulatory trends

US SEC and CFTC aim to finalize crypto regulation plan by year-end

Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), and Caroline Pham, Acting Chair of the Commodity Futures Trading Commission (CFTC), stated that the two major regulatory agencies are pushing to complete cryptocurrency regulatory milestones by the end of the year. The CFTC plans to implement the management of "spot crypto transactions and tokenized collateral" by the end of the year; the SEC is promoting "Project Crypto" and plans to introduce an innovative regulatory exemption system. However, the ongoing government shutdown has limited the efficiency of the two agencies. The White House previously proposed that the SEC should consider crypto safe harbors and securities issuance registration exemptions, while the CFTC is authorized to regulate the spot market for non-securities digital assets. Congress is also promoting legislation to establish clear rules for the crypto industry. The SEC hopes that the relevant bill can be signed and take effect before the end of the year to clarify market boundaries and coordinate regulatory actions.

The Federal Reserve plans to introduce new rules to significantly relax capital requirements for large banks

According to people familiar with the matter, the Federal Reserve has submitted the outline of a revised plan to other US regulators that would significantly relax the capital requirements for large Wall Street banks under the Biden administration. People familiar with the matter said that according to official estimates, the Fed's new plan would result in an overall capital increase of approximately 3% to 7% for most large banks. While the outline did not provide specific forecasts, this estimated range is significantly lower than the 19% increase in the original proposal for 2023 and the 9% increase proposed in last year's compromise plan. Some people familiar with the matter said that banks with larger trading portfolios may face smaller capital increases or even reductions.

Cryptomus fined $126 million by Canadian regulators

Cryptocurrency company Xeltox Enterprises Ltd. was fined 177 million Canadian dollars (approximately $126 million US) by Canada's anti-money laundering agency, FINTRAC, for allegedly violating suspicious transaction regulations thousands of times within a single month. FINTRAC CEO Sarah Paquet reportedly stated that the severity of the violations "necessitated an unprecedented enforcement action." The regulator noted that Cryptomus failed to report over 1,000 transactions suspected of money laundering or terrorist financing in July 2024, and over 1,500 transactions in which customers received over 10,000 Canadian dollars in virtual currency during the same period.

Character Voice

Analyst: The US government has seized 215 BTC from the wallet of the operator of the dark web market "Chinodrug"

Crypto analyst Emmett Gallic reported that the US government has seized 215 BTC, valued at approximately $23 million, from the wallet of Zhengcheng Huang, operator of the dark web market "Chinodrug." Seizure documents reveal that authorities claimed to have seized only 199.47 BTC, but the address actually held 215 BTC. Gallic noted that the US government rarely reports accurate amounts in seizure documents.

John Greenwood, the "Father of the Pegged Currency," says he should stay away from stablecoins and increase the speed of banking transactions.

At a press conference in Hong Kong, John Greenwood, the "father of the linked exchange rate," advised against promoting stablecoins, saying they are essentially a stepping stone for fiat currencies to enter the crypto-asset market. He also opposed the promotion of crypto-assets due to their instability, unreliability, and potential use for illicit purposes. Rather than developing stablecoins, a better approach would be to build a system for instant domestic and international transfers to speed up transactions within the banking system.