Crypto Long & Short: Fast Money, Slow Money

Regulation and Market Developments - The SEC approved new generic listing standards on September 17, reducing crypto ETF review times from 240 days to 75 days, and also approved GDLC, the first crypto ETF in the U.S. to track the CoinDesk 5 market index [1] - Coinbase acquired Echo for $375 million, FalconX purchased 21Shares, and Ripple completed a $1.25 billion acquisition of Hidden Road, rebranding it as Ripple Prime [1] Market Performance and Trends - Major cryptocurrencies faced volatility, with the Fed's rate cut on September 17 failing to boost market momentum amid geopolitical tensions and tariff concerns [1] - Bitcoin reached a new all-time high in early October, but a subsequent announcement of 100% tariffs on Chinese imports led to a significant liquidation event in the crypto market [1] - The CoinDesk 20 Index, which had reached an all-time high of 4,493, saw a correction following a large sell-off of 24,000 bitcoins [1] Institutional Adoption - JPMorgan announced it will accept bitcoin and ether as collateral for institutional loans, indicating a shift in traditional banking attitudes towards cryptocurrencies [4] Stablecoins and Digital Currency Trends - The decline in Ethena's USDe market cap from $14 billion to $10 billion over the past month is attributed to compression in yield driven by BTC and ETH funding rates [17] - The rise of stablecoins is seen as a logical bridge for internet-native communities seeking internet-native currencies, reflecting a generational shift in financial behavior [13][15]