Core Viewpoint - The derivatives arm of Singapore Exchange (SGX) is set to launch trading for bitcoin and ether cryptocurrency perpetual futures on its platform [1] Company Summary - Singapore Exchange (SGX) is expanding its offerings by introducing cryptocurrency perpetual futures trading [1]

Core Viewpoint - Openbank, Santander's digital lender, has launched a cryptocurrency trading service in Spain, following the lead of rival BBVA [1] Company Summary - Openbank is expanding its service offerings by introducing cryptocurrency trading, indicating a strategic move to enhance its digital banking capabilities [1] - The launch of this service positions Openbank competitively within the growing digital finance sector, particularly in the cryptocurrency market [1] Industry Summary - The cryptocurrency trading service launch reflects a broader trend among banks in Spain to embrace digital assets, highlighting the increasing acceptance of cryptocurrencies in traditional banking [1] - The move by Openbank and BBVA signifies a shift in the banking industry towards integrating cryptocurrency services, potentially attracting a new customer base interested in digital currencies [1]

Internet Computer Protocol (ICP) advanced strongly Tuesday, jumping 1.6% to $3.22 as the token broke through the $3.20 resistance zone. Trading volume spiked to 1.26 million tokens, representing a 115% increase over the 24-hour average, according to CoinDesk Research's technical analysis data model. The rally began around 03:00 UTC, with ICP posting three consecutive higher lows through 12:00, setting up a momentum-driven move that carried prices to an intraday peak of $3.23 before consolidating slightly ...

Core Insights - HYPE, the native cryptocurrency of Hyperliquid DEX, has experienced a 12% price increase, attributed to a $1 billion acquisition plan by Hyperliquid Strategies [1][2][4] - The trading volume for HYPE surged by 20% to $690 million, indicating strong market activity and bullish sentiment among investors [3] - Hyperliquid Strategies plans to raise up to $1 billion through an equity offering to strengthen its balance sheet and support HYPE token accumulation [6][7] Price Movement - HYPE is currently trading at $38.92, recovering from a support level of $35 and testing key weekly resistance [2] - The price rally follows a period of volatility due to token unlock news, but the recent treasury development has renewed optimism [4] Trading Activity - HYPE futures open interest has increased by 20% to $1.55 billion, reflecting bullish expectations for future price movements [3] - The price is showing potential for a bullish breakout from a descending channel pattern, with a target of reaching its all-time high of $60 [4] Company Developments - Hyperliquid is expanding its perpetual market through the Hyperliquid Improvement Proposal 3 (HIP-3), aimed at enhancing infrastructure and trading efficiency [5] - The company is undergoing a merger with Sonnet BioTherapeutics and Rorschach I LLC, with plans to list on Nasdaq under a new ticker symbol later this year [7][8]

Price Movement Analysis - BNB experienced a significant drop of 32% during the sell-off on October 10, 2025, compared to Ethereum's 21%, Solana's 23.5%, and Bitcoin's approximately 13% [1] - The liquidity depth and order execution quality are highlighted by the varying percentages across different centralized exchanges (CEX) [1] - In futures markets, the percentage losses were larger due to lower wicks during liquidations, indicating BNB faced the most sell pressure among the four major blockchains [1] Investment Insights - A notable investment in CEA Industries, amounting to nearly half a billion dollars, occurred shortly after BNB entered price discovery, aligning with the trading strategy of buying at breakout from a range [2] - The weekly chart shows a diamond-shaped accumulation over 18 months, with BNB breaking above this formation and reaching new highs, although the last weekly candle closed as a bearish engulfing candle [3] - Despite the bearish signal, the sell-off wick recovered, suggesting strong buying interest, while the RSI indicates a potential reset from overbought conditions [3] Technical Indicators - On the daily timeframe, BNB formed a swing failure pattern (SFP), with the RSI showing bearish divergence and currently at mid-levels [4] - Moving averages remain in an uptrend, with the price bouncing off the MA100 line during the October 10 sell-off, and MA50 acting as a support level aligned with the September high [4] Systemic Issues - During the October 10 event, many large traders using automated trading systems faced execution issues, raising concerns about the reliability of Binance's systems [5] - Accusations have emerged regarding the BNB system being down and failing to fulfill orders, prompting fears of potential systemic flaws similar to those seen in the FTX collapse [5]

Core Insights - A new cryptocurrency trading experiment called Alpha Arena has been launched, where leading AI models are evaluated for their investing abilities, with DeepSeek currently outperforming its competitors [1][2] - The experiment involves six large language models (LLMs) investing in cryptocurrency perpetual contracts on the decentralized exchange Hyperliquid, each starting with US$10,000 [1][2] Performance Summary - As of Tuesday, DeepSeek's V3.1 has achieved a profit of 10.11%, while OpenAI's GPT-5 has recorded losses of 39.73%, making it the worst performer [2] - Other participating models include Alibaba Cloud's Qwen 3 Max, Anthropic's Claude 4.5 Sonnet, Google DeepMind's Gemini 2.5 Pro, and xAI's Grok 4, with Grok also being a top performer [2][6] Experiment Objectives and Methodology - The primary goal of Alpha Arena is to create benchmarks that reflect real-world market dynamics, which are inherently unpredictable and adversarial [3] - The models aim to maximize risk-adjusted returns, executing trades autonomously based on shared prompts and input data, with results tracked on a public leaderboard [4] Market Engagement - DeepSeek is currently leading in prediction markets, with a 41% likelihood of topping the benchmark, and betting volume has reached US$29,707 [7] - The public can monitor trades through each model's Hyperliquid wallet address, and the reasoning behind trades is also displayed, showcasing the models' decision-making processes [4]

Core Insights - Retail traders are maintaining aggressive long positions in major cryptocurrencies despite a recent market downturn, with long ratios for Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and HYPE ranging from 68% to 79% [3] - A significant negative correlation has been observed between long ratios and prices, indicating that as long positions increase, prices tend to decline, which may lead to potential losses for retail traders [4] - Recent data shows over $1.1 billion in positions were liquidated, with $873 million attributed to long trades, suggesting a rapid decline in retail optimism [5][8] Market Dynamics - The Long/Short Account Ratios on Binance are reported as 2.1 for BTC, 2.6 for ETH, 3.7 for SOL, and 2.0 for HYPE, indicating a higher number of long accounts compared to short ones [3] - The total crypto market capitalization has fallen below $3.6 trillion, which may lead to further liquidations and increased market volatility [8] Liquidation Trends - In the past 24 hours, 289,922 traders were liquidated, contributing to a total liquidation amount of $1.11 billion [8] - Excessive liquidations could drain retail traders' capital, making a V-shaped recovery unlikely and keeping the market volatile and range-bound at lower levels [9]

Group 1 - Cryptocurrency-linked equities experienced gains in pre-market trading, recovering from the recent "Black Friday" crash [1][4] - Major stocks such as Bitmine, MARA Holdings, Coinbase, and Bullish saw significant increases, with Bitmine rising by 6.73% and MARA Holdings by 3.81% [2][3] - The overall crypto market showed signs of recovery, with Bitcoin trading at $115,261.73, up 3.55%, and Ethereum at $4,174.39, up 9.32% [5] Group 2 - The rally in cryptocurrency stocks was influenced by easing trade tensions between the U.S. and China, following positive remarks from Trump [4] - Strategy Inc. exhibited a high growth score, indicating strong historical expansion in earnings and revenue compared to other cryptocurrency-linked stocks [6]

Core Insights - EyeOnChain has identified Garrett Jin, former CEO of BitForex, as the whale controlling over 100,000 BTC, linked to a suspected $56.5 million exit scam in February 2024 [1][2] - Jin denies ownership of the funds, claiming they belong to his clients, and asserts he operates nodes for in-house insights [3][4] - The investigation reveals Jin's significant trading activities, including selling over 35,000 BTC for ETH and opening a $735 million BTC short position [3][5] Group 1: Background on Garrett Jin and BitForex - Garrett Jin served as CEO of BitForex from 2017 to 2020, during which the exchange faced accusations of falsifying trading volumes and operating without registration in Japan [2] - BitForex froze withdrawals in February 2024 after approximately $57 million was withdrawn from hot wallets, coinciding with the resignation of CEO Jason Luo [2] Group 2: Whale Activity and Investigative Findings - The whale sold over $4.23 billion in BTC to acquire ETH and opened a $735 million BTC short position on Hyperliquid, strategically timed before a market crash [3][4] - Jin currently holds 46,295 BTC, valued at approximately $5.19 billion, across eight wallet addresses [4] - The investigation traced wallet addresses back to Jin through ENS domains, linking funds withdrawn from exchanges to his tenure at Huobi and the BitForex collapse [1][6] Group 3: Staking and Trading Operations - Jin's trading involved a series of BTC wallets that received over 570,000 ETH, which were deposited into Ethereum's Beacon Deposit Contract for staking through his company, XHash [5] - An ETH staking contract linked to Jin's address was initially funded by an address on Binance Smart Chain, with the first interaction involving a deposit of 32 ETH [6] - Analysis of the wallet that opened the $735 million BTC short position revealed it received funds from an address that deposited $4.1 million in USDC to a Binance deposit address shortly before [7]

Core Insights - MarketAxess Holdings Inc. (MKTX) reported a total trading average daily volume (ADV) of $38.8 billion in Q3 2025, reflecting a 4% year-over-year decrease due to declines in U.S. High-Grade Credit and U.S. Government Bonds [1][9] - The electronic trading platform facilitated over $932.4 billion in total credit trading volume during the same period [1] Trading Performance - Eurobonds and Emerging markets credit businesses experienced significant growth, with ADV increasing by 16% and 14% year-over-year, respectively, driven by new client-initiated and dealer-initiated trading initiatives [2] - High-grade markets saw a 7% decrease in ADV compared to the previous year, while agency and other government bonds experienced a 6% growth in ADV, with U.S. government bonds declining by 9%, leading to an overall 8% decrease in total rates trading [3] Transaction Fees and Market Share - Total credit average variable transaction fees per million (FPM) declined by 6% year-over-year due to protocol mix, while total rates fees remained stable [4] - MarketAxess' estimated market share of U.S. credit portfolio trading decreased to 19.1%, down from 20% a year ago [4] Strategic Initiatives - The company is expanding its dealer business and rolling out new tools for sell-side traders, diversifying beyond core fixed-income trading [5] - In June 2025, MarketAxess launched the first fully electronic trading workflow for Indian Government Bonds, accessible to Foreign Portfolio Investors [5] Peer Comparison - CME Group is expanding through global growth and product innovation, planning to offer 24/7 trading for cryptocurrency futures and options [6] - Intercontinental Exchange, Inc. (ICE) is focusing on sustainability and emerging markets, with plans to launch ICE GreenTrac targeting global carbon markets [7] Valuation and Earnings Estimates - MarketAxess shares have declined by 25.7% year-to-date, contrasting with the industry's growth of 28.3% [8][9] - The company trades at a forward price-to-earnings ratio of 20.78X, which is higher than the industry average, and carries a Value Score of D [11] - The Zacks Consensus Estimate for Q3 2025 earnings indicates a 2.6% decline year-over-year, while the full-year earnings consensus predicts a 2.2% increase [12]