Institutional Investment - Institutional flows dominated Q3, driven by spot BTC and ETH ETFs attracting over $18 billion in inflows [1] - Public firms increased their BTC holdings by 190,000, representing 5% of the total supply [1] Altcoin Treasuries - Altcoin treasuries are increasing, with ETH, SOL, TRX, WLD, and ATH leading the way [1]

Crypto Market Trends - Spot BTC ETFs 吸引了 6.42 亿美元的资金流入，ETH 增加了 4.06 亿美元 [1] - Dogecoin 价格在一周内上涨 40% [1] Ethereum Ecosystem Updates - Ethereum 基金会推出了“Privacy Stewards for Ethereum”和路线图 [1] DeFi and On-Chain Activity - OKX X Layer 活跃地址数创下 71,400 个的历史新高，DEX 费用排名第二 [1] - Onchain 抵押品可能带来更好的贷款条件 [1]

The progress crypto industry did this cycle is incredible:• Launched spot BTC & ETH ETFs in the US and globally (Hong Kong, Brazil, Australia)• Lobbied a pro-crypto position in the US. Ousted crypto critics.• Passed GENIUS Act, FIT21 and ended SAB-121• Payments players (PayPal, Stripe, Visa, Mastercard) integrated crypto and stablecoins• Robinhood is building an Ethereum L2• Blockchains scale: Ethereum throughput up, L2 fees at cents, Solana more stable & faster• Circle IPO’dLast cycle was NFTs and DeFi sum ...