區塊客

Japanese tourists traveling to South Korea may no longer need to exchange money for Korean won in advance!
Shinhan Card, a subsidiary of South Korea’s Shinhan Financial Group, announced a partnership with SBI VC Trade and SBI XDC Network APAC, both part of Japanese financial giant SBI Group. The companies plan to test integrating a yen stablecoin with the credit card payment system, potentially allowing Japanese travelers to pay directly with yen stablecoins at merchants in South Korea. They will also explore applications for cross-border remittances and corporate trade settlements. However, the project is still at the proof-of-concept stage, and no official commercial launch date has been announced.

U.S. spot Bitcoin ETFs have staged another dramatic reversal in fund flows!
According to the latest figures, U.S. spot Bitcoin ETFs attracted around $1.075 billion in net inflows over three consecutive trading days from October 19 to 21. But on the 22nd, flows suddenly reversed, with $636 million in net outflows—nearly 60% of the previous three days’ inflows wiped out in a single day. Meanwhile, Bitcoin (BTC) failed to extend its rebound and has recently fallen back to around $81,654, showing that both institutional fund flows and market prices remain volatile.
$1.075 billion poured in over three days, led by BlackRock
According to data from Farside Investors, U.S. spot Bitcoin ETFs saw net inflows of $526.7 million on October 19, $23.2 million on October 20, and another $524.8 million on October 21, bringing the three-day total to $1.0747 billion.

A major development for Hong Kong’s stablecoin market!
HSBC officially launched its first Hong Kong dollar stablecoin, HSBC RedCoin (RCHKD), on October 23. In its first phase, it will be integrated into the PayMe e-payment platform. Over the coming days, more than 3.3 million users will gradually gain access to stablecoin wallets, which they can use for personal transfers and everyday payments at over 100,000 merchants. This marks an important step for a traditional bank in bringing regulated stablecoins to the retail payments market, following the Hong Kong Monetary Authority’s issuance of its first stablecoin licenses this April.
330 million PayMe users gain access to stablecoin payments, with over 100,000 participating merchants

The Madman Says…
Markets around the world are falling. The longer crude oil stays at elevated levels, the more severe the collapse in capital markets will be. Iran is stubbornly refusing to back down and trying to drag the whole world down with it, forcing the U.S. to make concessions and reach a deal. Gold, Bitcoin, and stocks are all selling off hard. Central banks have accelerated their gold buying fourfold, while Bitcoin ETFs have seen inflows of over a billion in just three days. When some people panic, others are happily buying. Gold below 4,000 is basically a no-brainer buy; the odds of it falling to 3,500 are very low. Bitcoin is in a similar range at 75–80k, with large buy walls placed there, making a break below that range extremely difficult. Opportunities always come from downturns. If you have spare money sitting around, start building your portfolio.

Cryptocurrency exchanges are turning their attention to another rapidly growing market!
According to a report by the Financial Times on the 21st, monthly trading volume in prediction markets surged from about $17 billion in January this year to $72 billion in September, a rise of more than 300%. As the Bitcoin (BTC) and Ethereum (ETH) markets languish, trading platforms such as Binance.US, Blockchain.com, and Coinbase are accelerating their push into prediction markets, seeking to expand revenue beyond transaction fees from cryptocurrency trading to include contracts on political, sports, economic data, and other future events.
Monthly trading volume surges to $72 billion as Kalshi and Polymarket fuel the boom

Tokenized U.S. stocks face renewed backlash from major companies!
After nine companies, including Broadcom and CoreWeave, voiced objections, seven more—including Microsoft, Alphabet, Google's parent company, and Goldman Sachs—have formally joined the opposition.
According to an official notice updated by OKX and ICE on the 19th, the number of companies opposing the tokenized trading of their shares on the platform has risen to 16—about a quarter of the companies originally slated to be listed. This poses a new obstacle to the round-the-clock stock trading plan being developed through a partnership between OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange.

A major regulatory breakthrough for Switzerland’s Bitcoin investment market!
The Swiss Financial Market Supervisory Authority (FINMA) announced that it has officially approved the country’s first spot Bitcoin ETF open to retail investors. In a rare move, it has also waived some diversification requirements, allowing the fund to hold Bitcoin (BTC) directly as its sole concentrated investment.
According to an announcement by issuer BIT Asset Management, the fund, ticker BBIT, is expected to list on the SIX Swiss Exchange in November, giving retail investors Bitcoin exposure through a standard securities account.
FINMA makes rare exception to diversification rules, allowing an ETF to concentrate its holdings in BTC

The hacker behind the Solana ecosystem’s decentralized exchange Drift Protocol has moved another huge sum of stolen funds!
According to on-chain analytics firm Lookonchain, the address linked to the Drift hack in April this year became active again on October 20 after lying dormant for about two months. In just two hours, it deposited 25,700 ETH, worth approximately $61.56 million, into the mixing protocol Tornado Cash. More remarkably, the associated address still holds around 82,000 ETH, worth nearly $200 million, indicating that most of the traceable assets remain in the attacker’s hands.
Image source: Lookonchain. Hacker moves 25,700 ETH in two hours, resumes mixing operations

The world’s largest asset manager, BlackRock, is expanding its lineup of Bitcoin investment products once again!
According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on October 19, BlackRock plans to launch the iShares Bitcoin Managed Protection ETF (PBIT). Using options and fixed-income assets, the fund aims to let investors participate in Bitcoin (BTC) price gains while reducing some downside risk. However, this protection comes at a cost: investors must give up Bitcoin gains above a certain cap, and their principal is not fully protected.

Cryptocurrency is one step closer to everyday spending!
Global payments giant Visa and crypto payment infrastructure company Mesh have announced a strategic partnership that aims to let users pay with digital assets such as Bitcoin and stablecoins directly from their existing crypto wallets at more than 175 million Visa-accepting locations worldwide—without first transferring the assets to a bank account or applying for a separate physical crypto debit card. The partnership could help overcome the barriers that have long hindered everyday cryptocurrency payments, but the launch date and the first supported wallets have yet to be announced.
No need to sell crypto first or get a separate card—your wallet balance becomes purchasing power directly.

A major reversal in flows for U.S. spot Bitcoin ETFs!
According to the latest data from Farside Investors, U.S. spot Bitcoin ETFs recorded net inflows of $526.7 million on October 19. BlackRock’s IBIT alone attracted $665.2 million, reversing the outflows seen in the previous trading session. However, Bitcoin (BTC) quickly pulled back after reaching a high of $83,155 that day. During the Asian session on October 20, it was still hovering around $82,000, suggesting that the return of institutional funds has yet to help the price firmly break above $83,000.

Wall Street banking giant JPMorgan is bringing its bank deposit token to the Ethereum mainnet!
Kinexys, JPMorgan’s blockchain division, announced on the 19th that its US dollar deposit token, JPM Coin (JPMD), has officially expanded to Ethereum Layer 1, allowing eligible institutional clients to transfer and settle funds directly on a public blockchain. JPMorgan said Ethereum’s deep on-chain liquidity and tokenized asset ecosystem were key reasons for choosing the Ethereum mainnet.
JPM Coin Expands from Base to Ethereum Mainnet—What Does JPMorgan See in It?
JPM Coin first officially launched on Base, the Ethereum Layer 2 network developed by Coinbase, in November 2025. B2C2, Coinbase, and Mastercard had already completed test transactions at the time. Now, JPMD is expanding to the Ethereum mainnet, meaning JPMorgan is no longer relying solely on Layer 2 networks and is bringing its institutional payment tool directly to Ethereum’s primary settlement layer.

Michael Saylor, executive chairman of Strategy, the largest corporate holder of Bitcoin, has once again proposed an idea that could upend traditional finance.
Speaking at ParaFi Investor Day, Saylor said an ideal digital currency should combine the price stability of the U.S. dollar, capital backing from Bitcoin, and the ability to generate annual returns of 6% to 8%. He believes that if stablecoins could pay yields to holders, they might reshape a market currently dominated by USDT and USDC. However, the product remains at the conceptual stage, with no formal launch plans yet.
Saylor wants to create the “perfect dollar”: Can stablecoins also earn 8%?

U.S. Stock Tokenization Wave Faces Corporate Backlash!
According to the latest notice published by OKXICE on the 15th, nine U.S. companies—including Broadcom, CoreWeave, Verizon, and UnitedHealth—have formally objected to their stocks being tokenized and traded on the OKXICE platform. OKXICE is a joint venture between cryptocurrency exchange OKX and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange. It had originally planned to bring 63 U.S. stocks onto the platform, offering around-the-clock trading on the blockchain.
9 Companies Say No! New SEC Rules Give Issuers Veto Power

Decentralized finance (DeFi) is once again fueling a boom in high-yield lending!
According to a report published by the Financial Times on the 19th, DeFi yield vaults have attracted more than $10 billion in funds, up over 150% from around $4 billion at the start of 2025. Some products offer yields of more than 20%. However, as large amounts of money flow into complex on-chain lending strategies, regulators are beginning to examine their legal status and risks. The market is also increasingly concerned about a repeat of a Celsius-style liquidity crisis.
DeFi vaults attract nearly 7 times more funds in two years, with high yields the biggest draw
A DeFi vault is similar to an on-chain asset management fund. Investors deposit crypto assets such as USDC and ETH into a smart contract, and a vault manager (curator) allocates them across different lending markets according to a predetermined strategy to earn interest or other returns.

Blockchain project Qubic hit by massive wallet theft!
According to investigation findings released by the Qubic team on October 18, attackers exploited a security flaw in the seed generation process used by some wallets, draining 1,404 wallets in just 104 minutes and stealing approximately 2.94 trillion QU, worth about $1.3 million. To stop further asset outflows, Qubic network operators urgently halted the chain and worked with exchanges to freeze suspicious funds. The investigation found that some older wallets created using Safari on iPhone, iPad, and Mac may have been compromised due to insufficient seed randomness.

Strategy (MSTR), the world’s largest corporate holder of Bitcoin, may now face the risk of being removed from global stock indexes due to its overly concentrated asset structure in BTC!
Index provider MSCI formally approved new rules on the 15th, excluding companies that do not meet the criteria for operating companies from its Global Investable Market Indexes. Strategy has been placed on the potential removal list. If it ultimately loses its index eligibility, it could trigger around $2.8 billion in selling pressure from passive funds.
MSCI finalizes new rules, putting Strategy at risk of being classified as a “non-operating company”

Bitcoin (BTC) rebounded after briefly falling below $81,000.
According to the latest data from CoinGlass, BTC recovered to around $82,660, up 1.04% over 24 hours. However, leverage risks in the derivatives market remain a concern. Bitcoin open interest (OI) stands at $52.76 billion, while 24-hour futures trading volume reached $43.18 billion—about 12.4 times the spot market’s volume.
Is this rebound driven by buyers returning, or is it a short-term rally fueled by derivatives trading?
Futures trading volume is 12 times spot volume—is the market still dominated by derivatives?

Japan’s three major financial groups have officially taken an important step toward the commercial use of stablecoins!
MUFG Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank jointly announced on the 16th that they had completed a proof of concept (PoC) for the joint issuance of a yen stablecoin and cross-border corporate payments, successfully testing the issuance, transfer, and redemption processes. The three banks also plan to launch actual transactions within Japan’s 2026 fiscal year, by the end of March 2027, signaling that Japan’s banking sector is accelerating efforts to bring cross-border corporate payments onto the blockchain.

Bitcoin (BTC) continues to trade around $81,000, but large holders are increasing their positions against the trend.
According to the latest data released by on-chain analytics firm Santiment, addresses holding 10 to 10,000 BTC have accumulated an additional 85,916 BTC since September 18. At an estimated price of $81,400 per BTC, that is worth approximately $6.99 billion. However, continued whale accumulation has yet to spark a price rebound, leaving the market facing a key question: Is this bottom-fishing, or an attempt to catch a falling knife amid a downtrend?
Whale wallet count hits a record high, while retail investors are also reluctant to leave