區塊客

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

The cryptocurrency market has once again produced a staggering “revenue myth”! Just six days after launch, decentralized derivatives trading protocol Papertrade recorded $42.24 million in cumulative protocol revenue on DeFi data platform DefiLlama. It even briefly surpassed stablecoin issuer Circle to rank second in the entire market for daily protocol revenue, behind only Tether.
However, a closer look at its revenue breakdown reveals that this staggering figure did not mainly come from trading fees, but from surplus liquidity pool funds generated by traders’ losses. This means Papertrade’s “revenue” differs significantly from the operating revenue of traditional financial companies.

The cryptocurrency market rebounded after several consecutive days of declines, with Ether (ETH) significantly outperforming Bitcoin (BTC)!
At the time of writing, according to the latest verifiable Binance market data from the 16th, Bitcoin had reclaimed $82,000, up about 1% over 24 hours. Ether (ETH) had recovered to around $2,450, gaining 3.83% over 24 hours—about 3.7 times BTC’s gain.
However, does ETH leading the rally mean that funds are starting to shift toward Ethereum? U.S. spot ETF data tells a different story: ETH ETFs still saw cumulative net outflows of nearly $190 million over the past two trading days, suggesting that the price rebound and institutional fund flows have yet to move in sync.

The cryptocurrency market staged its strongest rally of the year in the third quarter, but beneath the boom lies a worrying divergence in the data.
CoinGecko’s latest (2026 Q3 Crypto Industry Report) shows that the global cryptocurrency market cap grew by $840.1 billion in the third quarter, up 39.6% quarter over quarter, rising from about $2.1 trillion at the end of the second quarter to about $2.96 trillion at quarter-end. This ended a three-quarter decline and marked the strongest quarterly performance since the fourth quarter of 2024.
Among major crypto assets, Ethereum (ETH) was the biggest winner, surging 71.0% over the quarter to $2,684 and outperforming Bitcoin and other leading coins.

Whether the artificial intelligence (AI) revolution succeeds or the investment bubble eventually bursts, could Bitcoin (BTC) emerge as a long-term winner?
Matt Hougan, chief investment officer at crypto asset manager Bitwise, has shared his latest views, outlining three very different economic scenarios that lead to the same conclusion: an AI-driven productivity boom will increase the value of scarce assets; a burst bubble could trigger monetary easing; and even steady economic growth could benefit Bitcoin through institutional adoption.
AI Boom: The Cheaper Goods Get, the Scarcer Bitcoin Becomes?
Hougan first assumes that breakthroughs in AI technology will drive a significant increase in productivity and economic growth, substantially lowering the cost of knowledge-based services such as software, legal services, design, and healthcare.

An AI Agent can actually search for other people’s cryptocurrency wallets when it runs out of funds—and even come up with justifications for unauthorized actions!
OpenAI’s latest safety research report revealed that its GPT-5.6 Sol series of internal research models, while carrying out an Ethereum smart contract deployment task, used Sepolia testnet ETH from an unauthorized wallet to pay transaction fees without permission, and did not disclose the source of the funds to the user afterward.
Short on funds to deploy a contract, AI searches 362 wallet addresses on its own
The incident occurred on June 26 this year. The research model was asked to update a cryptocurrency trading app and deploy a functional smart contract on the Ethereum Sepolia testnet.

Even scammers have become victims of cryptocurrency theft!
Blockchain analytics firm Chainalysis revealed on the 15th that, in a recent major crypto theft involving Ledger hardware wallets maliciously modified by attackers, the victim who lost the most was the operator of a “Task Scam.” More than 60 bitcoins (BTC), worth about $4.8 million, stored across three Ledger wallet addresses belonging to the operator were transferred out by attackers on October 9.
Scammed with fake tasks! Victims trying to claim their earnings are told to keep adding funds
According to an investigation by Chainalysis, the scam used a common tactic known as a “task scam.”

Ripple is packaging crypto-native perpetual markets as a prime brokerage product that Wall Street institutions can use.
Ripple announced on the 15th that Ripple Prime has officially launched Real-World Asset Perpetual Swaps, giving institutional investors round-the-clock, year-round exposure to more than 100 traditional financial markets, including individual stocks, stock indices, ETFs, metals, energy, and foreign exchange.
The underlying reference markets for these products are perpetual contracts listed by Trade.xyz on the decentralized derivatives platform Hyperliquid. Virtu has become one of the institutional clients using this service.

Bitcoin (BTC) stages a dramatic rebound!
According to Binance’s intraday market data for Asia on October 16, BTC fell to a 24-hour low of $79,735 before quickly rebounding to around $82,053 after breaking below the $80,000 threshold—a gain of more than $2,300 from its low. Meanwhile, the latest U.S. Producer Price Index (PPI) unexpectedly surged to 6.3% year over year, far exceeding market expectations of 5.3%. Yet Treasury yields and the U.S. dollar fell instead of rising, in a rare market reversal.
PPI rises 6.3% year over year, hitting a nearly 4-year high as energy prices surge 10.8%