區塊客

The regulatory battle between U.S. prediction markets and the gambling industry has finally reached a clear classification framework proposed by the CFTC.
The CFTC has proposed a rule explicitly classifying event contracts on sports, elections, culture, weather, and other events as swaps, arguing that these products are financial derivatives under the Commodity Exchange Act. In general, retail investors who want to trade these swaps must do so through a CFTC-regulated Designated Contract Market (DCM).
Meanwhile, the CFTC has issued an interim final rule excluding traditional bets offered by sportsbooks and casinos from the definition of a swap. In other words, even if both types of products are tied to the outcome of the same game, they may be regulated differently depending on how they are traded: under federal derivatives law or state gambling laws.

Putting U.S. stocks “on-chain” is becoming a hot new narrative in crypto and traditional finance, but the International Monetary Fund’s (IMF) latest research cautions that tokenized stocks are still a long way from truly replacing traditional securities markets.
The IMF’s latest analysis points out that while tokenized stocks can offer 24-hour trading, cross-border settlement, and greater asset composability, the market still faces issues such as thin liquidity, price deviations, inconsistent legal rights, and fragmentation across different blockchains and platforms.
More notably, in some of the samples analyzed by the IMF, intraday price volatility for tokenized stocks was as much as about 50% higher than that of their corresponding traditional stocks. However, this figure is not a fixed average for all tokenized stocks; it reflects a higher-volatility scenario observed in the study.

Following last year’s Tai Po fire in Hong Kong, Binance Group donated HK$10 million to The Community Chest of Hong Kong to support post-disaster relief and recovery efforts. At The Community Chest’s 2025/2026 Annual Awards Ceremony in Hong Kong, Binance Group was honored with the “Outstanding Contribution Award – Tai Po Fire Assistance” from the Rainstorm Relief Fund, in recognition of the Group’s contribution. The award was accepted on the Group’s behalf by Eowyn Chen, Binance’s Acting Chief Marketing Officer and Binance Charity representative.
Eowyn Chen, Acting Chief Marketing Officer of Binance and Binance Charity representative (right), accepted the certificate on behalf of Binance Group from Mr. Chan Tsz-ching, Vice Chairman of the Executive Committee of The Community Chest of Hong Kong (left), in recognition of the Group’s contribution to relief efforts following the Tai Po fire.

The Ledger hardware wallet theft incident in Southeast Asia has escalated further.
On October 11, Ledger confirmed that, while investigating a case involving assets stolen after devices were purchased through Southeast Asian reseller CryptoBilis, it had discovered an “unauthorized hardware implant” in the hardware wallet of at least one affected user. This is the first time Ledger has officially confirmed physical hardware tampering in an affected device since the incident came to light.
Meanwhile, after retracing the relevant addresses, blockchain analytics firm Bitquery estimates that the suspected theft has grown to approximately $93.2 million, involving 315 wallets across multiple blockchains, including Bitcoin, Ethereum, Tron, BNB Chain, and Polygon.

Just about eight hours after launching, the decentralized perpetuals platform Papertrade faced its first extreme leverage stress test.
On-chain records show that a wallet first built a large ETH position on Papertrade, then bought about 6,060 ETH on Hyperliquid, briefly pushing ETH’s reference price up by about $3, or just 0.12%. It then sold about 5,210 ETH, causing the price to fall by about $3.50.
What might seem like a negligible price fluctuation was greatly magnified by leverage of up to 1,000x. In theory, a price move of just 0.1% would result in a profit or loss equal to 100% of the initial margin.

After rebounding over the weekend, Bitcoin briefly broke back above $84,000, but it is still seesawing around this key level.
The latest Binance market data shows that as of the Asian session on October 12, Bitcoin (BTC) was trading at around $83,862.59, up 1.05% over the past 24 hours. It reached an intraday high of $84,179.91 and a low of around $82,879, with 24-hour trading volume of about $15.3 billion. BTC did briefly reclaim $84,000, but has yet to hold firmly above that level.
Oil prices retreat, slightly lifting risk appetite
As BTC rebounded, pressure in energy markets eased somewhat.

Hardware wallet leader Ledger is facing a major cybersecurity incident that may involve its supply chain.
Ledger said it is investigating reports of assets stolen from multiple users in Southeast Asia, all of whom had purchased Ledger devices through authorized reseller CryptoBilis. As a precaution, Ledger has asked CryptoBilis to suspend all sales and shipments of Ledger products.
On-chain researchers currently estimate that the possibly stolen assets may exceed $86 million, spanning multiple blockchains including Bitcoin, Ethereum, and Tron. However, Ledger has not confirmed the actual amount of losses, the number of affected users, or whether the devices were in fact tampered with, so the figure remains an estimate under investigation.

Madman says…
I took a quick look at the data across the web. Overall, things still aren’t very optimistic. Although the price rebounded from 80,300 to above 82,000, the move was mostly driven by short covering, with few new long positions being opened, so the chances of a V-shaped recovery are fairly low.
Bitcoin ETFs saw $450 million in outflows yesterday. Institutions were leading the sell-off in this pullback.
The U.S. government transferred 17,000 bitcoins to Coinbase. That doesn’t necessarily mean they were sold, but it could become a potential source of selling pressure.
The rally from July to September took place mainly during U.S. stock market trading hours, but those hours have now become a period of declines.

Another major deleveraging event has hit the cryptocurrency market. As Bitcoin fell below $81,000, total liquidations across the market briefly reached $1.16 billion over 24 hours. About $1.05 billion came from long positions betting on rising prices. Forced liquidations over a short period further intensified the existing downturn.
Ethereum became the hardest-hit leveraged market among major cryptocurrencies. The latest CoinGlass data shows that ETH positions saw about $356 million in liquidations over 24 hours, nearly 18% more than BTC’s roughly $300 million. The largest single liquidation in this wave also came from an ETH-USD contract on Hyperliquid, valued at nearly $20 million.

Bitcoin rebounded sharply after nearing the $80,000 mark, with the latest news fueling market sentiment being a sudden softening in U.S. President Donald Trump’s policy toward Iran.
On the 8th, Trump said the United States would not launch new military attacks on Iran before the November 3 midterm elections, adding that Washington was having “productive discussions” with Tehran. The news briefly eased tensions in the Middle East, sending oil prices lower and helping Bitcoin rebound quickly from its intraday low.
According to the latest Binance market data, BTC briefly fell to a 24-hour low of $80,336.91 before rebounding to around $82,000. Its 24-hour high was about $83,227, and it is still down approximately 1% from the previous day.

Bitcoin’s downturn has widened further, and the market is once again pressuring the $80,000 psychological level.
Binance’s latest market data shows that Bitcoin (BTC) once dipped to $81,978, confirming a break below $82,000. As of the latest quote, it is around $82,240, down about 1.4% over the past 24 hours. The 24-hour high is around $83,640.
This drop is accompanied by two unfavorable factors: one of the biggest daily capital withdrawals in recent months from U.S. spot Bitcoin ETFs, and a sharp surge in oil prices that has renewed worries about inflation and high interest rates.
Data from Farside Investors shows that U.S. spot Bitcoin ETFs saw a net outflow of $484.9 million on October 7. This not only fully reversed the net inflow of about $118.8 million from the previous trading day, but also marked the largest single-day net outflow since June 25.

The next area to be affected by artificial intelligence may be not only software development and content generation, but also the cryptography that underpins the security of the entire cryptocurrency industry.
Ethereum co-founder Vitalik Buterin recently warned that the industry should take seriously the cryptographic risks that could arise from “AI-accelerated math.” As artificial intelligence helps researchers discover new mathematical algorithms and attack methods, the practical security lifespan of existing cryptographic systems may be shorter than previously expected.
However, Vitalik also stressed that there is currently no evidence that AI has cracked the wallet signatures used by Bitcoin or Ethereum, so there is no need to panic and move assets at this stage.

Samsung is bringing stablecoins directly to the native wallet on Galaxy phones.
Samsung Electronics America announced on October 7 that it will begin rolling out stablecoin features in Samsung Wallet to eligible Galaxy devices in the U.S. starting the last week of October. The initial rollout will support the U.S. dollar stablecoin USDC and allow users to send money to overseas crypto wallets and eligible bank accounts in more than 60 countries.
Samsung says the new feature will be available on about 82 million eligible Galaxy devices in the U.S. at launch. But this is the number of “compatible devices,” not 82 million active users.

One of the biggest corporate buyers in the Ether market is about to end 15 months of continuous accumulation.
BitMine Chairman Tom Lee said, “The company currently holds nearly 6 million ETH, just about 100,000 short of its goal of owning 5% of the Ether supply. Once it reaches that goal, BitMine will end its ongoing buying phase and shift its focus to generating returns from its existing scale.” The remarks were included in the company’s October 7 Form 8-K filing with the SEC.
The actual shortfall is about 89,000 ETH, worth $227 million at current prices
As of October 4, BitMine held 6,016,414 ETH. Based on an Ether supply of 122.1 million, 5% is approximately 6.105 million ETH, leaving an actual gap of about 88,586 ETH.

Bitcoin (BTC)'s decline has accelerated, bringing the psychological $80,000 threshold back into the market spotlight.
The latest Binance data shows BTC briefly fell to $82,654. As of the Asian trading session on October 8, it was trading at around $82,900, down about 1.3% over 24 hours. The 24-hour high was $84,358.
This means Bitcoin has not only fallen below $84,000 again, but has also officially lost the $83,000 area that the market has repeatedly defended in recent weeks.
$714 million liquidated in 24 hours as longs are flushed out once again
This latest decline has been accompanied by a fresh wave of leverage unwinding.

After the U.S. crypto market structure bill stalled once again, regulators decided to act first.
On October 5, the U.S. Commodity Futures Trading Commission (CFTC) announced that it was launching a new rulemaking process. Using its existing authority under the Commodity Exchange Act, it plans to establish a uniform, nationwide regulatory framework for crypto asset markets, allowing eligible crypto trading platforms to opt into federal-level CFTC oversight rather than relying entirely on differing state licensing regimes. This does not mean the U.S. government plans to establish a “state-owned crypto exchange”; instead, it is proposing a new category of federally regulated trading platform.

Bitcoin (BTC) has suffered another sharp drop.
According to the latest Binance data, Bitcoin briefly fell to $83,596 and was trading at around $83,830 at the time of writing, down about 1.97% over the past 24 hours. Compared with its 24-hour high of $86,664, its biggest intraday pullback has exceeded $3,000.
This sell-off comes as tensions in energy markets and the Middle East flare up again. Brent crude has most recently climbed to around $101.63 a barrel, moving back above $100, while U.S. West Texas Intermediate (WTI) is trading at around $90.24. Reuters reports that oil prices are being driven higher by both Middle East supply risks and the threat of a storm in the Gulf of Mexico.

Is the U.S. national debt of more than $40 trillion gradually approaching a tipping point? Bridgewater Associates founder Ray Dalio has issued another warning, saying the U.S. is “approaching the limits of the debt cycle” and could face a debt crisis within the next three years. The recent sharp rise in long-term U.S. Treasury yields has also brought this longstanding warning back into the market spotlight.
Dalio: U.S. could face a debt crisis within three years
In an interview with Bloomberg Television on October 6, Dalio said that U.S. government spending continues to exceed revenue, while debt and interest costs are rising rapidly, pushing the financial system steadily closer to its limits. He expects a debt crisis could erupt in the U.S. within the next three years.

U.S. stocks and Bitcoin are once again showing a marked divergence.
On October 6, the S&P 500 and Nasdaq Composite both closed at record highs, driven mainly by strength in AI-related stocks, stabilizing oil prices, and a slight pullback in U.S. Treasury yields. The S&P 500 rose 0.58% to 7,818.95, while the Nasdaq climbed 0.45% to 27,599.79.
However, as of 9 a.m. Taipei time on October 7, Bitcoin was trading at around $85,463, down 0.65% over 24 hours, with an intraday range of $85,130 to $86,634. Ether and SOL were also down about 0.88% and 0.57%, respectively, indicating that the broader crypto market has not followed U.S. stocks to new highs.

BitMine Immersion Technologies (“BitMine”), the world’s largest corporate Ethereum treasury, announced that it purchased another 15,112 ETH over the past week, bringing its total holdings to 6,016,414 ETH. That is equivalent to approximately 4.9% of Ethereum’s total supply of 122.1 million ETH, leaving the company about 88,586 ETH short of its goal to “own 5% of the network.” Based on the latest ETH price, it would need to purchase approximately $239 million in assets to reach that goal, though the actual shortfall will vary with the ETH supply and market price.
More than 80% of its 6 million ETH has been staked
As of October 4, BitMine had staked 5,067,309 ETH through its in-house MAVAN validator network and partner staking services, equivalent to approximately 84.2% of its total ETH holdings. The company said that, based on the current 2.63% 7-day annualized staking yield, estimated annualized revenue is approximately $363 million. If it were to stake all its ETH in the future, theoretical annualized revenue could rise to approximately $431 million.