2026-10-11 Market Morning Brief | Ledger uncovers hardware implant, ETH ETFs see continued outflows
Coverage period: 00:00 on October 10 to 07:00 on October 11, Beijing time. Today is Sunday. For Hong Kong, A-shares and U.S. stocks, the latest closing prices from the local trading day of October 9 are used.
【Top Stories】
1. New developments in the Ledger investigation. The company confirmed that an unauthorized hardware implant was found in a device belonging to an affected user. Ledger said there is currently no indication that its security infrastructure, systems or services were compromised, and reported that CryptoBilis has suspended sales of all hardware wallet inventory. The investigation is ongoing, and the cause of all losses or the total number of affected devices cannot yet be determined.
2. France's crypto tax amendments have not yet been adopted. The National Assembly's Finance Committee rejected the revenue section of the budget by 31 votes to 3, with 2 abstentions. Amendments concerning stablecoin conversions and an exit tax on crypto assets will not automatically be included in the text submitted for full parliamentary debate. On October 13, the full Assembly will begin its review based on the government's original text. The proposals will need to be resubmitted, and the final outcome remains subject to subsequent votes.
3. Crypto ETF flows diverge. According to The Block's analysis of SoSoValue data, U.S. spot ETH ETFs saw net outflows of $542.1 million from October 5 to 9, marking nine consecutive trading days of net outflows. Spot SOL ETFs recorded weekly net outflows of $24.8 million, ending a 14-week streak of net inflows. Spot BTC ETFs, meanwhile, saw net inflows of about $21.13 million on October 9. Daily and weekly fund flows should be considered separately from weekend token prices.
【Hong Kong Stocks】
On October 9, the Hang Seng Index closed at 24,211, up 425 points, or about 1.8%; the Hang Seng Tech Index closed at 4,197, up more than 3%. Main Board turnover was about HK$209.2 billion, and Xiaomi rose nearly 10%. For the week, both the Hang Seng Index and the Tech Index gained about 1%, ending their previous losing streaks. Friday's rebound did not lift all sectors, and pharmaceutical stocks underperformed.
【Equity Markets】
A-shares closed on October 9: the Shanghai Composite Index stood at 3,813, up 1 point; the Shenzhen Component Index was at 12,641, up about 0.2%; and the ChiNext Index was at 3,043, up more than 0.2%. The market recovered its losses late in the session, but all three major indexes still fell for the week.
U.S. stocks on October 9 local time: the Dow closed at 51,654, up 0.8%; the S&P 500 stood at 7,811, up nearly 0.6%; and the Nasdaq was at 27,366, up 0.6%. Amazon rose more than 3%, while T-Mobile fell more than 13%, highlighting the marked divergence across sectors.
【Popular Tokens】
Binance spot prices sampled at 07:15:32 Beijing time, in USDT; percentage changes are over a rolling 24-hour period:
$BTC 83055.41 (+0.52%)
$ETH 2506.73 (+0.75%)
$NEAR 5.298 (+6.49%)
SOL 110.31 (+1.07%)
ZEC 1222.14 (+0.92%)
All sampled tokens with active trading volume rose in this period, with NEAR posting the largest gain.
Coverage period: 00:00 on October 10 to 07:00 on October 11, Beijing time. Today is Sunday. For Hong Kong, A-shares and U.S. stocks, the latest closing prices from the local trading day of October 9 are used.
【Top Stories】
1. New developments in the Ledger investigation. The company confirmed that an unauthorized hardware implant was found in a device belonging to an affected user. Ledger said there is currently no indication that its security infrastructure, systems or services were compromised, and reported that CryptoBilis has suspended sales of all hardware wallet inventory. The investigation is ongoing, and the cause of all losses or the total number of affected devices cannot yet be determined.
2. France's crypto tax amendments have not yet been adopted. The National Assembly's Finance Committee rejected the revenue section of the budget by 31 votes to 3, with 2 abstentions. Amendments concerning stablecoin conversions and an exit tax on crypto assets will not automatically be included in the text submitted for full parliamentary debate. On October 13, the full Assembly will begin its review based on the government's original text. The proposals will need to be resubmitted, and the final outcome remains subject to subsequent votes.
3. Crypto ETF flows diverge. According to The Block's analysis of SoSoValue data, U.S. spot ETH ETFs saw net outflows of $542.1 million from October 5 to 9, marking nine consecutive trading days of net outflows. Spot SOL ETFs recorded weekly net outflows of $24.8 million, ending a 14-week streak of net inflows. Spot BTC ETFs, meanwhile, saw net inflows of about $21.13 million on October 9. Daily and weekly fund flows should be considered separately from weekend token prices.
【Hong Kong Stocks】
On October 9, the Hang Seng Index closed at 24,211, up 425 points, or about 1.8%; the Hang Seng Tech Index closed at 4,197, up more than 3%. Main Board turnover was about HK$209.2 billion, and Xiaomi rose nearly 10%. For the week, both the Hang Seng Index and the Tech Index gained about 1%, ending their previous losing streaks. Friday's rebound did not lift all sectors, and pharmaceutical stocks underperformed.
【Equity Markets】
A-shares closed on October 9: the Shanghai Composite Index stood at 3,813, up 1 point; the Shenzhen Component Index was at 12,641, up about 0.2%; and the ChiNext Index was at 3,043, up more than 0.2%. The market recovered its losses late in the session, but all three major indexes still fell for the week.
U.S. stocks on October 9 local time: the Dow closed at 51,654, up 0.8%; the S&P 500 stood at 7,811, up nearly 0.6%; and the Nasdaq was at 27,366, up 0.6%. Amazon rose more than 3%, while T-Mobile fell more than 13%, highlighting the marked divergence across sectors.
【Popular Tokens】
Binance spot prices sampled at 07:15:32 Beijing time, in USDT; percentage changes are over a rolling 24-hour period:
$BTC 83055.41 (+0.52%)
$ETH 2506.73 (+0.75%)
$NEAR 5.298 (+6.49%)
SOL 110.31 (+1.07%)
ZEC 1222.14 (+0.92%)
All sampled tokens with active trading volume rose in this period, with NEAR posting the largest gain.