📰 Web3 Morning News | 10.13
🟥 Regulation & Macro
▪️ BlackRock downgraded U.S. equities to neutral and upgraded short-term Treasuries to overweight, as risk aversion took center stage.
▪️ South Korea’s KOSPI plunged 5%, with SK Hynix down over 7% and Samsung nearly 6%; the Nikkei 225 fell 0.78%, putting Asian tech stocks under pressure.
▪️ With the U.S. midterm elections approaching, crypto PACs are spending another $2.7 million on ads this week. Elon Musk has personally invested over $275 million in support of the Republican Party.
🟩 Projects & Ecosystem
▪️ Standard Chartered’s Dubai DIFC branch has launched institutional custody for Ripple’s RLUSD stablecoin. It plans to let clients’ RLUSD holdings serve directly as collateral for LMAX trading through a “collateral mirroring” model.
▪️ XRP treasury company Evernorth began trading on Nasdaq on the first day after its SPAC merger, with holdings of around 473 million XRP. 80% of SPAC investors cashed out on day one; XRP’s value has fallen about 40% since the deal was signed, while the stock rose 5% against the trend.
▪️ Dragonfly partner Haseeb said AI agents will not proactively embrace crypto payments, and that demand for on-chain privacy is human. The HIP-3 model faces challenges, while Robinhood Chain’s RWA offering remains unproven.
▪️ Yuga Labs’ VP of Blockchain urgently urged Blur users to revoke NFT approvals. Blur’s frontend will shut down on November 12, and its upgradeable contracts carry the risk of malicious replacement.
🟦 Funds & Markets
▪️ BTC fell below $82,000 and ETH below $2,500. Major coins were down 1–2% on the day, pressured by both geopolitical risks and sell-offs in Asian equities.
▪️ The Fear & Greed Index fell to 56 from its August high of 82. Rising Treasury yields and ETF outflows added pressure.
▪️ Bitcoin miners need around $50 billion in financing to transition to AI, sharply increasing pressure on IREN, Riot, and HIVE.
▪️ Circle minted an additional 250 million USDC on Solana. Bitmine added another $32 million worth of ETH, bringing its holdings to 6.03 million ETH, or 4.9% of the total supply. Solana treasury company DeFi Development continued buying SOL.
▪️ USDe’s supply has shrunk nearly 70% from its peak. Ethena is reducing its hedging positions and shifting toward credit assets.
💡 Opportunity Notes
1️⃣ #Stablecoins: Standard Chartered’s custody launch, alongside U.S. accounting standards reforms that could classify stablecoins with direct redemption rights as cash equivalents, strengthens the narrative of institutional adoption of compliant stablecoins.
2️⃣ #Macroeconomics: BlackRock’s bullish turn on Treasuries, a sharp sell-off in Asian equities, and rebounding oil prices are converging, putting short-term pressure on BTC and ETH. If geopolitical tensions ease and yields peak, a further decline in the Fear & Greed Index could create a potential opportunity to enter early.
3️⃣ On-chain treasury divergence: Evernorth faced heavy selling on its first day, contrasting with Bitmine’s continued accumulation of ETH. Keep an eye on unrealized losses and redemption pressures for SOL and XRP treasury companies.
The above is solely a personal opinion and does not constitute investment advice. Please manage your positions at your own discretion.
🟥 Regulation & Macro
▪️ BlackRock downgraded U.S. equities to neutral and upgraded short-term Treasuries to overweight, as risk aversion took center stage.
▪️ South Korea’s KOSPI plunged 5%, with SK Hynix down over 7% and Samsung nearly 6%; the Nikkei 225 fell 0.78%, putting Asian tech stocks under pressure.
▪️ With the U.S. midterm elections approaching, crypto PACs are spending another $2.7 million on ads this week. Elon Musk has personally invested over $275 million in support of the Republican Party.
🟩 Projects & Ecosystem
▪️ Standard Chartered’s Dubai DIFC branch has launched institutional custody for Ripple’s RLUSD stablecoin. It plans to let clients’ RLUSD holdings serve directly as collateral for LMAX trading through a “collateral mirroring” model.
▪️ XRP treasury company Evernorth began trading on Nasdaq on the first day after its SPAC merger, with holdings of around 473 million XRP. 80% of SPAC investors cashed out on day one; XRP’s value has fallen about 40% since the deal was signed, while the stock rose 5% against the trend.
▪️ Dragonfly partner Haseeb said AI agents will not proactively embrace crypto payments, and that demand for on-chain privacy is human. The HIP-3 model faces challenges, while Robinhood Chain’s RWA offering remains unproven.
▪️ Yuga Labs’ VP of Blockchain urgently urged Blur users to revoke NFT approvals. Blur’s frontend will shut down on November 12, and its upgradeable contracts carry the risk of malicious replacement.
🟦 Funds & Markets
▪️ BTC fell below $82,000 and ETH below $2,500. Major coins were down 1–2% on the day, pressured by both geopolitical risks and sell-offs in Asian equities.
▪️ The Fear & Greed Index fell to 56 from its August high of 82. Rising Treasury yields and ETF outflows added pressure.
▪️ Bitcoin miners need around $50 billion in financing to transition to AI, sharply increasing pressure on IREN, Riot, and HIVE.
▪️ Circle minted an additional 250 million USDC on Solana. Bitmine added another $32 million worth of ETH, bringing its holdings to 6.03 million ETH, or 4.9% of the total supply. Solana treasury company DeFi Development continued buying SOL.
▪️ USDe’s supply has shrunk nearly 70% from its peak. Ethena is reducing its hedging positions and shifting toward credit assets.
💡 Opportunity Notes
1️⃣ #Stablecoins: Standard Chartered’s custody launch, alongside U.S. accounting standards reforms that could classify stablecoins with direct redemption rights as cash equivalents, strengthens the narrative of institutional adoption of compliant stablecoins.
2️⃣ #Macroeconomics: BlackRock’s bullish turn on Treasuries, a sharp sell-off in Asian equities, and rebounding oil prices are converging, putting short-term pressure on BTC and ETH. If geopolitical tensions ease and yields peak, a further decline in the Fear & Greed Index could create a potential opportunity to enter early.
3️⃣ On-chain treasury divergence: Evernorth faced heavy selling on its first day, contrasting with Bitmine’s continued accumulation of ETH. Keep an eye on unrealized losses and redemption pressures for SOL and XRP treasury companies.
The above is solely a personal opinion and does not constitute investment advice. Please manage your positions at your own discretion.