① BTC breaks below 73,000, hitting a new September low

BTC is currently at 73,420, down 2.4% over 24 hours. It fell below 73,000 last night, its lowest level in September. ETH is at 2,044, down 4%. Crypto-wide liquidations totaled $636 million over 24 hours, mostly from long positions; if prices fall below 71,000, $602 million in long positions would be liquidated. October core CPI rose 0.3% month over month for the third consecutive month, above the 0.2% forecast. The 2-year Treasury yield rose 19 basis points in a single day to 4.75%.

→ The drop is driven by discount rates on the dollar side, not bad news about any particular protocol. Altcoins have fallen more than BTC in this downturn; don't add leverage based on the same thesis.

② 21 institutions pool $270 million to issue their own stablecoin

Goldman Sachs, Citi, Deutsche Bank and others have invested $270 million in Project Faro, covering the new company's operating expenses for five years. The goal is to launch a U.S. dollar stablecoin in the first half of 2027, followed by a euro stablecoin.

→ $270 million is enough to fund it for five years—not a pilot budget. But it won’t launch until 2027, so for now the only things to watch are the reserve custodian and redemption terms.

③ Across’s domain was hijacked through social engineering; the bridge’s contracts weren’t compromised

At around 2:45 a.m., attackers used social engineering to take over domain registrar Namecheap and gain control of Across’s official website. Within 15 minutes, an alert was issued and Cloudflare pulled the DNS. Visits to the site and API use before the attack were unaffected. Everyone affected will be fully reimbursed; those affected should use the same wallet to revoke their approvals on Revoke.cash.

→ Not a single line of contract code was touched; the breach was at the registrar. There’s just one thing to do today: open Revoke.cash and review your list of approvals.

④ OpenAI’s quarterly revenue tops $10 billion as the two companies’ growth rates flip

OpenAI’s Q3 revenue hit $10 billion for the first time, up nearly 50% quarter over quarter. Anthropic brought in about $17 billion in the same quarter, up 47% quarter over quarter, versus $14 billion in Q2. The two companies use different accounting definitions. OpenAI has pushed its IPO to 2027 and is seeking to raise $1.25 trillion.

→ Anthropic’s quarterly revenue is still 1.7 times OpenAI’s, while its growth rate has fallen from 140% to 47%. OpenAI’s 50% growth came from price cuts and bets on AI agents. The gap is narrowing, at the cost of gross margins.

⑤ CFTC puts GPU computing futures on hold for 60 days; costs still can’t be locked in

The CFTC has extended its review of futures tied to AI chip rental prices by at least 60 days, delaying trading until early 2027. CME had planned to launch GPU futures linked to H100 and B200 rental prices in October. There are spot prices, but no long-term futures.

→ Computing power has spot prices but no forward curve, so those exposed to AI infrastructure costs can’t lock in prices.

In a nutshell: the reason for the drop lies with U.S. Treasuries, not on-chain; today, the thing to do is review and clear your wallet approvals.