OKX market data shows that ETH rebounded and broke through 3800 USDT, currently trading at 3800.33 USDT, with the 24-hour gain narrowing to 2.45%. (This news item was generated with AI assistance.)

OKX market data shows that BTC rebounded and broke through 108,000 USDT, currently trading at 108,002.9 USDT, with the 24-hour gain narrowing to 2.09%. (This news item was generated with AI assistance.)

Eddie Zhang, president of decentralized exchange DYdX, stated that the company plans to enter the US market by the end of 2025 and launch spot cryptocurrency trading, including assets such as Solana, in addition to its existing perpetual contract trading. Zhang mentioned that the increasingly favorable regulatory environment in the US is a key reason for this move. Recently, the US SEC and CFTC have also indicated they will consider including perpetual contracts in US domestic trading.

According to crypto journalist Eleanor Terrett, Canary Capital has submitted an updated S-1 form for its XRP spot ETF, removing the "delayed amendment clause" that prevented automatic registration and handing control of the timeline to the SEC. Assuming Nasdaq approves the Form 8-A application, Canary's XRP ETF will officially launch on November 13. Note: The reopening of the government may affect the timeline; if the application is complete and the SEC is satisfied, the timeline may be shortened; if staff raise further concerns, the timeline may be delayed. However, it is worth noting that the SEC Chairman himself seems to support companies utilizing the automatic registration mechanism. While not directly commenting on the ETF launch, Paul Satkins stated yesterday that he was pleased to see companies like MapLight using the 20-day statutory waiting period to list during the government shutdown and praised Bitwise and Canary for using the same legal mechanism when launching their SOL, HBAR, and LTC ETFs this week.

In a recent report, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, predicts that the total market capitalization of tokenized real-world assets (RWAs), excluding stablecoins, will surge from approximately $35 billion currently to $2 trillion by the end of 2028, an increase of about 56 times. He expects "most of the on-chain activity" to occur on Ethereum due to its long-term stability and network effects. The report points out that the adoption of stablecoins paves the way for the on-chaining of other asset classes, including money market funds (MMFs) and stocks.

JPMorgan analysts say Circle's USDC stablecoin has surpassed Tether's USDT in terms of on-chain activity and market capitalization growth. Since January of this year, USDC's market capitalization has increased from approximately $43 billion to approximately $74 billion, a 72% increase, significantly higher than USDT's 32% growth during the same period. Analysts point out that USDC's growth is attributed to a clearer regulatory framework, transparent reserve management, regular audits, and compliance advantages under the European MiCA regulations, along with increasing institutional adoption. In contrast, USDT, which is not MiCA authorized, has faced delisting from exchanges in Europe, while USDC has driven on-chain settlements and merchant payments through integration with payment networks such as Visa, Mastercard, and Stripe. Furthermore, increased decentralized finance activity on blockchains such as Solana and Base, and Circle's Cross-Chain Transfer Protocol (CCTP) supporting secure cross-chain transfers, have also contributed to its growth.

According to Uniswap Labs, its Ethereum Layer 2 network, Unichain, will add support for DOGE, XRP, and Zcash via the Universal protocol. Previously, Unichain already introduced support for Solana; this expansion further breaks down barriers between different DeFi ecosystems. "uAssets" generated through the Universal protocol can be redeemed 1:1 back to assets on the original blockchain. Users can access these assets on the Uniswap front-end website or bridge them from the original blockchain.

Crypto mining company Riot Platforms reported third-quarter earnings, with net income reaching $104.5 million, reversing a loss from the previous quarter. Revenue hit a record $180.2 million, more than doubling year-over-year (from $84.8 million in the same period last year). The growth was primarily driven by a $93.3 million increase in Bitcoin mining revenue, with the company mining 1,406 bitcoins during the quarter. Despite a 52% surge in global hashrate compared to the previous quarter, and an increase in the average cost of mining a single bitcoin (excluding depreciation) to $46,324, Riot benefited from electricity credits offsetting some of the costs. The company's adjusted EBITDA was $197.2 million, including $133.1 million in book Bitcoin gains. CEO Jason Les stated that the company is accelerating its data center expansion, including the development of the 112-megawatt Corsicana campus, with the goal of transforming into a large-scale, diversified data center operator. Riot currently holds nearly 20,000 bitcoins, worth over $2 billion, making it the second-largest holding among mining companies. Riot's stock price fell 4.87% on the day, affected by the financial report.

Bitcoin treasury firm Strategy (MSTR) reported third-quarter net income of $2.8 billion, significantly lower than the record $10 billion in the previous quarter, but still slightly exceeding analysts' expectations of $8.42 per share (compared to an expected $8.15). The decline in Bitcoin prices caused its market capitalization/Bitcoin net asset value ratio (mNAV) to fall to approximately 1.2 times, the lowest since March 2023. The company added approximately 43,000 Bitcoins during the quarter, bringing its total holdings to 640,000 Bitcoins, valued at nearly $69 billion, marking the slowest growth in a first quarter this year. Strategy also raised its variable-rate preferred stock (STRC) dividend to 10.5% to maintain investor demand and continue purchasing Bitcoin.

OKX market data shows that ETH has fallen below 3700 USDT, currently trading at 3699.99 USDT, a 24-hour drop of 5.02%. (This news item was generated with AI assistance.)

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