Headlines: Binance has paid $283 million in compensation for asset depegging, claiming the "zero price" on spot trading was merely a display issue. On October 13, Binance released an announcement reviewing the technical outage and asset depegging incident that occurred on October 10, confirming that it had compensated affected users approximately $283 million. During the incident, some assets, such as the USDE, depegged due to volatile market conditions. Binance completed the compensation within 24 hours and proactively covered losses for users whose collateral was liquidated. Furthermore, some spot trading pairs experienced extreme price fluctuations and "zero price" display issues. Binance stated that this was merely a display issue and that it plans to optimize the interface to enhance the user experience.
▌Vance: Trump is willing to negotiate rationally with China
On the evening of October 12, US Vice President Vance sent some easing signals in response to Trump’s latest tariff threats during an interview. Vance said on the show: "Trump is willing to have rational negotiations with China."
Market
As of press time, according to CoinGecko data:
BTC price is $115,366, up or down 3.9% in 24 hours;
ETH price is $4,150.78, up or down 10.7% in 24 hours;
BNB price is $1,300.37, up or down 10.7% in 24 hours.
80);">+13.8%；
SOL price is $196.75, up and down +10.3% in 24 hours；
DOGE price is $0.2075, up and down +11.9% in 24 hours；
XRP price is $2.53, up and down +5.6% in 24 hours；
TRX price is $0.3229, up and down +10.3% in 24 hours；
DOGE price is $0.2075, up and down +11.9% in 24 hours；
XRP price is $2.53, up and down +10. The price of WLFI is $0.141, with a 24-hour increase or decrease of +2.6%; The price of HYPE is $39.83, with a 24-hour increase or decrease of +7.4%. Ministry of Commerce: China's position on a tariff war is consistent: We do not want one, but we are not afraid of one. Regarding the US announcement on October 10th, Eastern Time, that it would impose a 100% tariff on China in response to its export controls on rare earths and other related items, as well as export controls on all key software, the Ministry of Commerce stated: China has noted the relevant information. China's position on a tariff war is consistent: we do not want one, but we are not afraid of one. China urges the US to correct its erroneous practices as soon as possible, to be guided by the important consensus reached during the call between the two presidents, to safeguard the hard-earned outcomes of the consultations, to continue to leverage the role of the China-US economic and trade consultation mechanism, to resolve respective concerns through dialogue on the basis of mutual respect and equal consultation, to properly manage differences, and to maintain the stable, healthy, and sustainable development of China-US economic and trade relations. If the US insists on its own way, China will resolutely take corresponding measures to safeguard its legitimate rights and interests. (Xinhua) South Korean and US finance ministers will meet in the US next week and may discuss currency swaps. According to foreign media reports, South Korean Deputy Prime Minister and Minister of Strategy and Finance Koo Yoon-chul will travel to the US on the 15th to meet with US Treasury Secretary Scott Bensant, as tariff negotiations between the two countries have reached an impasse over the implementation of a $350 billion investment package. According to South Korea's Ministry of Strategy and Finance and the Ministry of Economy and Trade on the 12th, Koo Yoon-chul will travel to the US on the 15th to attend the G20 Finance Ministers and Central Bank Governors Meeting and the International Monetary Fund and World Bank Fall Meetings. Koo Yoon-chul is expected to hold bilateral talks with Bensant to exchange views on fiscal matters between the two countries. The specific time and format of the bilateral finance ministers' meeting have not yet been finalized.
Blockchain Applications
▌Zerebro co-founder Jeffy Yu published an article on X exposing the issue of exchange listing fees.
Zerebro co-founder Jeffy Yu published an article on X exposing the issue of exchange listing fees, calling it a dirty game, disgusting and unethical. He pointed out that Binance required $1 million in cash for listing; Krakenfx needed to pay $100,000-200,000; Bybit_Official took a large number of tokens and $250,000; Wintermute_t demanded 10% of the total supply, or 100,000,000 tokens.
▌Four.meme: Recently suffered an on-chain pollution attack. All new token issuances will require a 0.01 BNB deposit as a margin
Four.meme officials posted on social media, "Four.Meme recently suffered an on-chain pollution attack. To ensure platform stability and maintain a healthy ecosystem, starting today, all new token issuances will require a 0.01 BNB margin. This measure applies to both Meme Rush and regular modes, covering all token types. The margin amount may be adjusted based on on-chain conditions. For tokens that are manually reviewed and confirmed to be involved in malicious activities, their margin will be confiscated and used entirely to support and reward developers within the community."
▌Musk newly follows Robinhood CEO X account
According to DEGEN NEWS, Musk has newly followed Robinhood CEO Vlad Tenev's X account.
Cryptocurrency
▌Forbes claims Trump's Bitcoin exposure exceeds $870 million
According to market news: Forbes claims Trump is one of the largest holders of Bitcoin (BTC) in the United States, with Bitcoin exposure exceeding $870 million.
▌Tether CEO: Bitcoin and gold will have a longer lifespan than any other currency
Tether CEO Paolo Ardoino posted on the X platform that Bitcoin and gold will have a longer lifespan than any other currency.
▌Glassnode: Crypto market funding rates have fallen to the lowest level since the 2022 bear market
Glassnode said that the funding rate of the entire crypto market has fallen to the lowest level since the 2022 bear market trough. This marks one of the most severe leverage resets in crypto history and clearly shows how speculative excesses are being systematically cleared out.
▌When the Bitcoin price hits $116,000, $6 billion worth of short positions will be closed
According to market news: When the Bitcoin (BTC) price hits $116,000, $6 billion worth of short positions will be closed.
▌346 entities currently hold Bitcoin
According to market news: 346 entities currently hold Bitcoin, with 19 new entities joining the ranks of Bitcoin holders in the past 30 days.
▌BTC ancient whale shorts another 1,423 BTC
According to MLM monitoring, the "BTC ancient whale who high-profiled ETH position swap" shorted another 1,423 BTC, worth approximately $161 million. BNB Breaks Through $1,250, Recovering the Price Before the Flash Crash on October 11th. Market data shows that BNB has broken through $1,250, recovering the price before the flash crash on the early morning of October 11th. During the crypto market flash crash on the early morning of October 11th, BNB fell from around $1,250, dropping to a low of $860. Within two days, BNB returned to $1,250. It is worth noting that before the October 11th crash, although BNB ranked ahead of XRP in the top four cryptocurrencies by market capitalization, both were around $170 billion, with a small difference. After recovering from the October 11th drop, BNB's market capitalization is approximately $174 billion, widening the gap with XRP, now exceeding XRP by $30 billion. Furthermore, BNB's market capitalization is now in fourth place, with only about $6 billion needed to surpass USDT.
▌Venus Labs plans to compensate eligible users who suffered losses due to the WBETH price decoupling
Venus Protocol stated on the X platform that some Venus users were affected by the WBETH price decoupling during the market turmoil. Venus Labs will compensate verified users who suffered losses due to the WBETH decoupling issue that occurred between 21:36 and 22:16 (UTC) on October 10, 2025 through the protocol risk fund. Analysis: Garrett Bullish, formerly of BitForex, currently holds 46,295 BTC. According to on-chain analyst Ai Yi, the "ancient $BTC whale who made a high-profile $ETH swap" and "the whale who profited over $80 million by shorting during the October 11th flash crash" is suspected to be Garrett Bullish. Since August, he has publicly swapped over 35,000 BTC for ETH. Prior to the October 11th flash crash, he had established over $1.1 billion in short positions in BTC and ETH, generating profits exceeding $80 million in 24 hours. The 570,000 ETH obtained from the swap were deposited into the Ethereum beacon chain deposit contract. The source of funds and the first interactor for the deposit contract's deployment address were ereignis.eth. The address that opened the short position before the flash crash had also interacted with this ENS domain two weeks prior. Another domain owned by ereignis.eth is garrettjin.eth, which directly links to Garrett Bullish. Furthermore, his account "X" is being followed by the founder of Hyperunit. According to Garrett Bullish, he graduated from Boston University with a degree in economics. His work experience includes internships at China Construction Bank, Operations Director at HTX, and co-founder of the medical platform FuLang Medical Germany GmbH. He is also a serial entrepreneur, venturing into areas including wallets, decentralized exchanges, and social networking. BitForex, the exchange he worked for, lost approximately $57 million in 2024 due to a hot wallet private key leak and subsequently ceased operations. If the speculation is true, he still holds 46,295 BTC, valued at over $5.19 billion. According to the on-chain analysis platform Lookonchain, a whale deposited 300 BTC (worth $33.47 million) into Binance yesterday. Thirteen years ago, he withdrew 749 BTC (worth $8,151 at the time) from MtGox, when the price of BTC was just $11. A year ago, he transferred 159 BTC to a new wallet but didn't sell them—today was his first BTC sale.
Important Economic Developments
▌U.S. Vice President Cyril Vance: Some federal officials will have to be laid off to try to maintain essential services during the shutdown. Following layoffs during the government shutdown, some employees are expected to file lawsuits. If Democrats allow the government shutdown, there could be some chaos.
▌The probability of a 25 basis point Fed rate cut in October is 97.8%.
According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in October is 2.2%, and the probability of a 25 basis point rate cut is 97.8%. The probability of the Fed keeping interest rates unchanged in December is 0%, the probability of a cumulative 25 basis point rate cut is 2.2%, and the probability of a cumulative 50 basis point rate cut is 96.7%. Is solo Bitcoin mining feasible? Solo mining involves a single miner independently verifying Bitcoin transactions and adding new blocks to the blockchain without collaborating with others in a mining pool. This process requires significant computing power and resources as miners compete with a global network of participants to find a hash that meets the Bitcoin network's current difficulty target. It involves repeatedly hashing the block header with different nonce values until a valid hash is found. The first miner to find this hash earns the right to add the new block to the blockchain and receives a reward in the form of newly minted Bitcoin and transaction fees. Solo mining has the potential to yield lucrative rewards. However, compared to collective mining, the chances of success are relatively low, especially given the fierce competition and increasing difficulty of the mining process. Solo mining is like playing the lottery with a powerful computer, but instead of picking numbers, you rapidly try different combinations to find a winning ticket. The rewards can be enormous, but the odds of success are low, especially with the rise of industrial-scale mining farms dominating the network. Factors affecting the viability of solo Bitcoin mining in 2025 include increasing mining difficulty, the high cost and energy consumption of ASIC hardware, competition from industrial mining farms, and the unpredictable nature of independently finding blocks. Alternatives to solo Bitcoin mining include pooled mining (which offers more stable returns by sharing block rewards) and cloud mining (which eliminates hardware ownership but carries risks such as contract volatility and potential scams). Given the challenges of solo mining, individuals may want to consider alternatives that offer more stable returns and lower risks.
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