FTX and Bybit Exchange reach a settlement, with more than $60 billion in stablecoin transfers in a single day

Headline

▌FTX settles lawsuit against Bybit exchange for $228 million

The FTX bankruptcy group filed a legal document on October 24, agreeing to a $228 million settlement with the Bybit exchange, a lawsuit originally filed by the FTX bankruptcy group in 2023 to recover funds to repay former customers and creditors.  

According to legal documents, the settlement agreement will allow FTX to withdraw $175 million in digital assets held on Bybit and sell approximately $53 million in BIT tokens to Mirana Corp, the investment arm of the Bybit exchange.

▌Single-day crypto market stablecoin transfers exceed $60 billion

According to Artemis data, of the $60 billion worth of stablecoins transferred on October 26, most of the transfers came from Circle's stablecoin USDC, whose tokens were worth $37.3 billion, accounting for more than 62% of total trading volume. In second place was Tether's USDT token, worth nearly $18 billion, accounting for nearly 30% of trading volume, while the DAI stablecoin ranked third, worth $4.5 billion, accounting for only 7.4% of total trading volume.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is $67,942.81, with a daily increase or decrease of +1.5%;

ETH's latest transaction price is $2,504.59, with a daily increase or decrease of +1.2%;

BNB's latest transaction price is $588.61, with a daily increase or decrease of +1.2%；

SOL's latest transaction price is 176.60 US dollars, with a daily increase or decrease of +3.7%；

DOGE's latest transaction price is 0.1439 yuan, with a daily increase or decrease of +4.9%；

XPR's latest transaction price is 0.5163 US dollars, with a daily increase or decrease of +0.9%.

Policy

▌Biden criticizes Musk for hypocrisy: The world's richest man worked illegally when he first came to the United States to start a business

Biden named Musk, calling him hypocritical on immigration issues. Biden pointed out that Musk started his long career in the United States as an "illegal worker" and eventually became the world's richest man.

Blockchain applications

▌Vitalik Buterin: Reduced Instruction Set Computing V (RISC-V) is an important part of the Ethereum Virtual Machine

Ethereum co-founder Vitalik Buterin said that Reduced Instruction Set Computing V (RISC-V) is an important part of the Ethereum Virtual Machine (EVM). Buterin pointed out that open source instruction sets are crucial in the existing roadmap for formal verification of validity proofs.

▌Base's daily stablecoin transfer volume exceeds all other chains for the first time

Base, the Ethereum layer 2 network incubated by Coinbase, has surpassed all other blockchain networks in terms of daily stablecoin transactions, according to data from the analysis firm Artemis.   

Meanwhile, Peter Schroeder first pointed out on X that on October 26, Base's daily stablecoin transfer volume exceeded the typical leaders of Ethereum, Tron and Solana for the first time, accounting for 30% of all stablecoin transfers.

▌Base Protocol Head: Vitalik's five papers on the future development of the Ethereum protocol leave room for others to fill in the gaps

Base Protocol Head jesse.base.eth posted on X that Vitalik's "Possible Future" writing is a masterclass in technical strategy. About 3 years ago, he defined the first real Ethereum technical strategy.  

Now, he is hitting the same pillars (consolidation, surge, scourge, edge, purge) in depth while leaving room for others to fill the gap.

Crypto

▌QCP Capital Analysts: Bitcoin in consolidation mode as institutional demand remains strong

QCP Capital analysts observed that Bitcoin is in consolidation mode as institutional demand remains strong. Bitcoin (BTC) saw active market activity last week, with QCP market strategists noting that Bitcoin attempted to break through the previous high of $69,500 before stabilizing at support around $65,000. 

According to QCP analysts, Bitcoin's dominance rose to 59.75% and net inflows reached $997.7 million, reflecting strong interest from institutional investors. However, Ethereum (ETH) fell 5.85% against BTC, indicating that the market focus remains on Bitcoin as it approaches its all-time high.

▌Glassnode: Spot arbitrage trading strategies have increased significantly, and institutional traders have used CME futures to hedge and generate income

Glassnode's analysis shows that spot arbitrage trading strategies have increased significantly, and institutional traders have used CME futures to hedge and generate income. Given that the current annualized basis yield is about 9.6%, almost double the yield of short-term US Treasuries, analysts believe that institutional interest in Bitcoin may continue to increase in the coming months.

▌Net inflows into Bitcoin ETFs reached $997.7 million in the past week, showing positive growth for the third consecutive week

This week, net inflows into Bitcoin ETFs reached $997.7 million, showing positive growth for the third consecutive week. Inflows were positive this week except for Tuesday when Bitcoin returned to $65,000.   

In addition, last week, the demand for spot Bitcoin ETFs in the United States hit a six-month high, with a net inflow of about $4.4 billion in the past 30 days. Currently, since January, Bitcoin ETFs have had a net inflow of $22 billion.

Important Economic Dynamics

▌The probability of the Federal Reserve cutting interest rates by 25BP in November is 97.7%

According to CME's "Fed Watch": The probability of the Federal Reserve cutting interest rates by 25 basis points by November is 97.7%, and the probability of maintaining the current interest rate unchanged is 2.3%. The probability of maintaining the current interest rate unchanged by December is 0.6%, the probability of a cumulative interest rate cut of 25 basis points is 27.7%, and the probability of a cumulative interest rate cut of 50 basis points is 71.7%.

Golden Encyclopedia

▌What is dynamic resharding

Dynamic resharding is a relatively new term, and the marketing team of Near Protocol calls it the "holy grail of sharding", but it also creates a new vocabulary that is not immediately understandable. Based on the concept of blockchain sharding, resharding occurs when the network adjusts the number of shards according to the load. An overloaded shard can become two shards, and two underutilized shards can become one.

Disclaimer: As a blockchain information platform, the content of the articles published by Golden Finance is for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to enhance risk awareness.